PolyNovo Gains Government Grant for R&D Growth

Polynovo Limited (AU:PNV) has released an update.

PolyNovo Limited, an innovative medical device company, has secured a A$2 million grant from the Victorian Government to bolster its R&D facility, aiming to enhance its polymer-based tissue engineering technology and expand its product range. The expansion, which doubles the company’s investment to A$4 million, is set for completion by Q4 FY25 and will amplify its product development capabilities without compromising its financial stability. Notably, PolyNovo’s NovoSorb BTM has already aided over 40,000 patients across 37 countries, with plans to grow its offerings in the medical scaffold market.

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