Neovasc Inc (NASDAQ: NVCN) is having a great start to the trading session this morning, and for good reason. The company announced the first patient implant using its flagship medical device. Of course, the news proved to be exciting for investors, who are sending the stock screaming for the top. Today, we’ll talk about:
- The first implant;
- what we’re seeing from NVCN as a result; and
- what we’ll be watching for ahead.
NVCN Announces First Patient Implant
As mentioned above, Neovasc is having an incredibly strong start to the trading session this morning after announcing its first patient implant. In a press release issued early this morning, the company announced that the first U.S. patient has been implanted with a NVCN Reducer™. The Reducer™ is a medical device designed for the treatment of refractory angina. The treatment has received the CE-mark, and the first patient implant had to do with a Compassionate Use case, under which Dr. Gerald Koenig, Dr. Ryan Gindi, and colleagues of the Division of Cardiology at Henry Ford Hospital in Detroit implanted the device in the first United States patient. In a statement, Dr. Koenig had the following to offer with regard to the device:
This patient has severe coronary artery disease and has suffered from refractory angina for a few years. The condition has had a significant impact on his quality of life during this time, with little to no relief from multiple other widely accepted treatment options.
This novel device has accumulating evidence supporting the physiological basis and associated clinical benefit. My experience with the Reducer during the procedure, was very positive. The process is similar to implanting a stent. In terms of the patient, he tolerated the procedure very well and had no complications.
The above statement was followed up by Fred Colen, President and CEO at NVCN. Here’s what he had to offer:
We are pleased to provide this patient the opportunity to receive a Reducer implanted under Compassionate Use. As our studies and patients in multiple geographies, including Europe, Israel and Saudi Arabia, have shown, this device offers angina sufferers the potential to improve exercise capacity and resume a normal life, free of the pain and discomfort that has often limited their ability to perform normal daily activities… The Reducer continues to gain attention from medical professionals around the world as the number of patient cases have increased with the scaling of our commercial activities.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of Neovasc, the news proved to be overwhelmingly positive. With its first US patient implant now on record, the company is now closer to device approval in the United States. So, it’s no surprise that excited investors are sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:21), NVCN is trading at $0.037 per share after a gain of $0.0059 per share (19.03%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NVCN. In particular, we’re interested in following the company’s ongoing work to bring the Reducer™ device to the market in the United States. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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