History                 Facilities & Resources                 Collaborations		NovoSorbTM was originally invented and developed by CSIRO scientists. A large multi-disciplined team from the CSIRO's polymer chemistry, polymer processing and biological disciplines worked for approximately 5 years to establish the NovoSorbTM technology. The majority of the polymer design work was directed by PolyNovo's principle scientists Drs Gunatillake and Adhikari. In July 2004 Xceed biotechnology invested $5.1 million into PolyNovo for 50% of the equity in the newly formed company. The initial investment provided operational funds to set-up the company and start applied device development, manufacturing set-up and safety studies. In January 2006 as part of the transaction with Medtronic Vascular, Xceed invested a further $3 million, taking Xceed's ownership position to 60%. In June 2006 PolyNovo formed its first joint venture company with Dr John Greenwood (NovoSkinTM) to develop innovative products in wounds management.