Trimedyne Stock Price Soars in Wake of FDA Approval
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IRVINE — Trimedyne Inc.’s stock price continued to soar Monday following last week’s announcement that the company had received federal approval to market a new “cold laser” catheter to remove fatty deposits in blood vessels.
The stock closed Monday at $7.625, up $2.25 a share, with 1.8 million shares changing hands. The 42% increase made it the largest percentage gainer among over-the-counter issues for a second day Monday. On Friday, Trimedyne’s stock rose $2 to close at $5.375, a 59% gain.
The Irvine firm announced late Thursday that the U.S. Food and Drug Administration had approved its HaloCath catheter for use in vaporizing artery-clogging fatty deposits in the legs.
The company hopes to win FDA approval for a similar but smaller device for use in clearing clogged heart arteries in about 18 months.
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