PolyNovo was incorporated in 2004 having been spun out of CSIRO as the champions of a family of safe biodegradable polyurethanes for use in biomedical applications that assist the body to use its own mechanisms to repair damaged tissue. The team set out to develop game changing medical devices. They started by developing NovoPoreTM, a wound interface used in the advanced wound healing process known as Negative Pressure Wound Therapy. This was followed by NovoSorbTM BTM a Biodegradable Temporizing Matrix that has been designed to improve cosmetic and functional outcomes associated with large, deep surgical wounds.
Unlike current polymers filling the space of Tissue Scaffolds (TS), NovoSorbTM technology has moved at a much advanced pace. The polymer may be reformulated to the specific needs of each application providing various degradation rates. Combining this patented leap forward in technology with the added benefit of a low risk of sensitization and a material that has been designed to be fully degrading is game changing. NovoSorbTM has a broad range of potential biomedical applications, particularly in vascular disease treatment, healing bone fractures and damaged cartilage, tissue engineering, wound care and drug delivery. Product formats for NovoSorbTM are varied and cover foams, laminates, thermoplastics, injection molding, filament extrusion to spray-on or dipping applications in other implantable devices.
PolyNovo is heavily focused on product development and delivering new products to growing markets in both the US and Europe as well as the Asia Pacific region. An extensive amount of product development is in the PolyNovo pipeline with an intense amount of commercial activity planned over the next few years. PolyNovo is targeting markets currently valued in excess of US$7.6b.
On Friday 6 September, PolyNovo officially joined the ASX200 – the top 200 companies listed on the Australian Stock Exchange. Five years ago, PolyNovo had a market capitalisation of A$30m and 6 staff. Today it has 60 staff and a market cap of A$1.5B, and growing.
Watermark is really proud to have supported PolyNovo along its entire journey and congratulates the company for achieving a significant milestone – recognition which is richly deserved.