Astrotech stock was flying high on Wednesday following news about its new TRACER 1000 explosives detector.
Astrotech (NASDAQ:ASTC) says that the TRACER 1000 explosives detector is making its way toward use in Europe. This includes passing the the European Civil Aviation Conference’s (ECAC) Common Evaluation Process (CEP) for checking passengers at airports.
According to Astrotech, the company is expecting the TRACER 1000 explosives detector to get full approval for use in the area. It says this will likely happen during the next meeting of the CEP Management Group.
“Passing ECAC’s CEP test for airport checkpoint screening of passengers is an important validation of our technology,” Raj Mellacheruvu, COO of Astrotech and 1st Detect, said in a statement. “The TRACER 1000 was designed to improve safety and enhance the airport experience for travelers and personnel by reducing wait times at security checkpoints.”
1st Detect is a wholly-owned subsidiary of Astrotech. The company works to develop, manufacture and sell chemical analyzers. These products are used in the security, defense, healthcare, and environmental markets.
The new approval for the TRACER 1000 explosives detector is a massive win for Astrotech stock. It marks the first time that a mass spectrometry-based explosives trace detector has passed the ECAC’s strict guidelines for such devices. This opens the way for it to corner the market for such devices without a strong competitor.
ASTC stock was up 29% as of noon Wednesday, but is down 21% since the start of the year.
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As of this writing, William White did not hold a position in any of the aforementioned securities.