ElectroCore (NASDAQ:ECOR) stock is rocketing higher on Monday after announcing a distribution deal in Australia.
This deal has Medistar acting as the exclusive distributor of electroCor’s gammaCore Sapphire non-invasive vagus nerve stimulator in Australia. This is the company’s treatment for headache disorders. The news also comes on the heels of approval from the Australian Therapeutic Goods Administration for gammaCore Sapphire.
According to a news release, the agreement between electroCor and Medistar is set to last for three years. It also includes minimum purchase commitments. The launch of gammaCore Sapphire in the country will take place at the 2021 ANZHS Headache Annual Scientific Meeting taking place March 13 and 14.
Iain Strickland, vice president of European Operations at electroCore, said the following in a news release today.
“We are delighted to welcome Jeneth Boughen, Owner and General Manager of Medistar, and the team at Medistar into our growing network of select distribution partners. Medistar has demonstrable expertise in medical device distribution in Australia and we are incredibly excited to have its team working on behalf of electroCore.”
The news today caught the interest of investors with ECOR seeing incredibly heavy trading. As of this writing, more than 107 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is only about 1.8 million shares.
ECOR stock was up 45.6% as of Monday morning and is up 95% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.