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Significant Stock Increase For Stereotaxis (STXS) Following Key Strategic Move

By Fahim Awan
Published On August 13, 2024 4:44 PM UTC
Significant Stock Increase For Stereotaxis (STXS) Following Key Strategic Move

Shares of Stereotaxis, Inc. (NYSE: STXS) have experienced a notable increase, climbing 11.67% to $2.01 during today’s trading session. This rise is attributed to the company’s recent strategic advancements through a product development.

Stereotaxis Introduced GenesisX and Strategic Milestones

The news that Stereotaxis (STXS) has received the CE certification in Europe and filed an application (510(k)) to the FDA for its GenesisX next-generation robotic system is a significant step forward for the company. GenesisX’s launch is a major accomplishment for the firm and demonstrates its dedication to improving patient care and medical innovation by increasing accessibility to cutting-edge technologies.

In terms of robotic technology, GenesisX is a revolutionary advancement. Despite being well recognized for its therapeutic advantages, Stereotaxis’ Robotic Magnetic Navigation (RMN) devices have not been widely used due to logistical issues. In order to overcome these problems, GenesisX expands the application of robotic technology by enabling its wider usage in endovascular procedures and electrophysiology.

Advancements in Design and Implementation

The GenesisX system builds on the proven advantages of previous RMN systems while addressing the complexities associated with their installation. Traditionally, setting up an RMN system involved extensive structural modifications, including the installation of heavy magnetic shielding, floor reinforcement, high electrical power requirements, and extensive cabling. This process often required months of coordination among planners, architects, and contractors.

In contrast, GenesisX simplifies this process by utilizing smaller magnets and integrating magnetic shielding into the system’s structure, eliminating the need for wall-based shielding. It requires no floor anchoring and operates on standard 120/230V power outlets. Furthermore, the system’s compact cabinet, which is 80% smaller than its predecessor, can be conveniently placed under an operating room table, streamlining the installation process.

Future Prospects and Regulatory Plans

GenesisX not only retains the speed, responsiveness, and workflow efficiency of its predecessor but also paves the way for future innovations. With the CE mark secured and FDA submission underway, Stereotaxis plans to focus on obtaining regulatory approvals for compatible catheters, demonstrating real-world application, and optimizing supply chain and commercial processes in anticipation of a full-scale launch in 2025.

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