The PolyNovo Ltd (ASX: PNV) share price was amongst the best performers on the All Ordinaries index on Thursday.
The medical device company's shares were up over 10% at one stage before ending the day 9% higher at $1.60.
Why did the PolyNovo share price charge higher?
Investors were fighting to get hold of PolyNovo's shares on Thursday after it released a positive announcement relating to its NovoSorb BTM product.
NovoSorb is a novel range of bio-resorbable polymers that can be produced in many formats including, film, fibre, foam, and coatings. Its unique properties provide excellent biocompatibility, control over physical properties, and programmable bio-resorption profile.
This afternoon the company revealed that it has successfully gained regulatory approval for the product in the Singapore market.
This is good timing for the company as next week it will be attending and displaying at the Asian Burns Conference in Singapore on August 14-16. Management believes this will be an excellent forum to meet with key surgeons and distributors across the region.
In respect to the latter, the company is still looking for a distributor in Singapore and advised that sales will not commence in the country until one is appointed.
The company's CEO, Paul Brennan, was very pleased with the regulatory approval and sees it as a positive development in relation to its Asian strategy.
He said; "Singapore is a small but key strategic market for our SE Asian success. We are excited about the prospects ahead with this approval coming at a good time for our attendance and display at the Asia Burns conference in Singapore next week."
Also storming higher in the healthcare sector on Thursday was the Starpharma Holdings Limited (ASX: SPL) share price with a gain of 4.5%. Its shares raced higher after announcing the start of a clinical trial for its DEP irinotecan product.
And the Telix Pharmaceuticals Ltd (ASX: TLX) share price pushed higher after announcing the commencement of a prostate cancer study with GenesisCare.
