MINIMED SHARES UP 10 PERCENT; HEARING DATE SET FOR DIABETES DEVICE.Byline: Dave McNary Daily News Staff Writer Shares of MiniMed Inc. continued to sizzle siz·zle intr.v. siz·zled, siz·zling, siz·zles 1. To make the hissing sound characteristic of frying fat. 2. To seethe with anger or indignation. 3. Wednesday, surging more than 10 percent after regulators set a hearing date for the company's breakthrough diabetes treatment system. The stock gained $9.375 to $98.625 for its seventh record close in the last nine sessions. The issue has gained 26 percent during that period and 85 percent since early November as bullishness has grown over its micro-sensor for monitoring glucose levels. Wednesday's gain was triggered by the announcement that the U.S. Food and Drug Administration has set Feb. 26 for an 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. advisory panel to vote on MiniMed's device, which provides doctors with continuous readings of a patient's glucose level. Melissa Wilmoth, an analyst with Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , said final FDA approval is likely to come within three months if the panel endorses the MiniMed product for sale. ``The announcement that the FDA has assigned a hearing date is a light at the end of the tunnel,'' she said. Wilmoth noted that the device will give doctors a better idea of how much insulin to prescribe pre·scribe v. To give directions, either orally or in writing, for the preparation and administration of a remedy to be used in the treatment of a disease. for a diabetic. ``Currently, big swings in glucose levels represent the challenge for physicians,'' she said. ``The system will give physicians much more information about the patient than they've ever had before.'' Wall Street has been impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with the prospects for the device because it has potentially widespread applications in the treatment of diabetes. The current worldwide market for devices monitoring glucose levels is estimated to be more than $3 billion annually. MiniMed has said it plans to first introduce the device, described as ``minimally invasive'' for insertion in the abdominal area, as a diagnostic tool. It will then introduce other applications such as combining its insulin delivery pumps - which eliminate the need for daily injections - with the monitoring system to create what would be an artificial pancreas The artificial pancreas is a technology in development to help diabetic persons automatically control their blood glucose level by providing the substitute endocrine functionality of a healthy pancreas. . ``This technology is very important,'' said Marc Davis This article is about the Disney animator. For other uses, see Marc Davis (disambiguation). Marc Fraser Davis (March 30, 1913 – January 12, 2000) was a prominent artist and animator for Walt Disney Studios. , an analyst with GS2 Securities. ``It would be very attractive for those using the pumps.'' Investor enthusiasm over MiniMed, which has about $100 million in annual sales, has also been fueled by the growing possibility that the Sylmar-based company may attract a takeover offer. Wilmoth said Wednesday's announcement makes that scenario slightly more likely. Medtronic Inc., the world's largest manufacturer of cardiac pacemakers cardiac pacemaker A device that delivers a small electric shock to the heart to effect cardiac contraction at a pre-determined rate , announced in early November it would make a $30 million investment in MiniMed. The stock was trading at $61 before that announcement. |
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