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It's one of the more unusual stock market stories of the day: A medical company's stock soared more than 5,000% in after-hours trading after it announced that it had received approval from the FDA to begin selling a deformity-correction device for kids, reports the Wall Street Journal.
The company, OrthoPediatrics, is based in Rhode Island, but its products are sold all over the world, including in the US.
The device, which has been cleared by the FDA and is expected to be on the market by the end of the year, is called thePediatrics Deformity Correction System.
It's designed to correct the deformity of children's bones, such as the ones they're growing and developing on, and it has been shown to be both more effective and safer than older devices.
The company's CEO says he's "thrilled" by the news.
"This is the first time in the history of our company that we have received approval from the FDA to sell a device for the treatment of an acute or chronic knee injury," he says in a statement.
"We believe this approval will further strengthen the company's balance sheet and cash position."
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