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Health and Healthcare

CryoCor Regains Lost Ground; FDA Remains Unpredictable (CRYO)

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By Douglas A. McIntyre Published
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CryoCor Inc. (CRYO-NASDAQ) is trading up almost 100% in early trading today.  Last night the company announced that an FDA Advisory Panel had recommended backing the company’s pre-market approval application for the company’s treatment device for atrial flutter (ahead of the formal vote in August).

Back on June 25, all the way back to Monday, this stock took a beating.  The FDA had posted its review stating that the device that uses extreme cold to treat defective heart muscle did not show overwhelmingly safe or effective results in company studies.  Shares fell from $4.40 down to $2.77 at the close on Monday.  Now shares are back up to $4.95.

This just goes to show how volatile and unpredictable the FDA can be.  If you don’t believe that the FDA is becoming more and more unpredictable, go ask a certain maker of a last line of defense for prostate cancer about it.  CryoCor has a 52-week trading range of $1.25 to $7.35, and its market cap based on a $4.95 price is only $60 Million.

Jon C. Ogg
June 28, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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