The Polynovo Ltd (ASX: PNV) share price is ending the week on a very positive note.
In early afternoon trade the medical device company’s shares are the best performers on the ASX 200 with a 17.5% gain to $2.04.
At one stage the Polynovo share price was up as much as 27% to $2.20.
When its shares reached that level, it meant they were up an incredible 266% since the start of the year.
Why is the Polynovo share price rocketing higher today?
Investors have been fighting to get hold of its shares after a positive announcement relating to its NovoSorb BTM product.
The NovoSorb BTM product is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery or burn.
This morning the company announced that it has been granted certificate of conformance (CE Mark) approval for sale throughout the UK/Ireland and the European Union.
It has been approved for use in all full dermal loss procedures. This includes full thickness burns, trauma, reconstructive surgery, and diabetic foot ulcers.
PolyNovo advised that it will now need to file documents with each European market. However, this is a routine administrative function and will not delay sales and shipments.
PolyNovo CEO, Paul Brennan, said: “This is a watershed moment for PolyNovo. Our global regulatory approvals have expanded significantly with this certification. Our early preparedness in UK/Ireland and DACH should mean a shortened timeline to booking our first sale. We also believe CE approval will fast track regulatory approval in a number of other countries including several in South East Asia”.
This sentiment was echoed by PolyNovo’s chairman, David Williams. He said: “We are confident we will have early sales in the UK/Ireland and in Germany through PMI. We will now quickly expand our direct sales force in other parts of the EU.”
Elsewhere, the Next Science Ltd (ASX: NXS) share price is racing higher today. The medical technology company’s are up 8% after being granted its first acne-related patent.
The post Why the Polynovo share price rocketed 27% higher today appeared first on Motley Fool Australia.
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