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.