By Wasim Omar
11:38 AM UTC
NanoVibronix, Inc. (NASDAQ: NAOV) has been rising steadily in today’s session, soaring well above the $1 mark after two months. Having last surpassed the $1 domain in January, NAOV has been impressive to its investors throughout current-trade hours today. After tremendous after-hours and premarket climb, the stock is currently almost 40% above its previous close price of 0.91 USD. NanoVibronix focuses on non-invasive biological treatment devices, with a number of successfully launched products spanning a range of medical areas. A recent announcement by the company of its latest medical devices seeing approval has brought on this remarkable growth wave.
The stock price surge links to a breakthrough announcement by Health Canada which has approved two lead NanoVibronix products. These are the UroGuard, along with the PainGuard. The company received a license for these products, permitting them for sale in the Canadian market. Health Canada is known for its stringent testing and strict approach to health and safety. The approval and licensing reflect a significant milestone for the company, pointing to high market penetration, in a tough market to break into. The market has understandably been quick to react to this breakthrough, driving up prices in the process. M with the hype reflecting in the sheer volume of today’s trade
The medical product, Uroguard relates to urinary tract conditions, especially those that come about as a result of using catheters. Moreover, the use of catheters throughout Canadian hospitals holds an inherent risk of infection. The UroGuard is an ideal medical device for the prevention of such conditions. Similarly, the PainGuard is a device that could address the pain-related problems of millions of Canadians across a wide demographic. As a result, pain management products under PainGuard would act as effective and sustainable alternatives to prescription opioids.
One reason why the market has been so swift to react to the news has been its sheer implications. As a result of the licensing NanoVibronix products are ready to undergo a significant expansion in a new market. With the company optimistic about its products becoming standardized medical devices across Canadian healthcare shelves, NAOV gains a tremendous competitive edge.
NAOV has soared today following its license of approval for two of its products, which are the UroGuard and the PainGuard. The market has been quick to react to the breakthrough, given the growth implications the news brings. Expansion into the Canadian market brings new potential for the company, as well as enhanced profitability, as a result of the competitive edge.