CryoLife, Inc., (CRY-NYSE) is trading up more than 5% pre-market after it announced that it has received 510(k) marketing approval from the FDA for its ProPatch(TM) Soft Tissue Repair Matrix. ProPatch is used to reinforce weakened soft tissues and provides a resorbable scaffold that is replaced by the patient’s own soft tissue, and is developed from bovine (cow) pericardial tissue.
Other current OR potential uses for ProPatch are abdominal and chest wall repair, reinforcement of muscle flap reinforcement, rectal and vaginal prolapse, reconstruction of the pelvic floor, hernias, suture-line reinforcement and reconstruction, tendon repair, rotator cuff, patellar, Achilles, biceps, quadriceps, and elsewhere.
CRY has only seen 2,500 shares trade but the stock gapped up to over $7.00, and that will represent a new 52-week high. The stock has more than doubled off its 52-week lows, but this is still about 80% off of its old highs before it had a death reported from contamination in one of its cadaver tissue products. This is one more step to recouping long-term gains for some of those old hang-on investors who were caught off gaurd and were down 80% or more.
This was a stock for a longtime that the joke was “CRY will make you CRY.”
Jon C. Ogg
December 11, 2006
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