Glaukos Stock Up After Competitor Recalls Glaucoma Surgical Device

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(RTTNews.com) - Shares of Glaukos Corp. ( GKOS ) surged nearly 35% Wednesday after drug maker Novartis AG's (NVS) Alcon eye-care division voluntarily recalled its CyPass Micro-Stent, a surgical device used to treat glaucoma.

Alcon, the eye care unit of Novartis, announced an immediate, voluntary market withdrawal of the CyPass Micro-Stent from the global market. Alcon also advised surgeons to immediately cease further implantation with the CyPass Micro-Stent and to return any unused devices to Alcon.

The move is based on an analysis of five-year post-surgery data from the long-term safety study. At five years, the CyPass Micro-Stent group experienced statistically significant endothelial cell loss compared to the group who underwent cataract surgery alone.

The US Food and Drug Administration or FDA approved the CyPass Micro-Stent in July 2016 for use in conjunction with cataract surgery in adult patients with mild-to-moderate primary open-angle glaucoma based on the results of the landmark two-year COMPASS study.

Glaukos, the maker of iStent--a device used in micro-invasive glaucoma surgery--had benefited from no direct competition in the U.S. for several years after it launched in 2012.

Glaukos shares are currently trading at $60.31, up $15.55 or 34.75%, on the NYSE.

Read the original article on RTTNews (http://www.rttnews.com/2930440/glaukos-stock-up-after-competitor-recalls-glaucoma-surgical-device.aspx)

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This article appears in: World Markets , Stocks , Economy
Referenced Symbols: GKOS ,

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