Misonix shares soar on prostate device launch
Wednesday March 31, 12:20 pm ET
NEW YORK, March 31 (Reuters) - Shares of Misonix Inc. (NasdaqNM:MSON - News) soared as much as 49 percent on Wednesday after it said it has launched a device in Europe to treat prostate cancer.
Misonix's shares were up $1.83, or 32.9 percent, to $7.40 in volatile midday trading on Nasdaq, after earlier hitting a session high of $8.32.
Farmingdale, New York-based Misonix said it launched the Sonablate 500 high intensity ultrasound, which aims to treat prostate cancer, enlarged prostate and other prostatic tumors in a non-invasive manner.
The device was presented at the European Urology Association meeting together with data showing the device to be 88 percent effective in producing PSA levels below 1.0 within a year of treatment.
PSA, or prostate specific antigen, is a protein that at high levels is a considered a possible indicator of prostate cancer. The levels are also elevated in people with enlarged prostate glands that are not cancerous, a condition which can block the flow of urine.
Misonix has exclusive distribution rights to the device, which is licensed from Focus Surgery Inc. of Indianapolis. Misonix also owns 20 percent of Focus. |
