NEW YORK (TheStreet) -- xG Technology (XGTI - Get Report) surged Tuesday after the wireless communications and spectrum sharing technologies developer announced it had received a crucial cognitive radio patent.
The patent, called Interference Mitigation Method for Single or MIMO Receiver Devices, "covers an innovation that describes a way of providing enhanced protection from interference to devices in shared and crowded spectrum environments," according to the company's statement. The press release also notes a key component of the innovation is that it can be built into an LTE-compliant system.
This latest patent brings xG Technology's intellectual property portfolio total to 60 U.S. patent matters (50 issued) and 145 international patent matters (65 issued).
"This interference mitigation patent award represents an important addition to a core area of our technology foundation," said xG Technology CEO John Coleman in the statement. "As the reuse and sharing of spectrum become increasingly attractive options to alleviate the challenge of crowded frequencies, the risk of damaging interference grows. This interference mitigation innovation reduces that risk, thus enabling more reliable and efficient wireless communications. The ability to also support devices on LTE systems is especially significant, since LTE operators are deploying increasing numbers of small cells (micro, pico and femtocells) which can increase the possibility of interference."
The stock was up 21.06% to $1.84 at 12:42 p.m.