Neovasc Inc (TSE:NVCN) (NASDAQ:NVCN) saw its shares soar on Thursday after the International Journal of Cardiology published a peer-reviewed article confirming the long-term safety of the company’s angina therapy.
Based in Vancouver, the medical device company is developing the Reducer for the treatment of refractory angina, a debilitating heart condition that affects nearly 1.8 million people in the US alone.
Shares of Neovasc gained more than 47%, or C$0.30, to reach C$0.93 in Toronto before settling at C$0.63 by mid-Thursday, while it jumped nearly 43% in the US to sit at US$0.68.
In an article titled, “Safety and efficacy of Coronary Sinus Reducer implantation at 2-year follow-up,” the IJC highlighted a 50-patient study that found the Reducer remained safe in the longer-term outcome with no device-related adverse events.
Additionally, patients with the device maintained a reduction of angina symptoms and reported an improved quality of life after a two-year follow-up.
"This study shows us that the Reducer has a sustained therapeutic effect at two years across a large patient population,” said Professor Shmuel Banai, medical director of Neovasc.
“In addition, we believe this study provides valuable long-term safety data that further supports cardiologists use of the Reducer as a therapeutic option for patients suffering from refractory angina. This data supports our belief that the Reducer offers refractory angina patients a safe and effective treatment option, filling a void in a market where there are currently limited therapeutic options."
Neovasc develops, manufactures and markets cardiovascular products including the Reducer, which is not currently commercially available in the United States. Also in its arsenal is the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe.
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