In a press release today, Israel-based specialty medical device company Inspira Technologies (NASDAQ:IINN) disclosed that it is developing the HYLA blood sensor. This non-invasive blood sensor could have a major impact on the medical market. Furthermore, the announcement seems to have catalyzed a 100% move in IINN stock.
This isn’t the first time that Inspira Technologies has brought a new product to the medical community. Previously, the company introduced Augmented Respiration Technology, which it designed to rebalance patient oxygen saturation levels.
Now, the company is working on the HYLA blood sensor. A team of cyber warfare specialists are working on the product. The overarching concept is for the HYLA blood sensor to provide a new platform that minimizes the “need for invasive medical procedures with the intention of reducing risks, complications and costs.”
For patients, it should be a relief to know that the HYLA blood sensor doesn’t require the taking of actual blood samples. Medical practitioners, meanwhile, should be glad to discover that the sensor can perform real-time and continuous blood monitoring, which could quickly alert physicians of signs of changes in a patient’s condition.
What’s Happening with IINN Stock?
For quite a while, IINN stock couldn’t seem to clear the $2 level. Just yesterday, it was trading at around $1.23. Today, the stock is above $2 and it actually doubled in price at one point this morning.
Suffice it to say, then, that Inspira Technologies’ shareholders are celebrating the news. However, it’s important to remember that the company hasn’t tested the sensor’s technology in humans, and it’s still subject to regulatory approval.
Nonetheless, it’s exciting to consider the possible future outcomes for patients. Of course, the market is also considering the financial side of the equation. In that vein, Inspira Technologies reported that the HYLA blood sensor is targeting a “Point of Care testing, ABG (Arterial Blood Gas) analyzer” market that’s potentially worth $2.5 billion.
Thus, this novel technology could be a lifesaver. Until — and if — it receives approval, Inspira shareholders can celebrate the company’s innovative spirit.
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On the date of publication, David Moadel 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.