Neovasc Inc (NASDAQ:NVCN) (TSE:NVCN) shares jumped during Thursday's trading session, after the company announced it had won a German court appeal.
Late in the afternoon, the Richmond, Canada-based company also released its fourth quarter and year-end financial results.
Shares closed up 3.2% at US$0.48 in New York, and up 1.6% at C$0.63. In after-hours trading, shares levelled out, down 1.2% at US$0.47 on the Nasdaq.
Neovasc announced Thursday that a German court has dismissed a case which over a claim for co-inventorship of a European Patent for its Tiara device, which is a self-expanding device used to to treat mitral valve regurgitation.
"We are pleased that after full consideration of the evidence, the German courts have now recognized that CardiAQ made no contribution to the invention or development of the Tiara," said CEO Fred Colen in a statement. "With this decision, which we strongly believe would be confirmed, even if appealed to and accepted as a case by the German Supreme Court, Neovasc is free to pursue its European patent application and has the sole right to commercialize the Tiara in Europe and help treat patients suffering from debilitating mitral valve disease. We will continue to vigorously defend our intellectual property against any attempts by third parties to infringe on these rights."
Neovasc releases 2018 financial results
After market close on Thursday, Neovasc released its 2018 financial results.
In 2018, the company saw its revenue decrease 68% to $1,749,133 compared to 2017 revenues of $5,389,014.
Neovasc posted a net loss of $108.04 million during the year ended December 31, 2018, up from $22.91 million in 2017.
As of Dec. 31, 2108 Neovasc had $9.24 million in cash and cash equivalents.
"After achieving a steady flow of positive operational and development milestones throughout 2018, we have entered 2019 with significant momentum in the business which is driving increased awareness among cardiologists for both the Tiara and Reducer," said President and CEO Fred Colen.
Neovasc has a range of products
Headquartered in Richmond, British Columbia, Neovasc makes products to correct deficiencies in the heart.
Its products include the Neovasc Reducer for the treatment of refractory angina, and the Tiara, a transcatheter device that treats mitral regurgitation, a heart condition that is often severe and can lead to heart failure.
The Neovasc Reducer is not currently commercially available in the US, but has been on the market in Europe since 2015. The Tiara, meanwhile, is under clinical investigation in the US, Canada and Europe.
"While still in clinical trials, the Tiara truly is a leading edge, ground-breaking device that is expected to be able to treat more patients with a larger amount of co-existing conditions. Our clinical data continues to support our efforts to further develop the Tiara as we look to bring it to market. The positive momentum we built up in 2018 for patient enrollment through the addition of several new clinical sites will support the ongoing TIARA-II study in 2019. We recently received regulatory approval in Germany and the UK to proceed with the second phase of the study," said Colen.
Contact Katie Lewis at [email protected]