Canaccord Adams Initiates Coverage on EnteroMedics (ETRM) with a Speculative Buy
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Canaccord Adams initiates coverage on EnteroMedics (Nasdaq: ETRM) with a Speculative Buy. Price target $6.
Canaccord analyst says, "The obesity market is very large and under-penetrated. Over 26 million people in the US qualify for bariatric surgery, by our estimates. However, we estimate that only one out of every 100 potential patients pursues bariatric treatment due to shortcomings of current options...EnteroMedics’ novel approach can leave patients NOT wanting more. VBLOC therapy does not alter the anatomy, as current products and procedures do. It works by blocking the naturally occurring signals traveling from the stomach to the brain, and as a result, the therapy is believed to control hunger, limit stomach expansion, decrease the intensity of stomach contractions, and reduce absorption of calories. Combined, these functions can help patients lose weight...Pivotal data expected Q4/09. EnteroMedics expects to release data from its 294-patient EMPOWER US pivotal trial in the Q4/09. The data from feasibility studies thus far suggest results that are similar to laparoscopic gastric banding and also show a substantially lower complication risk...While there are a large number of pipeline products aimed to treat obesity, this device currently looks like the clear leader in the regulatory race to approval."
EnteroMedics Inc. (EnteroMedics) is a development-stage medical device company focused on the design and development of devices that use neuroblocking technology to treat obesity, its associated co-morbidities, and other gastrointestinal disorders.
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