PolyNovo, an Australian medical device company, has requested an immediate trading halt, pending an announcement to the market expected by September 3. The request was made to the Australian Securities Exchange (ASX) before market open on Monday. The trading halt follows a report published in The Australian on Sunday that speculated about a possible positive change in the United States regarding reimbursement policies for outpatient wound care procedures.
PolyNovo specialises in the design, development, and manufacture of dermal regeneration solutions. Its NovoSorb BTM product is a biodegradable temporising matrix used in reconstructive and acute burn surgery. The halt will remain in place until the earlier of the announcement to the market or the commencement of trading on September 3.
It is not unusual for companies listed on the ASX to request a trading halt when they anticipate releasing market-sensitive information. This measure allows investors to properly digest the news before trading resumes, ensuring fair market practices. PolyNovo’s announcement next week will either confirm or deny the speculation.
The market will be awaiting the announcement next week to see if the speculated reimbursement changes are true. Investors will be keen to see how this affects PolyNovo, as they have a special interest in the US outpatient wound care sector.
