Shares of electroCore Inc. (ECOR), a medical technology company, are popping high in pre-market on the 1st day of March 2021. As of 5:40 AM EST, the share price reached $3.51 recording a gain of 61.75%. Let’s deep dive to understand the reason behind this bull.
Company on February 28, 2021, announced that it has signed an agreement with Medistar2 PTY Limited. According to the agreement, Medistar will now serve as the exclusive distributor of thegammaCore Sapphire non-invasive vagus nerve stimulator (nVNS) in Australia. The core purpose is to cure primary headache disorders by supplying therapy to patients. The announcement was made after getting approval from the Australian Therapeutic Goods Administration (TGA) to promote and sell the gammaCore Sapphire family of products.
The agreement is valid for the next three years and contains specific customary terms and conditions which also include minimum purchase requirements. Medistar will launch gammaCore Sapphire at the 2021 ANZHS Headache Annual Scientific Two-day Meeting oncoming March 13-14.
GammaCore Sapphire is a drug-free device, and it has no side effects. Furthermore, it will also help to explore interfacing with the vagus nerve and the anti-inflammatory pathway.
Investors are taking interest in the ECOR stock after its agreement with Medistar2 PTY Limited. The company has a good future in the upcoming days as it looks like the ECOR will produce a massive profit by selling its headache relief device in Australia.