The Polynovo Ltd (ASX: PNV) share price is up 7% to $2.43 this lunchtime despite the biotech not releasing any specific news to the market.
On September 23 the little-known surgical material business joined the S&P/ ASX200 (ASX: XJO) index of Australia’s leading businesses with its shares up an incredible 24x from 9 cents to $2.43 over just 5 years.
For the financial year ending June 30 2019 it posted a loss of $3.19 million on revenue of $13.7 million as it looks to increase the range of applications for its patented polymer technology NovoSorb.
It is commonly used by surgeons to treat burns or laceration victims during remedial surgery.
Polynovo is currently running what it describes as a “pivotal trial” to assist it in getting US FDA approval for its NovoSorb BTM product for the treatment of burns victims. It appears to be in the early protocol design stage for now but any hint of FDA approval for a biotech tends to set biotech investors’ pulses racing.
Other speculative biotech businesses currently exciting investors include Mesoblast Limited (ASX: MSB), Next Science Ltd (ASX: NXS), Opthea Ltd (ASX: OPT) and Paradigm Biopharmaceuticals Limited (ASX: PAR).