UPDATE 1-US experts support Corin hip device with conditions
(Adds details, share prices)
GAITHERSBURG, Md., Feb 22 (Reuters) - A U.S. advisory panel voted in favor of recommending approval for Corin Group Plc's CRG.L hip resurfacing device on Thursday.
The Food and Drug Administration will make the final decision on whether to allow sales of the Cormet device. The agency usually follows panel recommendations.
Shares of Stryker Corp. (SYK.N), which would market Cormet in the United States if it wins FDA approval, gained nearly 2 percent after the panel vote.
In a 4-1 vote, the FDA's panel of outside experts supported the device but said the agency should require a follow-up study after approval to evaluate long-term performance, as well as training for all surgeons. Britain's Smith & Nephew (SN.L) is the only approved maker in the United States of a hip resurfacing implant. Wright Medical Group Inc. (WMGI.O) also is hoping to win FDA approval for a hip resurfacing product called Conserve Plus.
In hip resurfacing, surgeons cut away only a tiny amount of the top of the femur, preserving more bone than a total hip replacement.
Stryker shares rose $1.20, or 1.9 percent, to close at $63.45 on Thursday on the New York Stock Exchange. Shares of Wright Medical Group closed up 28 cents, or 1.3 percent, at $22.34 on the Nasdaq. The panel vote came after trading in Corin shares closed in London.
((Reporting by Lisa Richwine, editing by Gary Hill; Reuters Messaging: lisa.richwine.reuters.com@reuters.net; +1 202 310-5691)) Keywords: CORIN HIP/
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