RenovoRx (NASDAQ:RNXT) stock is running higher on Tuesday following news that the U.S. Food and Drug Administration (FDA) granted it new 501(k) clearance.
This clearance allows the company to use its RenovoCath Delivery System to treat cancer tumors. It does so with RenovoGem. This is a combination of devices and drugs that make use of RenovoRx’s Trans-Arterial Micro-Perfusion therapy platform.
Basically, the way this works allows for doctors to deliver chemotherapy directly to tumors via the patient’s arteries. This allows for more targeted administration, which RenovoRx believes is more effective and comes with fewer side effects.
Shaun Bagai, CEO of RenovoRx, said this in the press release sending RNXT stock higher.
“Our novel RenovoTAMP therapy platform isolates the region of disease enabling delivery of the optimal dose of targeted chemotherapy to the tumor location. We believe this new design cleared through the FDA 510(k) process will further improve RenovoTAMP’s targeted delivery. Our focus is maximizing patient survival while minimizing side effects for cancer patients.”
This isn’t the first time that the FDA has approved a version of the RenovoCath Delivery System. It first did so back in 2014. However, the current system features some upgrades over the original, which is why a new clearance was needed.
RNXT stock is seeing heavy trading on today’s news. As of this writing, more than 15 million shares of the stock have changed hands. That’s quite the increase over its daily average trading volume of 7.2 million shares.
RNXT stock was up 23.2% as of Tuesday morning.
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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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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