>>LOS ANGELES, Sept 24 (Reuters) - Cygnus Inc. (NasdaqNM:CYGN - news) on Monday said it is seeking to include children and adolescents in its U.S. regulatory approval for its noninvasive device that monitors blood sugar levels in diabetics, and said it halted plans allowing management to sell shares of the company.
The Redwood City, California-based maker of of diagnostic medical devices said it decided to terminate all ``Rule 10b5-1'' trading plans that were in effect for several members of its management team, effective as of Sept. 17, when U.S. stock markets reopened after the attacks on New York and Washington.
Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 permits employees and other insiders to adopt written plans at a time when they are not aware of material nonpublic information and to trade shares according to the plan.
Cygnus, citing stock market volatility, said no further transactions will be conducted under the terminated plans, although it may permit its insiders to adopt new plans in the future.
Shares of Cygnus, which were quoted near $9 early this month, were up 30 cents at $5.53 in afternoon trading on Nasdaq.
The company said it has submitted a supplemental pre-market approval application to the U.S. Food and Drug Administration to expand use of its GlucoWatch Biographer to people aged 7 to 17. The FDA in March approved the device, which works by sending tiny electric currents to extract fluid from the skin, for use in adults.
The FDA said blood drawn from finger-prick tests was still needed to verify readings from the wristwatch-like GlucoWatch.
Cygnus also said it is ``currently in advanced discussions with multiple companies for a potential sales alliance in the U.S. and we are preparing for a launch.''<<
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Cheers, Tuck |
