Beyond Air rises as it secures national hospital purchasing deal

Shares of medical device maker Beyond Air XAIR.O rise about 11% to 77 cents premarket

Co says it enters into a deal with a major U.S. group purchasing organization, giving nearly 2,000 hospitals access to its LungFit PH device

LungFit PH delivers inhaled nitric oxide, a therapy used to help newborns with severe breathing failure by relaxing blood vessels in the lungs and improving oxygen levels - XAIR

Co says the national group purchasing deal makes it easier for hospitals to evaluate and adopt LungFit PH, which generates nitric oxide from room air and avoids the need for gas tanks

Says the agreement builds on existing partnerships with leading group purchasing organizations including Vizient and Premier and expands its U.S. market reach

last close, stock down ~52% YTD