Vericel's Stock Soars In Premarket-leading Volume After FDA Approval Of Cartilage Repair Product

Shares of Vericel Corp. soared 65% in active premarket trade Wednesday, after the company said its treatment for cartilage defects of the knee was approved by the Food and Drug Administration. Volume topped 2.3 million shares ahead of the open, making the stock the most actively traded in the premarket. Vericel said MACI is the first FDA-approved cellularized scaffold product that applies tissue engineering processes to grow cells on scaffolds using healthy cartilage tissue from the patient's own knee. "We believe that the introduction of MACI, along with investments to expand our commercial organization and implement new patient support programs, positions Vericel to generate significant growth in 2017 and beyond," said Chief Executive Nick Colangelo. The stock had tacked on 0.8% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF had plunged 20% and the S&P 500 had gained 11%.