Benzinga | Mar 1, 2021 06:10AM EST

ElectroCore's Shares Are Trading Higher After Australia Ok'd Vagus Nerve Stimulator For Headaches

The Australian Therapeutic Goods Administration has approved ElectroCore Inc's (NASDAQ: ECOR) gammaCore Sapphire family of products, including a non-invasive vagus nerve stimulator (nVNS) for primary headache disorders.

* Concurrently, the company has entered into an agreement with Medistar2 PTY Limited, whereby Medistar will serve as the exclusive distributor of the gammaCore Sapphire nVNS in Australia.

* The initial term of the agreement is three years.

* Medistar, an independent medical device distributor, will officially launch the gammaCore Sapphire at the 2021 ANZHS Headache Annual Scientific Meeting, held on March 13-14.

* Last week, the company completed enrollment in a study evaluating the effect of nVNS on respiratory symptoms due to COVID-19.

* Price Action: ECOR shares surged 58% at $3.43 in premarket trading on the last check Monday.