Avita Medical shares were higher after the company said it saw positive results from its clinical study demonstrating PermeaDerm, a biosynthetic wound matrix, delivered clinically comparable outcomes to cadaveric allograft while reducing product cost by 70%.

The stock was 15% higher at $9.09, and is up 64% in the past 12 months. The stock hit its 52-week high of $9.25 earlier in the session.

The therapeutic acute wound care company said the study met its primary endpoint, demonstrating statistically significant superiority for mean cost per percent total body surface area (%TBSA) treated. Mean treatment cost was $148.70 for every 1% TBSA treated with PermeaDerm compared with $497.10 for allograft, representing a savings of $348 per %TBSA.

The company said that as an off-the-shelf product, PermeaDerm reduced preparation time by 95.7% compared with allograft by eliminating tissue tracking, thawing, and meshing, while maintaining comparable application time in the operating room. No adverse events were attributed to PermeaDerm during the study.