The PolyNovo Ltd (ASX: PNV) share price is pushing higher on Wednesday after releasing an update on its European operations…
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In morning trade on Wednesday the PolyNovo Ltd (ASX: PNV) share price is pushing higher with the market.
At the time of writing the medical device company’s shares are up 1.5% to $2.22.
This latest gain means the PolyNovo share price is up a very solid 19% year to date despite the pandemic.
Why is the PolyNovo share price pushing higher today?
Investors have been buying the company’s shares this morning after it announced the appointment of a distributor in Finland.
According to the release, the company has appointed Helsinki based Innova Medical Oy to sell its NovoSorb Biodegradable Temporising Matrix (BTM) product in Finland.
NovoSorb BTM is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery or burn. It can be used to temporarily close the wound and aid the body in generating new tissue.
In addition to the above, management advised that there have already been four surgical applications of NovoSorb BTM in the country with three surgeons on a chronic leg stump wound, burns, and also scar revision.
Positively, the surgeons have reportedly reached skin graft closure stage on two of these with excellent results to date.
The company’s Managing Director, Paul Brennan, was pleased with the news and expects it to boost sales in the continent in the near future.
He said, “The Innova Medical Oy team have been engaged with us for some time. The evaluation surgeries were completed with donated product, however we expect sales to commence shortly.”
What next for PolyNovo?
This could be the first of a number of similar agreements in Europe that underpin its growth in the region.
Mr Brennan explained that the company “expects to announce further European market entries in the near term.”
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.