Published on 6 Jun 2022 on Market Watch

AeroClean stock skyrockets on heavy volume after FDA clears air purification device

Shares of AeroClean Technologies Inc. skyrocketed 67.5% on relatively massive volume in afternoon trading Monday, enough to make them the biggest gainer on major U.S. exchanges, after the air purification technology company said its Pūrgo device was granted 510(k) clearance by the U.S. Food and Drug Administration, classifying it as a Class II Medical Device. Trading volume spiked to 39.9 million shares, which compares with the full-day average over the past 30 days of about 73,300 shares. The company said Pūrgo received the clearance after a thorough review of the device, which utilizes germicidal UV-C LED air purification technology to eliminate 99.99% of airborne microorganisms, including bacteria, fungi and viruses, including the COVID-19 virus. "FDA clearance of our Pūrgo™ system, which is powered by our patented SteriDuct™ technology, represents a major step forward in significantly improving air quality where people meet, work and live," said Chief Executive Jason DiBona. The stock has still plunged 62.1% year to date, while the S&P 500 has lost 13.1%.