The device lost 4.8% as of about 3:45 p.m. today, with shares trading around $2.18.
The Mountain View, Calif.-based device maker announced that it won FDA 510(k) clearance to market its Magellan robot-assisted surgical system for peripheral vascular interventions, touting studies that suggest the device may lead to faster, more efficient procedures.
"The global vascular surgery market is large and expanding rapidly, driven by long-term trend such as an aging population, the rising prevalence of type 2 diabetes and obesity and an increase in disease awareness," president & CEO Bruce Barclay said during a conference call. "Of the more than 3 million vascular procedures performed each year, approximately ⅓ to ½ of them are in the peripheral vasculature, which is the target market for the Magellan Robotic System."
GPOs: Novation signs closure devices contract with Angiotech
Novation announced a new agreement for knotless tissue closure devices from Angiotech (PINK:ANPI), effective June 1.
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