ReNerve (ASX:RNV) initially had a strong green run on Thursday morning but by rush hour (read: afternoon trades) shares had pared off, leaving ReNerve where it ended on Wednesday afternoon.
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The catalyst for the intraday jump? ReNerve’s flagship medtech has been approved for use in Malaysia. Not quite the same brand power as the FDA, perhaps, but the company described tapping the Malaysian market as part of a deliberate APAC strategy.
Stocks recently jumped to around 20cps after the U.S. Defence and Veterans Affairs departments (or Department of War, if you truly must) approved the company’s nerve cuff nerve repair product in department-aligned hospitals.
For those out of the loop, the Australian company’s nerve cuff product is basically a dissolving bandage placed into the body around nerve endings after invasive surgeries. If you want to know how the sausage is made, it’s based on a membrane that actually comes from the heart of pigs (renowned, depending on who you ask, for sharing similarities with human flesh).
“Our approval in Malaysia is part of our regional strategy and is another major piece of validation, showing the strong clinical data package and clear benefit patients receive when the ReNerve Nerve Cuff is used in peripheral nerve repairs,” RNV CEO Dr. Julian Chick said.
Mr Chick added: “We look forward to growing our presence in Malaysia and beyond that within the Asia-Pacific region.”
RNV last traded at 10.5cps today.
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