NeuroMetrix (NASDAQ:NURO) stock is rocketing higher on Tuesday thanks to the U.S. Food and Drug Administration (FDA) granting it Breakthrough Designation for one of its devices.
The device getting this designation is NURO’s Quell. This is designed to treat patients suffering from “moderate to severe symptoms of chemotherapy induced peripheral neuropathy” (CIPN) for a minimum of six months after the end of their treatment.
NeuroMetrix points out that roughly 650,000 cancer patients receive chemotherapy every year in the U.S. Of these patients, about 30% experience chronic CIPN. These symptoms last a minimum of three to six months and there are currently no FDA-approved treatments for them.
With this Breakthrough Designation, NeuroMetrix is now able to get these devices to patients faster. That’s thanks to the FDA giving it priority review status. This opens the way for a quicker commercial release, as well as more profits for the company.
Shai N. Gozani, M.D., Ph.D., CEO of NeuroMetrix, had the following to say about the FDA decision boosting NURO stock today.
“This Breakthrough Device Designation is an important step in our effort to make Quell technology available to patients suffering from the debilitating effects of CIPN. We are looking forward to completion and subsequent reporting of the results from the ongoing multi-center RCT of Quell in CIPN. Depending on the outcome of the trial, we hope to be positioned for an FDA filing in 2023.”
NURO stock is experiencing heavy trading today alongside this news. That has some 46 million shares of the stock on the move as of this writing. That’s well above the company’s daily average trading volume of 333,000 shares.
NURO stock is up 37.6% as of Tuesday morning.
Investors seeking more stock market news today will want to stick around!
We’ve got all the most recent stock coverage for traders on Tuesday! Among that is what’s happening with shares of Digital World Acquisition (NASDAQ:DWAC), Activision Blizzard (NASDAQ:ATVI), and SoFi Technologies (NASDAQ:SOFI). You can learn all about these matters at the links 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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