Shares of electroCore, Inc. (ECOR) has been surging strongly in the pre-market session today following an announcement of exclusive distribution agreement in Australia. The stock was up 35.02% to $2.93 as of 09:00 a.m. EST.
What’s causing the stock to surge?
Basking Ridge, New Jersey-based electroCore, Inc. is a company developing medical devices based on bioelectronics. Through its non-invasive vagus nerve stimulation therapy platform, it intends to improve patient outcomes initially focused on the treatment of multiple neurological conditions.
The company’s treatment for migraines and cluster headaches has currently includes both preventative and acute treatment indications. It develops and commercializes a range of non-invasive vagus nerve stimulator (nVNS) therapies administered to patients. GammaCore Sapphire is its lead product, a rechargeable handheld delivery system that is prescribed on a monthly basis for multiple years.
A deal, announced yesterday, has been struck between electroCore and Medistar2 PTY Limited, through which Medistar will distribute the gammaCore Sapphire in Australian market with exclusivity.
- The marketing and sale of gammaCore Sapphire products have recently been permitted by the Australian Therapeutic Goods Administration (TGA).
- Medistar is a well-known distributor of medical devices in Australia and New Zealand.
- Among the devices represented by the Medistar are most advanced pain management, neurological, and ultrasound products.
- Under the terms and conditions of the contract, the initial term for the agreement is three years, including terms that require minimum purchase commitments.
- At the ANZHS Headache Annual Scientific Meeting to be held on March 13-14, 2021, gammaCore Sapphire will be officially launched by Medistar.
The electroCore, Inc. (ECOR) stock begin the regular trading at an uptick and was up 37% to $2.99 in early trades.