The Hydrix share price is soaring today after the company announced it has successfuly implanted its first patient in its access study.
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The Hydrix Ltd (ASX: HYD) share price is soaring higher today after the company announced its ‘AngelMed’ platform has successfully carried out its first implant. At the time of writing, the Hydrix share price is trading 53.57% higher at 43 cents.
What Hydrix does
Hydrix is essentially a product innovation company. The company states its purpose as enhancing the health, safety, and wellbeing of one billion people. In order to do this, Hydrix leverages its product innovation capability across multiple growth platforms; services, ventures and medical.
The most notable of these platforms is Hydrix Medical. The medical platform aims to bring innovative medical technologies to market such as the implantable heart attack warning system driving the Hydrix share price today.
The Hydrix share price took off again after the medical product innovation company released an announcement to the ASX today. The announcement was regarding the company’s AngelMed System that can be used to prevent silent heart attacks.
It was announced that a patient had received the first implant of the AngelMed Guardian System as part of the ALERTS continued access study.
The United States Food and Drug Administration (FDA) granted Hydrix approval to re-implant 260 clinical trial patients under its continued access study. The objective of the ALERTS continued access study is to provide its former clinical trial patients access to the next generation device and its life-saving features.
Earlier in the year, the initial supply of the device caused the Hydrix share price to jump 250%.
Groundbreaking technology driving the Hydrix share price
As discussed briefly above, the AngelMed Guardian system is designed to track significant changes in the heart’s electrical signals, which includes detection of silent heart attacks, and then alert patients to seek medical attention. It is an implantable cardiac monitor with patient alerting for patients who have had prior acute coronary syndromes, or other heart related diseases.
Hydrix’s device has received high praise from the medical community, with the implanting surgeon, Kelly Tucker, M.D., stating:
The AngelMed Guardian represents a real game changer in the management of coronary artery disease. This is the first ever surveillance tool for patients with a prior coronary event and has the potential to save countless lives and bring peace of mind to thousands of families. It is a great honour to be involved in this amazing technology.
With today’s gain, the Hydrix share price is now up 95% so far this year.
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Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.