Shares of SenoRx Inc. (Nasdaq: SENO) dropped 21 cents today, or 2 percent, to $9.80 – a continual slide from its all-time high of $11.10 on Monday when the company announced it was granted its third patent for its Multi-Lumen Radiation Balloon Applicator for the treatment of breast cancer.The patent, issued by the U.S. Patent and Trademark Office, is one of 46 patents owned by SenoRx related to breast biopsy, excision devices and radiation balloon products.
The medical device maker received FDA clearance to market its Multi-Lumen Radiation Balloon Applicator in May 2007, and expects to ship the device for post-FDA clearance human clinical trials by the end of the year, with a full launch in 2008.
The Multi-Lumen Radiation Balloon Applicator is the only multi-lumen balloon device approved for brachytherapy after breast cancer surgery. The balloon uses a vacuum to remove excess fluid – allowing it to mold to the often irregularly shaped lumpectomy cavities – this allows precise deliverance of the radiation dosing.
“We are excited at the prospect that our radiation balloon product may actually expand the balloon market,” said Lloyd Malchow, SenoRx president and CEO in a press release. “Certain patients who are presently candidates for balloon therapy are currently excluded because of the location of the lesion relative to their breast size. Our multi-lumen approach offers a solution to this problem.”
The company completed its IPO on April 3, 2007, raising $47.1 million. Stepping onto the charts and producing positive results is what any newly trading company needs and Lila Churney, Senorx investor relations, told Market News First the company is right on track.
“We’re at the early point, as a brand new company. Our objective is to continue to provide investors with positive data points,” said Churney.
Those data points include the marketing rights for the medical device, as well as strong financials. The company’s guidance for full-year 2007 revenues is between $33 and $35 million.
“We are very encouraged about the excellent progress achieved in the first quarter of 2007,” Malchow stated. “These positive financial results, along with our current product offering and strong product pipeline, position the company well to become a leader in the diagnostic and therapeutic breast care market.”
It’s just the end of the first quarter but the company thus far is rolling out good news, a trend the company hopes to maintain.
“Our story is continuing to unfold … hopefully we’ll be able to continue to provide additional positive milestones,” Churney concluded.
