Market Herald logo


Be the first with the news that moves the market

PolyNovo announced today a supply contract with the US Department of Defence. The deal allows US Defence facilities to purchase PolyNovo products for Veterans, active soldiers and military families.

The Australian medical device developers specialise in dermal regeneration solutions using patented biodegradable polymer technology. US Defence facilities will purchase PolyNovo products directly.

PolyNovo CEO Paul Brennan says the US military have been supportive of the company’s work with the Biomedical Advanced Research and Development Authority.

“This access offers significant opportunity for NovoSorb BTM in a large network of military health care facilities in the US and globally,” he said.

Current programs using the technology assist breast sling, hernia, and orthopaedic applications. The company’s leading product NovoSorb consists of bio-resorbable polymers that are produced in formats film, fibre, foam and coatings.

Chairman David Williams expressed delight at the option of patients to use the product through US Medicare.

“[NovoSorb] is such an important product that we want it to be available as widely as possible,” he said.

Earlier this year, PolyNovo signed a distribution deal with German company PolyMedics to supply products to Germany, Austria, Switzerland and Luxemburg. The European deal allowed a breakout distribution of PolyNovo products to burn victims.

Polynovo’s market cap currently sits at $684.2 million and trading shares at $1.04 per share as of this morning.

Please see announcement for further details

PNV by the numbers
More From The Market Herald
ELMO Software (ASX:ELO) - CEO, Danny Lessem

" ELMO Software (ASX:ELO) launches new COVID-19 tracking module

ELMO Software (ELO) has launched a new module, enabling businesses to track employee’s COVID-19 vaccination and test status.

" Vection Technologies (ASX:VR1) launches upgraded virtual reality design tool

Vection Technologies (VR1) shares are trading in the green after launching an upgrade to its virtual reality design application MinDesk.
Damstra (ASX:DTC) - Chairman, Johannes Risseeuw

" Damstra (ASX:DTC) completes $18m TIKS Solutions buy

Damstra (DTC) has completed the acquisition of software-as-a-service (SaaS) business TIKS Solutions.
Dimerix (ASX:DXB) - Managing Director and CEO, Nina Webster

" Dimerix (ASX:DXB) expands DMX-200 study into Australia

Dimerix (DXB) has entered an agreement with the NHMRC Clinical Trials Centre at the University of Sydney to expand the CLARITY 2.