Radiance Medical Up 22% After Test Report

Shares of Radiance Medical Systems Inc. shot up 22% Wednesday after the Irvine medical products maker reported positive results in the initial phase of a clinical study on one of its radiation delivery catheters.

Radiance said in a press release that none of the 27 patients in the study experienced atherosclerotic blockage, or restenosis, from treatment of atherosclerosis.

The company said the results were confirmed by an independent research organization, the Cardiovascular Research Foundation of New York.

The study demonstrated the lowest restenosis rate ever reported in published radiation trials using vascular brachytherapy systems for the prevention of recurrence of in-stent restenosis, Radiance said.

The company’s stock gained $1.38 to close at $7.75 a share in Nasdaq trading.