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(Sharecast News) - Advanced Medical Solutions has received approval in the United States for 'LiquiBand XL', it announced on Wednesday, which it described as a new device that can close longer wounds than existing LiquiBand products.
The AIM-traded firm said the device consists of a surgical mesh used to close the wound, and LiquiBand glue to strengthen the closure and prevent infection.
Launch of the product in the US was planned for the third quarter of 2022.
The device has been used successfully on a variety of orthopaedic procedures in multiple territories since its European approval in 2021, and received "very positive" feedback on ease of use, efficacy and reduced pain and scarring in comparison with other closure methods such as stapling, the company claimed.
It said the addition of LiquiBand XL to its advanced wound closure portfolio was an "important step" in the development of the franchise.
It would provide access to a new $60m, long wound sealant market in the United States, but also increase the overall strength of the LiquiBand portfolio, completing the range of applications available and "significantly improving" the company's ability to win new contracts and bundle products.
"I am delighted to announce the FDA approval of LiquiBand XL in the US and the addition of this product to our highly successful US LiquiBand franchise," said chief executive officer Chris Meredith.
"There is strong demand for the product from hospitals and our distribution partners and we are confident that it will make a significant impact in the market and will play a critical role in strengthening the market share of the entire LiquiBand franchise."
At 1135 BST, shares in Advanced Medical Solutions Group were up 1.88% at 282.73p.
Reporting by Josh White at Sharecast.com.
