Itamar Medical soars on Korean approval

The Endo-PAT device already has approval in the US, EU and Japan.

Itamar Medical Ltd. (TASE:ITMR) share soared 63.4% to NIS 1.01 after the company reported that the South Korean Food and Drug Administration (SKFA) had granted approval for the company's Endo-PAT2000 system, which is a noninvasive method to evaluate cardiovascular function.

This is an additional breakthrough for the Endo-PAT device on the global market after its use was approved by the US Food and Drug Administration (FDA) and the Japanese Food and Drug Administration, and it received the EU CE mark.

Approval by the KFDA was earned by meeting the most rigorous international standards of safety and efficiency. This paves the way for distributing the device in Korea, which diagnoses potential cardiovascular malfunctions.

Itamar Medical's shareholders include Medtronic International Technology (NYSE: MDT) with a 32.3% stake and co-chairmen Dr. Giora Yaron (22.6%) and Martin Gerstel (11.9%). In 2009 the company's share has risen 262%, giving a market cap of NIS 69.8 million.

Published by Globes [online], Israel business news - - on August 12, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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