Shares of Tekcapital PLC (LON: TEK) soared 51% after its portfolio company Belluscura Plc received 510(k) clearance and marketing authorisation from the U.S. Food and Drug Administration (FDA) for its X-PLO2R POC portable oxygen concentrator (POC).
Belluscura developed the X-PLO2R POC portable oxygen concentrator (POC) in partnership with Separation Design Group. The device has patented technology that allows it to deliver up to 95% pure oxygen to patients around the clock.
The POC device weighs a mere 3.25 lbs. (1.5 kg) and is designed to replace larger oxygen tanks made of metal and heavier portable oxygen concentrator devices. The device’s primary goal is to improve the lives of patients suffering from chronic lung conditions and will be launched commercially later this year.
Today’s announcement marks a significant win for Tekcapital; an intellectual property investment group focused on investing in breakthrough early-stage technologies developed by universities and commercialising them.
Investors cheered the move that places Belluscura in a strong position to compete in the US market, given the revolutionary nature of its product. The medical portable oxygen market is expected to grow from $1.6bn in 2018 to $2.4bn by 2025.
Clifford M. Gross PhD, Tekcapital’s Executive Chairman, commented: “We are excited to see that the FDA has cleared the X-PLO2R device for sale, as Tekcapital and Belluscura believe it could be helpful to patients during the COVID-19 pandemic, and for many of the 250 million people worldwide suffering from chronic obstructive pulmonary disease (COPD)2. Our congratulations to Robert Rauker and his capable team at Belluscura for a job well done!”
Tekcapital share price.
Tekcapital shares spiked 51.03% higher to trade at 21.9 after rallying from Friday’s closing price of 14.5p.