(Yicai Global) May 22 -- Sonoscape Medical’s shares rose today, briefly hitting a two-year high, after the Chinese developer of medical devices said regulators have approved its new product for the early and accurate detection and diagnosis of lung cancer.
Sonoscape’s stock price [SHE:30633] jumped by the exchange-imposed limit of 10 percent this morning to CNY37.60 (USD5.27), the highest since July 2018, before falling back to close at CNY35.10, up 2.5 percent. The benchmark Shenzhen Component Index fell 1.6 percent.
China’s Food and Drug Administration has licensed the company’s electronic bronchoscopy product, the first China-made device of its type to secure certification, Shenzhen-based Sonoscape said in a statement.
Due to a lack of clarity, traditional fiber-optic bronchoscopy is being replaced by electronic bronchoscopy. The new product can work with an image processor to render high-resolution pictures to help doctors make accurate diagnoses, the company said.
Electronic bronchoscopy has also played an important role in the detection of Covid-19. Many hospitals in China have relied on such sampling to find the coronavirus that was detected with commonly used pharyngeal swabs, Sonoscape added.
Editor: Peter Thomas