Shares of Admedus Ltd (ASX: AHZ) received a welcome boost this morning after the company announced that it had been granted a Medical Device Licence to sell its flagship CardioCel product in Canada. The shares rose 3.9% to be trading at 13.5 cents, compared to a 1% gain for the benchmark ALL ORDINARIES (INDEXASX: XAO) index.
So What: CardioCel is a regenerative tissue product which is gaining popularity amongst surgeons as a way to repair congenital holes and other damage inside the human heart. Gaining a licence for the Canadian market is another important stepping stone for the company which has already received 510k clearance in the U.S. and CE Mark approval in Europe. In Australia, it is also under the early access Authorised Prescriber Scheme.
Following today's announcement, Admedus' CEO Lee Rodne said: "The Canadian approval is another important step in the global launch of CardioCel and will add revenue growth for the Admedus Group."
Now What: Following on from an incredible run in 2013 (which saw its shares rally approximately 675%), Admedus' shares have actually fallen by 12.9% since the beginning of the year. As an investor who bought into the stock late in the game, I still like what the future could hold for Admedus and am certainly excited by its global expansion strategy.
