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Why the Next Science share price is storming 15% higher

share price higher

The Next Science Ltd (ASX: NXS) share price is racing higher this morning following the release of a positive announcement.

At the time of writing the medical technology company’s shares are up a sizeable 15% to $2.32.

What did Next Science announce?

This morning Next Science released an update on its Bactisure surgical lavage and revealed that it has now received its CE mark approval for the product.

Next Science’s Bactisure product has been specifically designed to remove structurally resistant forms of bacteria (biofilm) through physical deconstruction of the extracellular polymeric substance (EPS) matrix. It makes bacteria more susceptible to traditional antibiotics and the body’s normal defence mechanisms.

Bactisure surgical lavage is used to remove debris, including microorganisms, from wounds using pulsed lavage. It is indicated for use on all wound types and does not harm human tissue. When used as an adjunct to normal saline wound lavage, the product can enhance wound irrigation and debridement processes. This promotes effective removal of common bacteria found in biofilms and creates an environment for normal wound healing.

What now? 

CE mark approval means that Next Science is now allowed to market and sell Bactisure in the European Union.

According to the release, the product will be sold in Europe by the global leader in musculoskeletal healthcare, Zimmer Biomet. The two companies have previously signed an exclusive global distribution agreement for Bactisure in the surgical space.

The company’s managing director, Judith Mitchell, was pleased with this development and described it as a major milestone.

She commented: “Receipt of CE mark approval marks a major milestone for Next Science as we pursue our mission to heal patients and save lives worldwide by addressing the impacts of biofilms on human health.”

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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