10th Mar 2020 12:16
(Alliance News) - Surgical and wound care products maker Advanced Medical Solutions Group PLC on Tuesday announced regulatory approval for one of its products.
The US Food & Drug Administration has given approval for wound closure product LiquiBand Rapid, which can be used in settings such as the operating room and emergency room.
Winsford, Cheshire-based AMS expects the product to allow it to "regain ground". It will commercialise the produce immediate via a partner in the US.
Chief Executive Chris Meredith said: "The approval of LiquiBand Rapid is an important development for our LiquiBand product range. Innovation remains a key driver of organic growth for the group and this approval demonstrates the capabilities of our internal R&D and regulatory teams.
"The group remains confident of the growth potential for the LiquiBand range alongside multiple other wound care and surgical opportunities including those arising from the acquisitions of Biomatlante and Sealantis."
French surgical biomaterial maker Biomatlante was bought in December for EUR8 million in cash, while alginate-based tissue adhesive firm Sealantis was purchased at the start of 2019 for USD25 million.
Shares in AMS were 6.4% higher on Tuesday at midday in London at 259.50 pence each, recovering after a slip on Monday amid a wider market sell-off.
Stocks across the world slumped on Monday due to fears over the spread of coronavirus as well as oil-producing nations failing to agree a deal to cut production to prop up prices.
By George Collard; [email protected]
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