Abbott gets regulators’ OK for blood glucose system |

Abbott gets regulators’ OK for blood glucose system

NORTH CHICAGO, Ill. – Abbott Laboratories Inc. said Monday it has received approval from the U.S. Food and Drug Administration for a new blood glucose monitoring system, an announcement that came as its stock rose to a six-month high.The federal go-ahead added to Abbott’s momentum after the release of positive results from the first trial of its ZoMaxx, a drug-coated stent intended to unclog arteries to the heart, on Sunday at the American College of Cardiology annual meeting in Atlanta.Analyst Phil Nalbone of RBC Capital Management said in a note to investors that ZoMaxx appears on target for launch in Europe later this year.Abbott’s diabetes care unit in Alameda, Calif., said the FreeStyle Freedom glucose meter, which it bills as offering virtually pain-free testing, will be available for consumers in April.The system measures glucose levels using the smallest sample size required of any blood glucose monitoring product on the market, 0.3 microliters, and provides results in five seconds, according to the company. It also allows people with diabetes to test on less sensitive parts of the body such as the forearm, thigh and palm.The health care products manufacturer introduced the meter at the American Diabetes Association meeting last June.Abbott shares rose 94 cents, or 2.1 percent, to $44.86 in afternoon trading on the New York Stock Exchange after reaching $45.58 earlier in the day, their highest level since September.—On the

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