Orthovita Hits 52-Week High on FDA OK
Friday June 16, 2:15 pm ET
Orthovita Shares Reach 52-Week High on FDA Approval of Vitagel Bleeding Control Product

MALVERN, Pa. -- Shares of Orthovita Inc. jumped to a 52-week high Friday after the orthopedic biomaterial developer said the Food and Drug Administration approved its product for controlling bleeding during surgeries.

Orthovita shares rose 56 cents, or 13.5 percent, to $4.70 in afternoon activity on the Nasdaq at more than three times their average volume. Earlier in the session, the stock hit $5.05, above a previous 52-week high of $4.63 from January.

The company said the agency approved its Vitagel product for use in surgeries in combination with other methods to control bleeding when conventional methods are not effective or practical.

Orthovita said it will release Vitagel immediately, adding that it has already manufactured three lots of the product.