PolyNovo shares soar after successful human study
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The news: Shares in PolyNovo have soared after the medical devices manufacturer announced positive results in human testing of its Novosorb BTM device for the treatment and management of type-1 diabetes.
The numbers: PolyNovo shares were 11.3% higher at $1.62 at 2:10pm AEST.
The context: The company reported the results of a proof-of-concept study undertaken by its partner Beta Call Technologies, which it says "show an exciting opportunity for the Novosorb technology in cell therapies as a delivery vehicle".
PolyNovo and Beta Cell are discussing opportunities to accelerate research and development pathways. So far, NovoSorb has been supplied to Beta Cell at no cost during their product development program.
PolyNovo saw its shares decline earlier this year amid governance concerns and bullying allegations regarding chair David Williams, as well as the resignation of its CEO. The current price is still about 21% lower than the start of the year.
What they said: “These are very exciting results, and a red-letter day potentially creating a new and distinct silo for the PolyNovo business; one in Wound Care and related uses, and another in Cell Delivery,” Williams said.
The source: ASX
