The NovoSorb BTM (Biodegradable Temporising Matrix) is a tissue scaffold that facilitates the regeneration of the skin when it has been lost or damaged through trauma, burns, surgery or wounding.
AMI Medical Technologies is a distributor of medical devices in Israel and has identified NovoSorb BTM as a good fit within its product portfolio.
NovoSorb BTM has U.S. FDA 510(k) approval for surgical wound application, with sales underway in the U.S., New Zealand, Australia and South Africa.
PolyNovo is establishing a solid foundation for future growth with evaluations progressing in more than 25 hospitals in the U.S.
NovoSorb BTM is PolyNovo’s first commercial product and the company is expecting a solid uplift in FY18 sales in multiple countries, particularly in the U.S.
Interestingly, Polynovo’s technology has demonstrated its potential for other applications including hernia, drug elution pellet and other pipeline products.
PolyNovo ended FY2017 with a significant cash balance of $5.5 million.
The company’s share price increased circa 28% during the past three months, closing at $0.275 on Wednesday.