By Connor Hart
Shares of Innovate rose after the Food and Drug Administration approved the company's device to assess kidney function.
The stock was 43% higher, at $7.30, midday Tuesday, the first day of trading after the company received FDA approval after the bell Friday. Shares have gained 48% so far in 2025, though they are down 28% in the last 52 weeks.
MediBeacon, a medical-technology company under Innovation's portfolio of companies, said its Transdermal GFR system is a first-in-kind product that can assess kidney function in patients with normal or impaired kidney function. It works by measuring the clearance rate of an injected fluorescent agent as it leaves the body.
The system is validated for use in the assessment of glomerular filtration rate, or GFR, which is a measure of how well kidneys filter blood, in patients with stable kidney function at the point of care, the company said. It added that while the system requires an injection, it doesn't require blood draws or urine analysis, as is the case with many current practices.
Innovate said the Transdermal GFR system's approval was based on having met its primary efficacy endpoint.
MediBeacon Chief Executive Steve Hanley, said "the potential applications for the TGFR are numerous, and we look forward to exploring them with clinicians both in the hospital and outpatient settings."
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 21, 2025 12:41 ET (17:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。