Shares in Australia-based Nanosonics (ASX:NAN) rose nearly 15% today after the medtech firm announced that it extended its relationship with GE Healthcare (NYSE:GE).
The two companies have been working together for over 10 years, developing methods to improve ultrasound sterilization systems.
Nanosonics’ Trophon EPR ultrasound transducer disinfecting system won FDA clearance in 2011 and is sold in the U.S., Canada and Europe.
“The trophon technology is clearly well advanced in establishing itself as standard of care in North America,” president & CEO Michael Kavanagh said in prepared remarks. “This is a great testimony not only to the excellent value proposition of the technology but also the excellent support GE Healthcare has provided as a leader in ultrasound solutions over the last six years.”
“We very much welcome the opportunity to continue our relationship with GE beyond the existing agreement as we continue to further establish trophon as standard of care not only in North America but across international markets.”
The company’s Trophon system cuts down on disinfection time, which allows more patients to receive scans, and it can be used in the same room as the ultrasound device.
News of the extended agreement prompted Nanosonics’ stock to post its biggest intraday percentage gain since May, according to Reuters.
NAN shares were trading at A$2.50 apiece at close today, up 14.2%.
