Power Medical surges 15% on deal with Intuitive Surgical
Shares of Power Medical Interventions Inc. (Nasdaq:PMII) rose 15% this morning after the company announced it had inked a deal with Intuitive Surgical Inc.
Langhorne, Pa.-based Power Medical said after the bell this morning that it has entered into two definitive agreements with Intuitive Surgical, including a license and development agreement for the two firms to jointly develop a surgical stapling device that will attach to Intuitive's da Vinci surgical systems.
The deal marks Power Medical’s first licensing transaction.
Power Medical is at $5, up $0.67 from Thursday’s close. Shares have traded as low as $2.60 and as high as $14.64 during the past 52 weeks.
For detailed price information and news stories on Power Medical, click PMII.
