Shares of SeaStar Medical Holding Corp. rocketed 54.35% on heavy volume Thursday, taking them back above the $1 mark for the first time in five months.
The Colorado-based medical devices company’s stock has more than doubled in two days, as it ran up a record 70.1% on record volume of 179.5 million shares on Wednesday after the U.S. Food and Drug Administration granted breakthrough device designation for the company’s device used with patients in intensive care units with acute kidney injury and chronic liver failure.
SeaStar Medical has received breakthrough device designation from the FDA for its Selective Cytopheretic Device for the treatment of ICU patients with hepatorenal syndrome.
The device is being tested as a treatment for acute kidney injury in patients with chronic liver failure so that they may regain enough kidney function to be considered for a liver transplant.
SeaStar has been developing SCD as a treatment for hyperinflammation, known as cytokine storm, a life-threatening condition that can develop when the body's immune system responds too aggressively to injury or infection, such as acute kidney injury.
Sea Star went public in 2022 through a SPAC merger with LMF Acquisitions Opportunities.
