Shares of the Massachusetts-based medical devices company Corindus Vascular Robotics (NYSE:CVRS) skyrocketed after the company announced that it had received Pharmaceutical and Medical Device Agency (PMDA) Approval in Japan. This will allow for more robotic-assisted medical procedures to be done in surgery.
The approval will allow Corindus to commercialize its CorPath GRX System for percutaneous coronary interventions (PCI) in the Japanese Market. CorPath is a system that allows doctors and surgeons to perform procedures with more accuracy through robotic assistance.
When surgery is made easier, there is a higher chance of recovery and better post-procedure success rates.
According to the company, nearly 250,000 PCI procedures are performed every year in Japan and it is “one of the largest markets in the world” for them.
Japan Medicalnext Co., Ltd, which is owned by MC Healthcare Inc., a subsidiary of Mitsubishi Corp. (OTC:MSBHY), already obtained the rights to distribute Corindus products in Japan in early 2017.
Corindus President and CEO, Mark Toland has said that “there is strong demand for robotic-assisted intervention from Key Opinion Leaders (KOLs) and the broad clinical community in Japan.”
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Toland also believes that “robotics has the potential to enhance patient care in Japan by offering the benefits of robotic precision and advanced tools for physicians to perform […] life-saving procedures.”
Some physicians are also looking forward to being able to use Corindus’ CorPath GRX System.
Takafumi Ueno, the Director of Interventional Cardiology at the Center of Cardiovascular Disease in Kurume University Hospital, has said that he is “[looking] forward to offering CorPath GRX to [his] patients during PCI, especially in complex procedures where precision and procedural control are extremely valuable.”
Shares of Corindus rose nearly 20% on Friday after the announcement was made. The company has been able to reach a high share value of $0.96 USD and a low of $0.79.
Compared to its closing share value of $0.73 on Thursday, Corindus closed at $0.81 on Friday.
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