Why the Polynovo (ASX:PNV) share price is edging higher today

The company making progress in the clinical study…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Polynovo Ltd (ASX: PNV) share price is climbing during mid-afternoon trade following a burn study update from the company.

At the time of writing, the medical device company's shares are up 1.57% to $1.94.

high, climbing, record high

Image Source: Getty Images

What did Polynovo announce?

According to the release, Polynovo advised that it has enrolled its first patient in the United States-based Biomedical Advanced Research and Development Authority (BARDA) funded burn study.

The trial spans across 20 United States and 5 Canadian burn centres for the clinical study of NovoSorb BTM. Polynovo aims for its NovoSorb BTM to be used as a standard of care in burn patients. Up to 150 people are to be enlisted.

It is estimated that the study will be completed in around 3 years, with BARDA funding $15 million towards the trial.

Polynovo managing director, Paul Brennan said:

This is an exciting milestone in a trial that when concluded will generate data to support a premarket approval application with the US FDA for an on-label claim supporting the use of NovoSorb BTM in full thickness burns. This will bring our US market in line with global markets where this claim is already established.

What is NovoSorb BTM?

NovoSorb BTM (Biodegradable Temporising Matrix) is a biodegradable synthetic polymer that is used to treat burns and other serious skin wounds. The polymer is applied to the trauma site of the skin, whereby the body begins the regeneration process in building new tissue. Eventually, the polymer is absorbed and excreted, leaving only biological material behind.

Polynovo share price summary

Over the past 12 months, Polynovo shares have lost around 10% in value. However, when looking at year-to-date alone, those losses are magnified by roughly 50%.

The company's share price closed at a 52-week low of $1.91 yesterday. A far contrast from when its shares were trading above $4 in December 2020.

Based on today's price, Polynovo presides a market capitalisation of about $1.28 billion and has approximately 661 million shares outstanding.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

An arrow going upwards with a road sign saying 'IPO ahead'.
IPOs

I won't be buying the Koala stock IPO. Here's why

Koala is the latest company to go public on the ASX.

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why 4DMedical, New Hope, Santos, and St George Mining shares are dropping today

These shares are under pressure on Tuesday. But why?

Read more »

A woman holds her finger to the side of her face and looks upwards as she thinks about something.
Broker Notes

4 ASX shares at 52-week lows: Buy, hold, or sell?

Here's what the experts think.

Read more »

A woman is excited as she reads the latest rumour on her phone.
Share Fallers

These 3 dirt-cheap ASX shares are tipped to climb another 50-90%

These shares are now trading at super low prices.

Read more »

A female athlete in green spandex leaps from one cliff edge to another representing 3 ASX shares that are destined to rise and be great
Broker Notes

Up 57% since February, why Telix shares could keep leaping higher in 2026

A leading analyst believes investors are undervaluing Telix shares. But why?

Read more »

Close-up photo of a human hand with $100 bills offering the money to another human hand.
Capital Raising

Why Magellan shares are rising again after its $20 million raise was swamped

Magellan shares edge higher as investors strongly back the latest capital raising.

Read more »

A happy young woman in a red t-shirt hold up two delicious burritos.
Broker Notes

Guzman Y Gomez shares just sank to new all-time lows. Time to buy?

A leading analyst provides his outlook for the battered Guzman Y Gomez share price.

Read more »

Two happy and excited friends in euphoria holding a smartphone, after winning in a bet.
Share Gainers

Why Challenger, Magellan, Northern Star, and West African Resources shares are storming higher

These shares are ending the month on a positive note. But why?

Read more »