ENvue Medical Inc (NASDAQ: FEED) (FRA: 56R1) soared by 119 per cent on the Nasdaq Wednesday, closing at US$2.30 after surging from a 13-month low of US$0.99.
Investors rallied behind the medtech company’s new distribution deal with feeding tube supplies specialist U-Deliver. It will grant nationwide access to ENvue’s over-the-counter reusable ENFit Syringes that are intended for usage in home and long-term care settings. Financial terms were not disclosed.
Medical professionals need syringes to push liquid nutrition formulas and crushed medications through feeding tubes that many patients suffering from diseases and neurological conditions require. The type of ENvue syringes that U-Deliver will be making available through wholesale channels have a unique twist locking capability specific to enteral feeding tubes that makes them safer than other products on the market.
This design prevents dangerous mix-ups where someone might accidentally send food or medicine into the wrong place, like the bloodstream or lungs. Unfortunate mistakes like these have harmed patients in the past. Rather than pushing in like other varieties of syringes, ENFit screws on securely for a leak-proof tight connection.
Users can reuse the syringes for up to seven days and apply formulas and medication up to 20 times with each one. As ENvue’s syringes are available over the counter, unlike others used for tube feeding, a prescription is not necessary.
ENvue has been focused on developing non-invasive medical tech since its founding in 2003. Originally named NanoVibronix before a re-brand in December, the American-Israeli company employs 31 people and is active at R&D hubs in Tel Aviv and Nesher, Israel.
Its flagship ENvue Navigation Platform utilizes electromagnetic sensors and body mapping to smoothly guide feeding tube placements. This technology reduces risks like lung misplacement in healthcare settings and homes. These syringes are tackling rising demands in a market where enteral nutrition supports millions who suffer from swallowing disorders or chronic conditions.
ENvue also specializes in acoustic therapies for muscle spasms and joint pain and healing acceleration technologies like WoundShield.
This development builds on the company’s appointment of 35-year medical devices veteran Marc Waldman earlier this month. He is now serving as ENvue’s vice president, commercial.
On Jan. 14, ENvue rang the Nasdaq opening bell in Times Square, New York City. Market capitalization is now sitting at approximately US$2.5 million.
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