It has been an eventful day for the PolyNovo Ltd (ASX: PNV) share price on Monday.
After dropping as much as much as 4% lower in morning trade, the medical device company's shares are now in the black.
The PolyNovo share price is currently up 1% to $2.67.
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Why is the PolyNovo share price pushing higher today?
As well as getting a lift from a rebound by the Australian share market this afternoon, the release of an announcement has given the PolyNovo share price a boost today.
That announcement reveals that the company has continued its expansion in the European market by entering the Italian market. This follows announcements in January which revealed that the company had expanded into Poland and Turkey.
According to the release, PolyNovo is entering the Italian medical device market through the appointment of Medival as its distribution partner in the country.
Medival is focused on providing advanced and innovative medical devices to critical care and surgical specialties. It has an established customer base throughout Italy, accessing approximately 1500 plastic surgeons and have 25 reps on the road and one dedicated product manager.
The company's NovoSorb BTM rounds out its product portfolio, ensuring it can offer its surgeons a complete range.
The Italian opportunity
Management notes that Italy is the fourth largest medical device market in Europe and worth ~US$10 billion per annum. It also points out that the Italian market is innovative and mature, with a high demand for advanced products.
It appears to believe this makes it a great market for its exciting technology, NovoSorb BTM. It is a dermal scaffold for the regeneration of the skin when lost through extensive surgery or burn and offers improved functional and cosmetic outcomes for patients.
PolyNovo's Managing Director, Paul Brennan, commented: "We are extremely excited to enter Italy through Medival. The Italian market is very sophisticated, and we think it will value innovative, quality medical technologies like ours. The country is important both geographically and commercially and is a major step forward in our European strategy. We will now be servicing surgeons who are a very influential throughout Europe."
