AtriCure Shares Rise 21% on Panel Backing for Heart Device
AtriCure Inc. (ATRC), maker of surgical devices, climbed the most in more than 2 years after a U.S. regulatory panel recommended approval of the company’s product for irregular heartbeats.
AtriCure surged 21 percent to $12.05 at the close in New York, the biggest single-day increase since June 2009. The West Chester, Ohio-based company’s shares have increased 17 percent this year.
An advisory panel to the Food and Drug Administration voted yesterday to clear the device system for patients with a certain type of the condition known as atrial fibrillation. The advisers said the benefits of the product outweighed any risks. The agency isn’t required to follow the panel’s advice.
The advisers also said the so-called device is safe and that it is effective to treat persistent irregular heartbeat. The instrument system didn’t appear to meet safety and effectiveness goals when considering the least-healthy patients, FDA staff said in a report Oct. 24.
Atrial fibrillation is the most common type of problem with heart rhythm and affects 2.2 million people in the U.S., according to the American Heart Association.
AtriCure’s device already is approved to destroy heart tissue during surgery. The company is seeking to expand its use to block electrical signals and restore a regular heartbeat as an alternative to therapies such as pacemakers or electrical cardioversion, an electric shock delivered to the chest wall.
To contact the reporter on this story: Elizabeth Lopatto in New York at elopatto@bloomberg.net
To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net
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