Iris International Inc. said Wednesday it asked the Food and Drug Administration to approve its urine chemistry analyzer, which would give the company access to a $350-milion per year market.

The iChem Velocity Automated Urine Chemistry Analyzer is set to be available to medium to high volume laboratories that usually process more than 100 urine samples in March, the medical device maker said in a statement.

If approved, it will open up a $350 million market opportunity for the Chatsworth-based compnay. Iris had about $71 million in annual revenues in 2006.

Shares in Iris closed up 1.3 percent to $17.78 Wednesday on trading on the Nasdaq. Shares in Iris have gained 69 percent since March.