Beyond Air Slides After LungFit Launch Delay

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Beyond Air Slides After LungFit Launch Delay
Credit: © Reuters.

By Sam Boughedda

Investing.com — Medical device and biopharmaceutical company Beyond Air Inc (NASDAQ: XAIR ), has seen its stock tumble 23% Thursday after it said it no longer believes the U.S. commercial launch of LungFit PH — a nitric oxide generator and delivery system — will take place before the end of the year. 

"The Beyond Air team continues to work towards our goal of bringing LungFit PH, the groundbreaking nitric oxide generator and delivery system, to NICUs across the United States and the world as soon as possible," commented Steve Lisi,  chairman and CEO. 

"We commend the FDA for their continued commitment to provide us with a comprehensive review of our application. We shall continue to collaboratively work with the FDA to approve LungFit PH."

Investors reacted negatively to the news, resulting in the stock hitting a low of $7.80 in the session's first hour. It currently trades around the $8.18 level.

While there is a delay in the U.S. launch, Beyond Air confirmed it remains on track to receive a CE Mark for LungFit PH in Europe in the first half of 2022.

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