Tiny Medtech Company Surges 70% After ‘Highly Encouraging’ Data

(Bloomberg) -- Nanocap Microbot Medical Inc. is surging in pre-market trading after the company announced "highly encouraging" study results that demonstrate the potential of its Self-Cleaning Shunt (SCS) product in treating hydrocephalus.

"We believe the performance of the SCS during this and previous studies gives us greater confidence to explore additional medical applications for the device in conditions where occlusion occurs, such as in the Traumatic Brain Injury (TBI) space," Microbot CEO Harel Gadot said in a statement.

Shares of Hingham, Mass.-based Microbot, which became public in 2016 after merging with StemCells Inc., had a market of $7.1 million Friday.

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