Stock Alert: Beyond Air Shares Surge 25% In Pre-Market

(RTTNews) - Beyond Air Inc. (XAIR) shares are rising above 25% in pre-market today, after the company announced submission of an Investigational Device Exemption (IDE) to the U.S. Food and Drug Administration (FDA) for use of its LungFitTM BRO system in the treatment of COVID-19 patients.

Subject to FDA approval of the company's IDE, Beyond Air plans to test the LungFit BRO for use in the treatment of patients suffering from COVID-19 in an open label study of 75 patients between the ages of 22 and 75 years confirmed with COVID-19 that require hospitalization. Typically, the FDA responds within 30 days of an IDE submission.

XAIR has been trading between $3.45 and $12.50 in the past one year, and closed Friday's trade at $4.25, up 31 cents or 7.87%. The is currently trading at $5.37, up $1.12 or 26.35% in the pre-market trading session.