Stock Update (NASDAQ:ETRM): EnteroMedics Inc Announces Receipt of European Patent Certificate
EnteroMedics Inc (NASDAQ:ETRM) announced the receipt of a European Patent Certificate. The Company was granted Patent number 2254659 titled “Treatment of excess weight by neural downregulation in combination with compositions.” The patent pertains to EU protection of a system for combination therapy and corresponds with the Company’s US intellectual property.
“As we develop our platform approach for the durable treatment of obesity, we are in parallel, continuing to strengthen our intellectual property portfolio which supports our proprietary technologies, methodologies and therapies,” said Dan Gladney, EnteroMedics’ President, Chief Executive Officer, and Chairman of the Board. “We are pleased to have been granted the ‘659 patent as a continuation of these efforts.”
Shares of Enteromedics are up 8% to $4.72 in pre-market trading Thursday. ETRM has a 1-year high of $30.41 and a 1-year low of $0.04. The stock’s 50-day moving average is $4.88 and its 200-day moving average is $6.03.
EnteroMedics, Inc. is a clinical development stage medical device company that engages in the design and development of devices that use neuroblocking technology to treat obesity, metabolic diseases and other gastrointestinal disorders. Its proprietary neuroblocking technology is designed to intermittently block the vagus nerve using high frequency, low energy, electrical impulses. Its initial product Maestro System, which uses VBLOC therapy to affect metabolic regulatory control, limit the expansion of the stomach, help control hunger sensations between meals, reduce the frequency and intensity of stomach contractions and produce a feeling of early and prolonged fullness.