PolyNovo announced today a supply contract with the US Department of Defence. The deal allows US Defence facilities to purchase PolyNovo products for Veterans, active soldiers and military families.
The Australian medical device developers specialise in dermal regeneration solutions using patented biodegradable polymer technology. US Defence facilities will purchase PolyNovo products directly.
PolyNovo CEO Paul Brennan says the US military have been supportive of the company’s work with the Biomedical Advanced Research and Development Authority.
“This access offers significant opportunity for NovoSorb BTM in a large network of military health care facilities in the US and globally,” he said.
Current programs using the technology assist breast sling, hernia, applications. The company’s leading product NovoSorb consists of bio-resorbable polymers that are produced in formats film, , foam coatings.
Chairman David Williams expressed delight at the option of patients to use the product through US Medicare.
“[NovoSorb] is such an important product that we want it to be available as widely as possible,” he said.
Earlier this year, PolyNovo signed a distribution deal with German company PolyMedics to supply products to Germany, Austria, Switzerland and Luxemburg. The European deal allowed a breakout distribution of PolyNovo products to burn victims.
Polynovo’s market cap currently sits at $684.2 million and trading shares at $1.04 per share as of this morning.