Medigus (NASDAQ:MDGS) Stock Enters The Breakout Zone: A Bullish Sign?

Technology firm engaged in advanced medical solutions as well as electric vehicle and charging solutions, Medigus (NASDAQ:MDGS) on July 23, 2021 announced updates on Polyrizon, a private held firm in which Medigus has 33.24% of its share capital.

Polyrizon’s pre-clinical study demonstrating its unique technology has potential of reducing infection risks pertaining to coronavirus. The company is involved in developing differentiated biological gels forprotecting patients against external pathogens and biological threats.

The firm develops technology, which is designed for preventing allergens as well as virus intrusions through eye cavities and upper airways, harnesses bio-gel that can be formulated both for dry and wet use.

The study was done in Israel for one month and tested various formulations assessing on protection against the virus as well as screening new formulations for preventing coronavirus affect epithelial cells.

This data demonstrates effectiveness against infection of cells from human coronavirus 229E, which infects humans as well as causing respiratory symptoms. The firm tested a number of prototypes and the products showed high efficacy over the controlled groups. The company aims to do clinical trials for products subject to receiving regulatory approvals and efficacy results will take about 12 months.

Medigus is listed on the New York Stock Exchange.

Market Reaction:

On Friday, MDGS stock soared 28% at $1.92 with more than 151.80 million shares, compared to its average volume of 2.75 million shares. The stock has moved within a range of $1.6700 – 2.4500 after opening the trade at $1.85. Over the past 52-week, the stock has been trading within a range of $1.2200 – 4.1900.