FDA Approval of Laser Fires Up Trimedyne Stock Price
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IRVINE — Trimedyne Inc. shares surged Monday after the company said it won approval from the Food and Drug Administration to market a new laser for cosmetic surgery.
The company’s stock spurted 71% to $5.50, up $2.28, in heavy trading on the Nasdaq market. More than 1.9 million shares changed hands, 22 times the stock’s three-month daily average.
Trimedyne said it plans to introduce the new laser at plastic and aesthetic surgery association meetings in May and expects to begin shipments in June or July.
“If field evaluations by experts in cosmetic surgery confirm our expectations, this new laser could revolutionize the way in which a number of cosmetic surgery procedures are performed,” said Marvin Loeb, chairman of Trimedyne. The laser can also be used for dermatologic and plastic surgery as a treatment device as well as for cosmetic purposes, the company said.
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