Electromed Soars on FDA Clearance of SmartVest

NEW YORK, N.Y.--After ending 2013 on a high note, Wall Street closed the first few days into the new year slightly down troubled by comments made by Charles Plosser, president of the Philadelphia Federal Reserve, that implied the central could end its bond buying sooner than currently expected. However, Federal Reserve Chiarman Ben Bernanke eased fears when he followed up and said the central bank was still committed to helping the U.S. economic recovery, which he said "clearly remains incomplete." For the week, the Dow Jones Industrial Average fell 0.64 percent, the S&P 500 was off 0.92 percent, and the Nasdaq Composite Index was down 1.07 percent. The Burrill Biotech Select Index lost 0.69 percent for the week. Medical device maker Electromed was the week's top gainer, surging 154.5 percent after announcing it had received U.S. Food and Drug Administration clearance to market SQL, its next generation SmartVest Airway Clearance System, which provides airway clearance therapy to patients with compromised pulmonary function. Electromed anticipates that the model SQL will be available to the U.S. market within the next 60 days. Myriad Genetics shares tumbled 12.2 percent in the week on news that the Centers for Medicare and Medicaid Services reduced its reimbursement rate for Myriad's BRCAnalysis test used to confirm the presence of mutations in two genes for hereditary forms of breast and ovarian cancer. The new rate will be $1,438.14, about half of the previous rate. The new rate affects tests performed from January 1, 2014 going forward. Analysts noted that private insurers would follow suit and seek to lower their reimbursement rates for the tests.