The PolyNovo Ltd (ASX: PNV) share price has continued its positive run on Monday.
In afternoon trade the medical device company’s shares are up over 4% to $3.22.
This leaves the PolyNovo share price trading just short of its record high of $3.28. It also means the company’s shares are now up 30% since this time last month.
Why is the PolyNovo share price rocketing higher this month?
There have been a number of catalysts for the strong gain by the PolyNovo share price this month.
The first is of course the development of three potentially effective COVID-19 vaccines. This has given investor sentiment a huge boost and sent global share markets charging higher.
In addition to this. a couple of company-specific announcements have gone down well with investors and given the PolyNovo share price a lift.
What did PolyNovo announce?
On November 13, PolyNovo announced that the United States Food and Drug Administration (FDA) has approved the pivotal trial IDE for NovoSorb BTM.
This authorisation allows the company to begin patient recruitment, once various hospital Independent Review Boards grant approval. This relates to its treatment of full thickness burns.
Management is now seeking to utilise 20 sites and enlist 150 patients for the clinical study of NovoSorb BTM.
Recruitment is expected to start in early 2021 and conclude around the end of 2023. This program is being supported by Biomedical Advanced Research and Development Authority (BARDA) funding of $150 million.
In addition to this, another announcement on 19 November gave the PolyNovo share price a boost.
That announcement revealed its entry into Belgium, Netherlands, Luxemburg (Benelux), and Sweden through an extension of its partnership with PolyMedics Innovations in Germany.
Management notes that PMI has been an excellent partner for it in Germany, Switzerland, and Austria. Sales in these markets are exceeding projections to date and showing signs of further growth.
PolyNovo’s Managing Director, Paul Brennan, was happy with the news. He said: “We are very pleased to extend our partnership with PMI. They are an excellent sales organisation with very good relationships with surgeons not only in DACH (Germany, Austria, Switzerland) but also in Sweden, Belgium and the Netherlands.”
Shareholders will no doubt be hoping December is just as kind to the PolyNovo share price. Time will tell!
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Returns as of 6th October 2020
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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