NeuroMetrix (NSDQ:NURO) saw shares jump as high as 37% yesterday after announcing it won FDA 510(k) clearance for an upgraded version of its Quell wearable over-the-counter chronic pain relief device, though shares haven’t held onto the inertia in trading today.
The new model is designed to be controlled through a company-developed smartphone app, and has an extended battery life and advanced sleep tracking, according to the Waltham, Mass.-based company.
“This 510(k) further advances Quell technology by allowing the device to be conveniently and safely controlled via a smartphone. It is a clear example of our unwavering commitment to creating the most clinically effective and technologically innovative wearable therapeutic solution for people suffering from chronic pain. It is only fitting that we are making this announcement at CES 2016 which is the international showcase for consumer technology breakthroughs,” CEO Dr. Shai Gozani said in a press release.
During trading after the announcement, shares went as high as $2.34, 37% up from its opening price of $1.70. Shares closed yesterday up a less-exciting, but still significant 6% at $1.81.
The magic hasn’t held out, as shares dipped nearly 10% today, trading at $1.63 as of 10:40 a.m. EST.
The new version of the device is slated to be available in March 2016, and the company has planned a free upgrade program for current Quell users who return their previous generation devices.