Biotech company Tissue Repair Ltd (ASX:TRP) has seen its share price rise more than 30% on news it had gained TGA (Therapeutic Goods Administration) approval for its advanced wound healing gel TR Pro+, which contains yeast-derived active ingredient Glucoprime.
At 13:25 AEDT, shares in Tissue Repair were trading at 29 cents, a rise of 31.82% since the market opened.
Launched in June last year, TR Pro+ will be suitable for use by those recovering from medical and aesthetic procedures, and has been approved in the gel sizes 10 and 50 grams, as well as 3 gram sachets.
The company stated that the approval would open the door for this product to be marketed for acute wounds and a broad range of derm conditions, given what has been confirmed about its capacity to support skin healing, repair and regeneration.
Even while TR Pro+ was categorised as a cosmetic product, its sales were performing impressively, said Tissue Repair, with 130% revenue growth over the third quarter compared to the prior reporting period, and expanding usage to more than 160 clinics.