Dallas, Texas 07/30/2013 (Financialstrend) – Maestro® Rechargeable System’s vagal blocking therapy VBLOC® was submitted for the pre market approval to the Federal Drug Administrator (FDA) of the United States by EnteroMedics, the developer of the medical devices which are used for the treatment of obesity, gastrointestinal diseases and metabolic diseases. The company uses the neuroblocking technology for the development of the devices. The vagal blocking therapy VBLOC® uses a unique and a patient friendly approach for addressing the long term challenges involved in obesity.
The Maestro Rechargeable System had awarded the CE Mark as well as it is listed on the Register of Therapeutics Goods of Australia. EnteroMedics had announced that it will announce the second quarter results in a conference call by 31st July 2013. The enrollment of the company and its implantation in randomized, multi center pivotal clinical trial was done for around 233 patients spreading across ten centers. The company had received the European CE Mark approval during 2011 for its Maestro rechargeable system. The company competes with Arena, Orexigen, Qnexa, Intrapace, EndoArt, Johnson & Johnson and GI Dynamics.
The share of EnteroMedics Inc (NASDAQ:ETRM) was bullish by 4.69% on Monday to close down for the day with $1.22 per share. The company had recorded the trading day low price of $1.18 and high price of $1.31 on Monday. For the last twelve months of trading, the low price of the stock is at $0.81 and high price of the stock is at $4.14 per share. Currently there are 55.62 million shares of the company outstanding in the market and 49% institutional ownership. The trading volume of the company on Monday was 1.04 million shares and the trading volume over the past 30 days of the company was 786,018.00 shares per day. The total market value of the company is 67.85 million.