Trimedyne Stock Lifts Off on Laser News
Times staff and wire reports
Trimedyne Inc.’s stock climbed 56% Thursday after the Irvine company, which makes surgical lasers, said it expects to receive a patent for a cosmetic laser in a few months.
The stock hit a 52-week high of $6.24 a share before settling back to close at $5.25, up $1.88 a share for the day. Nearly 3.1 million shares changed hands on the Nasdaq market, more than 15 times higher than the average daily volume.
The company said it plans to complete the development of the new laser by the end of the year. The device has already been approved by the U.S. Food and Drug Administration for a number of uses in cosmetic surgery and dermatology, Trimedyne said.
The laser will be marketed to cosmetic surgeons and dermatologists for use in their offices.
