Motus GI Holdings (NASDAQ:MOTS) stock is on the rise Friday following clearance from the U.S. Food and Drug Administration (FDA) for one of its medical devices.
The medical device from Motus GI Holdings that got approval is the Pure-Vu System. This is a device used alongside gastroscopes during upper gastrointestinal endoscopy procedures. It removes blood, blood clots, and debris that are in the way. Doing so gives the endoscopist a clear view to work with.
Motus GI Holdings notes that there’s plenty of potential for use of its Pure-Vu System. There were roughly 400,000 cases of upper gastrointestinal bleed during 2019 in the U.S. It’s also worth pointing out that the mortality rate of this can reach as high as 10%.
Tim Moran, CEO of Motus GI Holdings, said this about the FDA news boosting MOTS stock today.
“We are pleased to receive FDA clearance for the Pure-Vu System now compatible with gastroscopes for the purpose of providing enhanced visibility during upper GI endoscopies. We believe this regulatory milestone broadens our ability to participate in a larger percentage of procedures performed by our key customers, providing us a natural extension of our commercial strategy.”
To go along with this, Motus GI Holdings also notes that leading physicians have provided feedback on the device. That includes claims that the Pure-Vu System answers a “substantial unmet need in this area.”
Motus GI Holdings is also seeing heavy trading of its shares on today’s news. As of this writing, some 107 million shares of MOTS stock have changed hands. To put that in perspective, the stock’s daily average trading volume is closer to 3 million shares.
MOTS stock was up 28% as of Friday morning and is up 40.9% since the start of the year.
Motus GI Holdings isn’t the only medical company in the news of late.
Quite a few other companies in the healthcare space have also seen major movement for their shares recently. That includes Ocugen (NASDAQ:OCGN), Protalix BioTherapeutics (NYSEMKT:PLX), and ADMA Biologics (NASDAQ:ADMA). You can learn more about this below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.