Shares of BSD Medical Corp. (BSDM) surged more than 165 percent Wednesday morning. The Salt Lake City, Utah-based company that develops devices that use microwave energy to destroy cancerous and other diseased tissues announced that the U.S. Food and Drug Administration [FDA] has granted the co. a 510(k) clearance to market its MTX-180 MicroThermX Microwave Ablation System, a minimally invasive device delivering targeted microwave energy to soft tissues.
“The MTX-180 represents a significant advance in our strategy to diversify BSD’s products and increase revenue,” said in a statement Harold Wolcott, BSD President. “The MTX-180 introduces into the Company’s product line an innovative, high-end disposable that is used in each ablation treatment, and will provide a significant ongoing revenue stream. The soft tissue ablation world market potential is estimated to exceed $2 billion. We believe that the MicroThermX System provides significant advantages over currently available devices that will allow us to capitalize on this rapidly expanding market.”
BSD also said that it expects the MTX-180 device to win approval from European health regulators.
Shares of BSD Medical are higher on the session by 159.29%, currently trading at $2.93. The stock had traded as low as $0.86 earlier this year.