Neovasc shares pop on live viewing of implantation of Tiara mitral valve replacement device

Shares of Neovasc Inc (NASDAQ:NVCN) are trading higher in Tuesday’s pre-market session in the wake of its announcement that its Tiara transcatheter mitral valve replacement device was featured in a live broadcast at last week’s Annual European Association of Cardio-Thoracic Surgery meeting in Milan, Italy.

In a televised program shown at the main arena of the conference, Dr Lenardi Conradi and Dr Ulrich Schaefer of University Medical Center Hamburg-Eppendorf implanted a 40mm Tiara transcatheter mitral valve within 14 minutes in a patient suffering from severe mitral regurgitation, a heart condition that can lead to heart failure.

Following the Tiara implant, the mitral regurgitation for the patient who was a poor candidate for surgery, was resolved.  

“The live broadcast reinforced Tiara’s potential as a promising treatment option for patients who are unsuitable to receive an open-heart surgical valve replacement,” noted Neovasc CEO Fred Colen in a statement.

“Attending physicians were able to see firsthand the simplicity of the minimally invasive, transapical transcatheter approach and resulting complete elimination of the patient’s mitral regurgitation,” Colen added.

In response, investors sent Neovasc shares up 18% to $2.30 before Tuesday’s opening bell.  

READ: Neovasc shares jump after medical journal publishes favorable article about its Tiara valve

Not yet commercially approved, the Tiara is a new transcatheter device that treats mitral regurgitation, a heart condition that is often severe and can lead to heart failure and death. The device is implanted in the heart using a minimally-invasive approach without the need for open-heart surgery or use of a cardiac bypass machine.

The Tiara is currently being evaluated in two ongoing investigational clinical trials being orchestrated in the US and Canada as well as Europe to treat mitral valve disease. Patients have also been treated under compassionate programs in Canada, Italy, Germany, Israel and Switzerland, Neovasc said.

Based in Vancouver, Canada, Neovasc is a specialty medical device company specializing in developing products for the heart. Its other main product, the Neovasc Reducer treats refractory angina and has been commercially available in Europe since 2015.

The Annual European Association for Cardio-Thoracic Surgery Meeting was held from October 18 to October 20 in Milan.

Contact Ellen Kelleher at [email protected]

Story by ProactiveInvestors