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In 2004, CSIRO formed the spin-off company PolyNovo Biomaterials in a joint venture with Xceed Biotechnology in order to commercialise the NovoSorb™ technology developed by CSIRO.

NovoSorb is a biodegradable material that can be used to aid the repair of bone fractures and damaged cartilage, and in skin grafts, particularly for treating wounds and burns.

Since its formation, PolyNovo has successfully completed a clinical trial of NovoSorb Biodegradable Temporising Matrix (BTM) and is in the process of securing regulatory approval in the USA.

In 2015 the company was awarded a $11.8 million contract and a further $25.9 million in funding from the US-based Biomedical Advanced Research and Development Authority to complete a 150 patient trial with BTM.

In 2006, Acil Allen estimated the totals costs of the R&D contributing to this spin-off was $15.7 million. PolyNovo now employs 15 staff in Melbourne and has a market capitalisation of $73 million.