The PolyNovo Ltd (ASX: PNV) share price has defied the market selloff and is charging higher on Tuesday.
In afternoon trade the medical device company's shares are up 2% to $2.89.
This latest gain means that PolyNovo's shares are trading within a few cents of a record high. They are also now up almost 350% since this time last year.
Why is the PolyNovo share price climbing higher today?
Investors have been buying PolyNovo's shares after the release of an update on its UK and Ireland operations.
According to the release, PolyNovo's NovoSorb BTM product has been applied to the first two patients in the UK. One patient was treated for Necrotising Fasciitis in an English NHS hospital, whereas a second patient was treated for a scalp defect.
NovoSorb BTM is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery or burn.
Pleasingly, several other NHS hospitals are in the process of selecting patients for surgeries.
These could be the first of many in the country if things go to plan. Today's release explains that PolyNovo has appointed two additional sales staff for the UK and Ireland. It has also recruited a marketing manager who will be based in England.
PolyNovo's CEO, Paul Brennan, appeared to be pleased with the reception that NovoSorb has had in the UK.
He said: "We have now achieved first surgeries in England, Germany and Switzerland. Last week I visited several surgeons with our UK Sales Manager and I was impressed by the excitement that NovoSorb has generated. The first surgeries in England so soon after registration are a reflection of doctor enthusiasm."
PolyNovo's chairman, David Williams, added: "We have a lot of work to do building our base from these early patients and in the meantime sales will be lumpy. We are also looking for good sales staff in many parts of Western Europe to make the most of our EU approval."
