Gastrointestinal diagnostic company Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has suffered a setback today with the news that its rival Olympus Corp. (TSE: 7733; DAX: OLY; Pink Sheets: OCPNY) has secured US Food and Drug Administration (FDA) approval for its "Endo Capsule" for visualization of the small bowel mucosa. This is a rival version of Given Imaging's flagship product, the SB Capsule, and is currently leading in terms of sales. Given Imaging has also launched capsules for the imaging of the esophagus and large intestine.
Market sources believe that Given Imaging will be affected in the short-term, because of Olympus's strong marketing operations, but this will be offset over time since Olympus's entry is likely to expand the market as a whole.
Given Imaging fell 4.85% in afternoon trading on the TASE. The company currently has a market cap of $723 million.
Published by Globes [online], Israel business news - www.globes.co.il - on September 18, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007
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