MINIMED OPENS STRONG THEN FADES FOR MILD GAIN.Byline: Ben Sullivan Daily News Staff Writer Shares in medical devices maker MiniMed Inc. opened up nearly 15 percent Monday, only to come quickly tumbling back to earth for a one-day gain of just under 2 percent. The short-lived, opening bell boost came from a pile of weekend buy orders prompted by news late Friday that a U.S. Food and Drug Administration advisory panel had recommended approval of a MiniMed blood glucose blood glucose Diabetology The principal sugar produced by the body from food–especially carbohydrates, but also from proteins and fats; glucose is the body's major source of energy, is transported to cells via the circulation and used by cells in the presence sensor for diabetics. But after opening at $97.875, the issue fell steadily as institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , perhaps better informed than individual buyers, sold the stock, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. analyst Sam Chang at investment bank Volpe Brown Whelan. Shares ended the day up $1.6875 at $86.9375, for a gain of 1.9 percent. ``There was a lot of press over the weekend that talked about this (glucose sensor) as the product that will revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. diab,'' Chang said. ``As a result, a lot of people jumped on the bandwagon band·wag·on n. 1. An elaborately decorated wagon used to transport musicians in a parade. 2. Informal A cause or party that attracts increasing numbers of adherents: . But the institutions realized this is still a niche product, and sold into the strength.'' The FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. panel said Friday it would recommend approval of the sensor, but said Sylmar-based MiniMed should conduct more tests on the device. The FDA is not bound by the panel's recommendation. The sensor, which can be worn for up to three days at a time, is the first to provide continuous testing of diabetics' blood sugar levels. The company hopes it will eliminate the need for finger pricks that diabetics must now conduct up to three times per day to draw blood for testing. If the FDA does approve the product, it will initially be only for use in a physician office setting. A device for use by consumers is still at least two years away, Chang said. In addition, for even the office version to get approval, the FDA panel recommended MiniMed conduct further tests. In particular, the panel said MiniMed should further study us the device in minorities and people with Type II diabetes Type II diabetes Type II diabetes is the most common form of diabetes and usually appears in middle aged adults. It is often associated with obesity and may be delayed or controlled with diet and exercise. Mentioned in: Diabetic Ketoacidosis . The bulk of previous test subjects were white, Type I sufferers. MiniMed officials said they were pleased by the panel's recommendation and that they look forward to moving ahead on development and marketing of the sensor. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion