Renerve Limited (ASX:RNV) has seen its shares rocket as much as +80% higher in Thursday arvo trades to 19cps as the company flags receipt of approval from the US Department of Defence and Veterans Affairs (DoD and VA respectively) for the company’s ‘nerve cuff’ product to be used in aligned hospitals.
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Earlier this year, the company had success with investors when it reported that 13 patients studied after having used Renerve’s ‘nerve cuff’ during nerve repair surgery reported a decrease in pain compared to those without the nerve cuff.
The nerve cuff product is effectively a small film-like bandage that is wrapped around the nerves at the final stages of nerve-based surgery to ultimately promote healing and prevent scarring; the ‘bandage’ component is eventually absorbed into the body. It’s made from the skin that encases pig hearts, if you wanted a fun fact for a party this weekend.
But with defence thematics perhaps dimmed but not forgotten after the tenuous Middle Eastern ‘peace deal’ of ancient history (last month), today’s news clearly underscores an enthusiasm among Australian investors. Both departments have submitted first orders for nerve cuff, the company reported on Thursday.
“This approval represents major progress in our mission to provide superior nerve repair solutions to those who need them most,” RNV CEO Dr Julian Chick said.
“Military service members and veterans often face complex peripheral nerve injuries, and we are honoured and proud that the NervAlign Nerve Cuff will now be available to support their recovery and rehabilitation.”
Liquidity surged on Thursday with 9.3M shares having traded hands as at 2pm AEDT versus a 4Wavg of only 132,000 shares. The 80% climb was on the back of $1.6M worth of trades; YTD performance for RNV sits at a relatively humble +8.5%.
RNV last traded at 19cps.
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