Abbott Laboratories said Monday that it had received approval from the Food and Drug Administration for a new blood glucose monitoring system -- an announcement that came as its stock rose to a six-month high.
The go-ahead added to Abbott's momentum after the release of positive results from the first trial of its ZoMaxx device, a drug-coated stent intended to unclog arteries to the heart, Sunday at the American College of Cardiology's annual meeting in Atlanta.
Analyst Phil Nalbone of RBC Capital Management said in a note to investors that ZoMaxx appeared on target for launch in Europe this year.
Abbott's diabetes care unit in Alameda, Calif., said the FreeStyle Freedom glucose meter, which it bills as offering virtually pain-free testing, would be available for consumers in April.
The system measures glucose levels using the smallest sample size required of any blood glucose monitoring product on the market, 0.3 microliter, and provides results in five seconds, the company says.
It also allows people with diabetes to test on less sensitive parts of the body, such as forearms, thighs and palms.
The healthcare products manufacturer introduced the meter at an American Diabetes Assn. meeting in June.
Shares of Abbott Park, Ill.-based Abbott climbed $1.01 to $44.93.