Endologix Jumps on European Device ApprovalFriday, September 7, 2012
Irvine medical device maker Endologix Inc.’s shares rose Friday upon news of European regulatory approval for one of its devices.
Endologix shares were up 7% in midday trading to a market value of about $777 million. The company makes stents that are used to reinforce a ruptured or ballooning artery.
The company said late Thursday that it got European Union clearance for its Nellix Endovascular Aneurysm sealing device. Endologix plans to introduce Nellix in a limited European launch in 2013’s second quarter.
Endologix got the Nellix device when it bought Palo Alto-based Nellix Endovascular Inc. in 2010.
Separately, BMO Capital initiated coverage of the device maker with an “outperform” rating.