Corindus Vascular Robotics Inc (NYSEAMERICAN: CVRS) is having a great start to the trading session this morning, and for good reason. The company announced that it has received regulatory approval in Japan. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The regulatory approval;
- what we’re seeing from CVRS as a result; and
- what we’ll be watching for ahead.
CVRS Announces Regulatory Approval
As mentioned above, Corindus Vascular Robotics is having an overwhelmingly strong start to the trading session after announcing that it has received regulatory approval. In a press release issued early this morning, the company announced that it has received Pharmaceutical and Medical Device Agency (PMDA) approval for the commercialization of the CorPath® GRX System in Japan. It is worth noting that Japan is one of the largest markets in the world. In fact, CVRS pointed to the fact that around 250,000 PCI procedures are performed every year in the region.
As a result of the approval, the company will soon start to commercialize the system. In the release, the company said that it is actively pursuing reimbursement for robotic PCI through the Japanese insurance system and plans a post-market study of CorPath® GRX System in Japan. In a statement, Mark Toland, President and CEO at CVRS, had the following to offer:
There is strong demand for robotic-assisted intervention from Key Opinion Leaders (KOLs) and the broad clinical community in Japan. PMDA approval of CorPath GRX in Japan represents a significant step in our ongoing effort to bring cutting-edge vascular robotics to global markets… We believe robotics has the potential to enhance patient care in Japan by offering the benefits of robotic precision and advanced tools for physicians to perform these life-saving procedures.
The above statement was followed up by Takafumi Ueno, MD, PhD, Director of Interventional Cardiology at the Center of Cardiovascular Disease within the Kurume University Hospital. Here’s what he had to offer:
I look forward to offering CorPath GRX to my patients during PCI, especially in complex procedures where precision and procedural control are extremely valuable… We are pleased to be one of the first Asia-Pacific countries to adopt this new and innovative technology.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news causes moves. In the case of Corindus Vascular Robotics, the news proved to be overwhelmingly positive. After all, regulatory approval means that commercialization is on the way, a process that drives revenue from these medical innovations. So, it’s no surprise that investors are excited and pushing the stock toward the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:47), CVRS is trading at $0.84 per share after a gain of $0.11 per share or 15.48% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CVRS. In particular, we’re interested in following the story surrounding the CorPath® GRX System and the company’s commercialization of the system in Japan. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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