Boston, MA 05/31/2013 (wallstreetpr) – EnteroMedics Inc. (NASDAQ:ETRM), a development stage medical devices company had surged in share prices by 30.77 percent to close at $1.36 per share. The shares of the medical devices company had been trading in the range of $1.04 to $1.38 per share during the day. The 52 week high price level of the company is at $4.40 per share and the 52 week low price level is at $0.81 per share.
In the recently released financial results for the first quarter, 2013 EnteroMedics Inc. (NASDAQ:ETRM) had net loss of $6.6 million which translates into $0.14 loss per basic and diluted share. The Research and development expenses of the medical devices company were observed to be $2.7 million and the general and administrative expenses were $3.6 million.
EnteroMedics Inc. (NASDAQ:ETRM) is involved in the design and development of medical devices to treat obesity, metabolic disorder and other gastro intestinal diseases using neuro blocking technology. The initial product candidate of the company, Maestro System uses neuro blocking technology called VBLOC therapy to limit the expansion of stomach, help the control of hunger sensations between meals, reduce the frequency and intensity of stomach contractions and thereby produces a feeling of prolonged fullness, thus reducing obesity.
EnteroMedics Inc. (NASDAQ:ETRM) presently holds 55.62 million shares outstanding with an institutional ownership of 48 percent of its holdings. The company had witnessed heavy trading volume for the last trading session when nearly 3.57 million shares were exchanged hands, while the average trading volume for EnteroMedics Inc. (NASDAQ:ETRM) remains at 506,374 shares per day.
