Health: Wound device maker PolyNovo just struck a deal with the US military
Health & Biotech
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PolyNovo (ASX:PNV), the maker of skin regeneration technology NovoSorb, will work with the US military, veterans and their families under a deal with the US Department of Defence (DoD).
The company told investors on Thursday morning that it had been granted access to US DoD contracts through a contract from the Defence Acquisition and Program Administration (DAPA) and Veterans Affairs (VA).
It means the DoD can purchase PolyNovo’s NovoSorb Biodegradable Temporising Matrix (BTM) product for the treatment of serving military, veterans and their families, anywhere in the world.
The NovoSorb technology is a 2mm thick biodegradable polymer foam wound scaffolding that can be produced in many formats including, film, fibre, foam, and coatings, giving it a wide range of applications, from breast reconstruction to major burns.
Shares in the company rose 2 per cent on the news to $1.05 — an all-time high for PolyNovo. The company’s shares have been on a steady march upwards since late 2014, when Calzada changed its name to PolyNovo to reflect its shareholding in the company. In fact, shares have risen 1,061 per cent.
In addition to the aforementioned deal, PolyNovo has also been granted access to several other US government contracts. The US government will access to the products to Medicare and Medicaid patients under the Federal Supply Services (FSS) contract.
Paul Brennan, PolyNovo CEO, told investors it represented a “significant opportunity” for the company.
“We are honoured to be able to supply the US armed forces, their families and veterans with lifesaving and life changing products,” he said.
“The US military have been very supportive of PolyNovo’s work so it is very satisfying to now have the opportunity to supply the military with our products.”
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