Ozop Surgical Corp (OTCMKTS:OZSC) rose Monday as the surgical device company said it is moving forward with its plans to use medical-quality balloons in minimally invasive spinal surgery.
The company said expected 2019-2020 milestones include establishing a team of surgeons and other experts in the development of Balloon Lumbar Interbody Fusion (BLIF) technology.
Shares of Ozop climbed 6.3% to $0.85 in Monday’s OTC Markets trading.
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Ozop is also expecting to complete all necessary testing for Food and Drug Administration (FDA) submission in the next two years. Upon approval, the company plans to build sets, complete a robust training regimen and begin "an alpha launch at key centers."
In 2018, the company said it began development of an enhanced expandable anterior lumbar interbody fusion (ALIF) implant with initial designs and prototypes completed.
The company expects to complete design and testing in the first half of 2019 and expects FDA approval in the second half.
“We are happy with our accomplishments to date and realize we have a lot of work ahead of us to achieve our goals and objectives for 2019 and beyond,” CEO Michael Chermak said in a statement. “I thank all of our shareholders and investors for the confidence they have shown in our company.”
He added that he looks forward to making “a significant impact” for people suffering from back pain as well as on the healthcare industry as a whole.
Contact Dennis Fitzgerald at [email protected]