Melbourne wound healing technology manufacturer PolyNovo (ASX: PNV) has capped off a string of recent successes with a deal that will see it enter the defence market in the United States.
The company, which makes a range of NovoSorb skin regeneration products, has been given access to defence contracts in a deal with the Defence Acquisition and Program Administration (DAPA) and Veterans Affairs (VA).
Other government markets such as Medicare/Medicaid patients have also opened to the company following the deal.
CEO Paul Brennan said: “This access offers significant opportunity for NovoSorb BTM in a large network of military health care facilities in the US and globally.”
The company’s first product, Biodegradable Temporising Matrix (BTM), a wound dressing for treatment of full-thickness wounds and burns, is being followed by treatments for hernia and orthopedics.
PonyNovo recently bought a factory/warehouse next to its existing Port Melbourne facility to allow future manufacturing expansion.
The company plans a full range of biodegradable polymers for burns, surgical wounds, hernia repair, trauma, orthopaedics and reconstructive surgery.
PolyNovo chairman, David Williams told investors at its most recent results meeting that with sales hitting $1 million a month, the company was close to break even.
Williams said: “Coming from a standing start, sales are still lumpy as new customers come on board.
“However, the business base is growing steadily and as it does, we expect more predictability in month to month revenues.”
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