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Next Science share price surges higher on TGA approval

Doctor with stethoscope in hand and data graph showing upward trend
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The Next Science Ltd (ASX: NXS) share price was out of form in FY 2020 and fell a disappointing 70%.

But thankfully for its shareholders, it has started FY 2021 with a bang.

In afternoon trade on Wednesday the medical technology company’s shares are up 6.5% to $1.33.

Why is the Next Science share price zooming higher?

Investors have been buying Next Science’s shares after the release of an update on its Bactisure Surgical Lavage product.

The Bactisure Surgical Lavage product was specifically designed to remove structurally resistant forms of bacteria (biofilm) through the physical deconstruction of the extracellular polymeric substance (EPS) matrix. This makes bacteria more susceptible to traditional antibiotics and the body’s normal defence mechanisms.

It is used to remove debris, including microorganisms, from wounds using pulse lavage. This clear, colourless, low-odour solution has received FDA 510(k) clearance in the United States and CE Mark approval in Europe.

A clinical trial across seven sites in the United States on Infected Total Knee joint replacements found that there was a profound reduction in the recoverable bacteria after the application of the Bactisure. In fact, there were only 10% of individuals bearing a new or continuing infection at the end of the 90 day observation period.

What did Next Science announce?

This morning Next Science announced that Bactisure Surgical Lavage has been cleared by the Therapeutic Goods Administration (TGA) for sale in Australia.

This approval means that the product will now be sold in Australia by Zimmer Biomet. It is a leading orthopaedic implant supplier and Next Science’s appointed global distributor for the product.

The company’s Managing Director, Judith Mitchell, appeared to be very pleased with the news.

She said; “We are thrilled that we can now offer our technology to Australian surgeons to help them manage their patients in eliminating surgical site infections.”

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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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