Tiny Medtech Stock Nearly Triples After Weight Loss Balloon Data

(Bloomberg) -- Penny-stock Obalon Therapeutics nearly tripled in New York after presenting expanded clinical data for its swallowable, gas-filled balloon system for the treatment of obesity at a medical meeting in San Diego.

The shares jumped as much as 168% to touch $1.03 on Wednesday, its best session since going public in 2016.

• Average weight loss for patients receiving three balloons and six months of therapy was 21.7 pounds, reducing total body weight by 10.2%
• Non-serious side effects occurred in 10.3% of patients with abdominal pain, nausea and vomiting as the most common
• The company’s market value was $9.24 million at Tuesday’s close, down from a September peak of $78.7m
• NOTE: May 15, Obalon received a notice of delisting from the Nasdaq that said it needed to get stockholders’ equity above the minimum threshold of $10 million for continued listing

Story Link: Tiny Medtech Stock More Than Triples on Weight Loss Balloon Data

To contact the reporter on this story: Bailey Lipschultz in New York at blipschultz@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott Schnipper

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