(Bloomberg) -- Nanocap Microbot Medical Inc. is surging in pre-market trading after the company announced "highly encouraging" study results that demonstrate the potential of its Self-Cleaning Shunt (SCS) product in treating hydrocephalus.

"We believe the performance of the SCS during this and previous studies gives us greater confidence to explore additional medical applications for the device in conditions where occlusion occurs, such as in the Traumatic Brain Injury (TBI) space," Microbot CEO Harel Gadot said in a statement.

Shares of Hingham, Mass.-based Microbot, which became public in 2016 after merging with StemCells Inc., had a market value of $7.1 million Friday.

To contact the reporter on this story: Arie Shapira in New York at ashapira3@bloomberg.net

To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Steven Fromm

©2019 Bloomberg L.P.