The Next Science Ltd (ASX: NXS) share price has closed today well in the green.
This comes after the company announced its patented wound-healing product has been approved for sale in Australia.
Next Science shares rose to an intraday high of $1.93 at market open, before profit takers swooped in.
At market close, the medical technology company's shares were trading at $1.87, up 3.31%.
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What did Next Science announce?
Investors have been buying up Next Science shares today after the company was given the go-ahead to commercialise its BlastX product in Australia.
According to its announcement, the Therapeutic Goods Administration (TGA) has approved the company's wound gel for sale in Australia.
It has been sold in the United States since 2017 and has been cleared for sale in the European Union and the UK.
BlastX is an antimicrobial gel for the treatment of open wounds. It uses the company's patented Xbio technology that breaks down bacterial biofilm on wounds and prevents further bacteria from growing. The product then maintains a moist wound environment which allows the body's healing process to begin.
In addition, BlastX can be used in operating theatre environments to help prevent infections in acute and surgical wounds.
According to Next Science, the TGA approval clears the way for the company "to sell BlastX in Australia for use as a hydrogel wound dressing on all open wounds".
The company also highlighted the efficacy the product has shown in the treatment of chronic wounds such as diabetic foot ulcers, bedsores (pressure ulcers) and venous leg ulcers.
Chronic wounds such as ulcers continue to be a major health issue for patients across the world. They are considered difficult to treat, cause pain at the wound site and increase mortality rates.
A 2015 independent study found combining BlastX with antibiotics increased chronic wound closures by 40% in 4 weeks. This was based on a randomised and controlled trial of 45 patients.
Next Science managing director Judith Mitchell said:
I am delighted that we can offer this proven product to healthcare professionals and patients in Australia as we continue to pursue our mission to heal patients and save lives worldwide by reducing the impacts of biofilms on human health.
The company is expecting its first sales in Australia to occur from next month.
About the Next Science share price
Next Science shares have performed strongly so far this year and are up by almost 50%. The company's share price is now edging closer to its 52-week high of $2.06.
Next Science has a market capitalisation of roughly $366 million, with approximately 197 million shares outstanding.
