ASX Health Stocks: Record Month for Polynovo; Island Pharma gets much-needed money for the lawsuit

Sales of its wound healing technology in the US were strong, reaching $6.9 million, which is approximately 75 percent more than the same time last year.

Sales in other parts of the world amounted to $2.4 million, an increase of 68.2 percent compared to the same period last year.

There was particularly good growth in Great Britain/Ireland, Australia/New Zealand, Hong Kong and Germany.

For the latest health news, sign up for Stockhead’s free daily newsletters here

Total sales for the company in April of $10.1 million were 68.6 percent higher than pcp’s.

“Sales in the rest of the world are very pleasant and at a low level,” said David Williams, chairman of Polynovo.

“The direction is clear, and with new geographies and new patient applications, I couldn’t be happier.

“It’s hard to contain my excitement when I see orders for the first time to Turkey, Abu Dhabi and Ukraine, when I think about the lives we are saving.”

How does PolyNovo do that?

The company makes special medical devices to help heal wounds.

Its flagship product is a special material called NovoSorb, a type of plastic that can break down in the body over time.

NovoSorb looks like scaffolding and helps generate new skin when someone loses a lot of skin due to surgery, injury or burns.

NovoSorb is made of special materials that can disappear into the body and can be used in different forms, such as films, fibers, foams or coatings.

The company says it is safe for the body because it breaks down naturally over time.

The market has welcomed Polynovo’s news, with the share price up around 8.5 per cent at 2pm (AEST) on Wednesday.

MORE FROM STOCKHEAD: Cannabis comeback looms | ASX Quarterly Health Pack | Why the health sector has its own flavor

Island Pharma’s focus on dengue fever

In the meantime, Island Pharmaceuticals (ASX:ILA) has received funding of $625,000 (approximately $A962,000) for its ISLA-101 Phase 2a human study in dengue.

These funds will directly support the trial, which will test how well ISLA-101 works against dengue fever.

As background, Island announced in July 2023 that it had received US$1.3 million (about US$2 million) from a US government grant for more laboratory testing and data analysis for another study called PEACH.

While this additional analysis was deemed scientifically useful, the Company believes that it was not essential enough to conduct at this time, and that these funds were not prioritized over Island’s direct clinical trial costs.

So Island has just agreed with the U.S. Department of Defense (DoD) and the Research Foundation for the State University of New York (SUNY) to use a portion of that grant money, $625,000, to cover the costs of the current dengue cover. fever test.

This will significantly reduce Island’s overall costs for the ISLA-101 Phase 2a trial.

“We greatly appreciate this meaningful source of new, non-dilutive funding, which will significantly reduce Island’s own capital requirements for research,” said Island CEO Dr. David Foster.

“As the number of dengue fever cases continues to rise around the world, finding both preventatives and treatments is paramount.”

At 2pm (AEST) on Wednesday, Island Pharma’s share price was up 12.5 per cent for the day.

This content first appeared on stockhead.com.au

SUBSCRIBE

Get the latest Stockhead news delivered to your inbox for free. click here

Originally published as ASX Health Stocks: Polynovo’s record month; Island Pharma gets much-needed money for the lawsuit