UPDATE 1-NeuroMetrix gets FDA nod for device, shares jump

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Oct 2 (Reuters) - Medical device maker NeuroMetrix Inc (NURO.O) said the U.S. health regulators approved the use of its Universal electrodes in nerve conduction studies, sending its shares up as much as 83 percent.

A nerve conduction study is used to test the ability of electrical conduction of the motor and sensory nerves.

The company said the electrodes are intended to be used with its already approved system for studies related to nerves and muscles, the Advance NCS/EMG System.

The Universal electrodes are individually placed electrodes which are not configured for specific nerves or limbs. They are disposable and for single patient use, the company said in a statement.

Shares of the company, which have lost about 90 percent of their value over the last 12 months, rose to a high of $1.50 before paring most of their gains to trade up 13 cents at 95 cents Thursday morning on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Amitha Rajan)