In the latest Microbot Medical news (NASDAQ:MBOT), the company’s stock went absolutely gangbusters as it soared more than 300% by day’s end Monday following “highly encouraging” study results.
The study in question is examining the efficacy of the Newark, California-based biopharmaceutical company’s Self-Cleaning Shunt (SCS), which is designed to treat hydrocephalus. The condition in question is a buildup of fluid in the cavities that are located deep within the brain.
Hydrocephalus causes the excess fluid to increase the size of the ventricles, which puts pressure on the brain. “We believe the performance of the SCS during this and previous studies gives us greater confidence to explore additional medical applications for the device in conditions where occlusion occurs, such as in the Traumatic Brain Injury (TBI) space,” Microbot Medical CEO Harel Gadot said in a statement.
The condition essentially consists of an imbalance in how much cerebrospinal fluid is produced and absorbed into a person’s bloodstream. This imbalance is harmful due to cerebrospinal fluid’s key role in optimizing brain function by protecting it from injury, keeping it buoyant, removing waste from the brain’s metabolism and more.
MBOT stock had a day to remember as the stock shot up a whopping 307.9% by the end of trading, with shares now selling for $9.79 apiece. The stock surged an additional 16.3% after the bell Monday.