The Polynovo (ASX:PNV) share price is climbing higher today. Here's why.

The Polynovo Ltd (ASX: PNV) share price lifted today after the company announced expansion plans into 4 more European countries.

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The Polynovo Ltd (ASX: PNV) share price has lifted higher today on news of an international expansion. Polynovo advised the ASX it was expanding operations into multiple new countries with its ongoing partner, PolyMedics Innovations (PMI). The Polynovo share price surged up more than 4% in earlier trading before retreating to $3.02, up 2.7%, at the time of writing.

The company develops medical devices internationally, mainly to countries including Australia, New Zealand, the United States and Europe. Polynovo's primary product is the NovoSorb biodegradable temporising matrix (BTM) used to close surgical wounds. The company also has a number of other products under development and in use. 

Image source: Getty Images

About the expansion

Through partnership with PolyMedics, Polynovo will expand into new countries in Europe including Belgium, the Netherlands, Luxemburg and Sweden.

The existing alliance with PolyMedics is based out of Germany and has helped Polynovo reach markets such as Germany, Switzerland and Austria. PolyMedics will boost its sales teams to extend its existing service into the new regions.

What did management say?

PolyNovo managing director Paul Brennan welcomed the expansion, saying:

We are very pleased to extend our partnership with PMI. They are an excellent sales organisation with very good relationships with surgeons not only in DACH (Germany, Austria, Switzerland) but also in Sweden, Belgium and the Netherlands.

PolyMedics CEO Christian Planck added:

Our customers in the DACH region have quickly become believers in NovoSorb BTM and we managed to capture a significant market share this year. Therefore, our team is excited about the possibility of bringing NovoSorb BTM to even more customers and patients in these additional four European markets.

This geographical expansion marks an important milestone in our plan to become a leading provider of innovative burn and wound care solutions in Europe.

The Polynovo share price

Overall this year, the Polynovo share price is up more than 64% and has almost fully recovered from the COVID-19 crash in March. Today's climb to $3.05 sees it closing in on the all-time high price of $3.28.

The Polynovo share price has been bullish twice in the past 2 weeks, surging up 6% only a few days ago as the company announced FDA approval on a new clinical trial.

That positive news drove the share out of its 6-month range of between $2.10 and $2.77. Today's expansion news has added to the momentum, with the Polynovo share price now seeing overall gains of 23% in November alone.

Glenn Leese has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. 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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