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Why Stereotaxis is up 200 Percent Tuesday (STXS)

Shares of biotech firm, Stereotaxis (NASDAQ: STXS) are up 200 percent in early trading Tuesday. As of 10:30 a.m. EDT, 4.3 million shares have changed hands compared to average volume of 33,000.

Tuesday, the company announced that it received FDA approval for its Vdrive Robotic Navigation System with V-Sono Intracardiac Echocardiography (ICE) catheter manipulator. Although the system has been approved in Europe, this is the first FDA clearance for Vdrive products.

The Vdrive system allows for remote control of catheters that are placed in blood vessels for surgical procedures. Because catheters have been manually operated in the past, the procedure was slow and the diagnostic team was exposed to radiation as part of the imaging process. Vdrive automates the process making the procedure more efficient with less radiation exposure.

“This is an exciting milestone for Stereotaxis,” said William Mills, Stereotaxis Board Chairman and Interim Chief Executive Officer. “The Vdrive platform has added significant clinical value to a growing number of Niobe(R) ES labs in Europe, and this V-Sono clearance should accelerate procedure growth in our U.S. installed base as well as open up an untapped, expanding electrophysiology (EP) market where ICE catheters are widely utilized.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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