PHILADELPHIA (AP) -- Shares of Echo Therapeutics Inc. surged in trading Tuesday after the small medical technology firm reported positive results for a study of its wireless glucose monitoring system.
THE SPARK: Echo said the study achieved its main goal of successfully monitoring 32 patients' glucose levels in critical care units at four hospital sites. The company said its device's readings were 97.9 percent accurate. The Philadelphia-based company's technology is designed to help hospital personnel monitor diabetes multiple patients' blood sugar levels around the clock.
Echo Therapeutics' CEO said in a statement the company will use the study results to apply for marketing approval in the European Union.
BACKGROUND: Patients with diabetes either do not produce enough of the hormone insulin or do not use it efficiently, allowing excess sugar, or glucose, to accumulate in the blood. Monitoring glucose levels is critical for patient safety, especially those in emergency medical settings.
SHARE ACTION: Shares of Echo Therapeutics Inc. rose $1.06, or 39.4 percent, to $3.75 in afternoon trading. Its shares had been down more than 74 percent so far this year.