Vivus Inc. (NASDAQ: VVUS) shares absolutely exploded on Tuesday after the company announced that it was accelerating the launch of the telemedicine and remote monitoring modules of the Vivus Health Platform.
Ultimately, participating physicians will be able to use this platform to conduct virtual office visits, regardless of whether the patient is prescribed a Vivus product. The company expects to enroll between 150 and 200 physicians into the new modules each week.
The telemedicine and remote monitoring modules are designed to leverage normal clinical practices without disrupting routine clinical operations. While the patient-physician interaction takes place virtually through the Vivus Health Platform, all other activities, such as scheduling, patient administration, billing and more, will take place using existing clinic processes and resources.
What stands out here is that remote patient monitoring is integrated into the platform through the Apple Health Kit, Apple Watch and a wide variety of blue tooth-enabled health devices that will include weight scales, pulse oximeters, spirometers to measure lung function, and blood pressure cuffs.
There are no upfront or monthly fees, and physicians pay a fee only for each telemedicine visit and for remote patient monitoring.
John Amos, CEO at Vivus, commented:
Effective communication around health conditions, such as obesity, can be difficult under the best of circumstances, and are even more challenging in the current environment in which patients, physicians, and care facilities are adhering to social distancing guidelines to prevent the spread of COVID-19. These guidelines also make it difficult for cystic fibrosis patients, who are at increased risk of COVID-19 due to their compromised lung function, to consult with their healthcare providers. We have rapidly accelerated the launch of our telemedicine and remote monitoring modules to facilitate communication during this unprecedented pandemic and ensure that patients can receive optimum care without leaving their homes.
Vivus stock traded up about 345% Tuesday morning, at $4.25 in a 52-week range of $0.80 to $4.75. The consensus price target is $1.75.