The Polynovo Ltd (ASX: PNV) share price has been thrown into the freezer this afternoon as the company gets ready to release what could be big news.
The medical devices developer appears to be preparing to announce a major product has received United States Food and Drug Administration (FDA) clearance.
The Polynovo share price was trading flat at $1.36 prior to being frozen ahead of the anticipated announcement.
Let's take a closer look at what's going on with the S&P/ASX 300 Index (ASX: XKO) stock today.
Image source: Getty Images
Polynovo stock in the freezer ahead of FDA news
The Polynovo share price isn't going anywhere this afternoon. Meanwhile, fans are likely on the edge of their seats as they prepare to learn of the company's latest news.
In requesting its trading halt, the company hinted that a "major" product had received clearance from the US food and drug regulator.
The approval could have a huge impact on the company's ability to market the product in the North American nation.
However, eager market watchers will likely be left waiting over the weekend. The stock will remain frozen until Tuesday's open unless the anticipated announcement drops between now and then.
Polynovo develops medical devices using its patented bioabsorbable polymer technology, Novosorb.
Its NovoSorb Biodegradable Temporising Matrix (BTM) brought in $37.6 million of sales last financial year. The product is a dermal scaffold for the regeneration of dermis that's lost through surgery or burn.
The company lodged an application for FDA clearance for its Novosorb MTX product early last month.
Polynovo share price snapshot
This year has been a rough one for the Polynovo share price.
The stock has slumped 13% since the start of 2022. It's also trading for 30.5% less than it was this time last year.
For comparison, the ASX 300 has slipped 11% year to date and 10% over the last 12 months.
