The Anteris (ASX: AVR) share price has plunged 7.6% today despite a positive announcement from the medical company.
The post Anteris (ASX:AVR) share price drops 7% despite positive announcement appeared first on The Motley Fool Australia. –
At the time of writing, shares in the medical technology company are trading at $11.9, down 7.67%. By comparison S&P/ASX All Ordinaries Index (ASX: XAO) is down 0.14%.
Anteris, formerly known as Admedus Ltd, focuses on designing and manufacturing heart valves. Its next-generation technology re-engineers xenograft tissue into pure collagen scaffold, helping surgeons replace valves for patients during surgery.
What did Anteris announce today?
The Anteris share price is not responding well to today’s positive news. In a statement to the ASX, Anteris reported its ADAPT treated tissue has “superior anti-calcification attributes compared with tissues used in competitor valves”.
ADAPT is an anti-calcification treatment for human heart valves. Up to 20,000 people worldwide live with ADAPT technology inside their bodies.
According to Anteris, a review conducted by an independent biostatistician showed ADAPT-treated valve tissue had 38% calcium concentration compared to US company Medtronic‘s pig aortic valve. It also had 26% less calcium concentrate than Medtronic’s cow aortic valve tissue. Porcine valve is used most commonly, but bovine valve is also used in valve replacement surgery.
According to the Mayo Clinic, aortic valve calcification is an early indicator of heart disease.
Words from the CEO
Commenting on the findings, Anteris CEO Wayne Paterson said:
These findings clearly demonstrated the superior performance of the ADAPT tissue engineered process as an anti-calcification technology against some of the top competitors in the marketplace.
It further supports previous human studies and clinical experience demonstrating ADAPT has a clinically relevant profile in terms of resisting calcification.
Anteris share price snapshot
The Anteris share price has shot up 168.53% over the last 12 months and surged an incredible 210.05% this year alone.
On 9 March, the company was hit with a price query from the ASX to explain why its share price increased 79.97% over the space of just 10 days with no significant market announcements made during that time.
Anteris has a market capitalisation of $84.7 million.
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Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.