Neovasc shares soar on rosy data from first American to use its device to control angina

Shares of the Vancouver-based medical device company Neovasc (Nasdaq: NVCN) are climbing Wednesday thanks to a positive data readout from the first American patient with refractory angina who was implanted with the Neovasc Reducer, which provides relief from angina symptoms.

The patient being evaluated by Neovasc had previously only been able to walk about two blocks before experiencing angina and took nitroglycerin two to three times per week to alleviate its symptoms. Twelve weeks after receiving the Reducer, the patient reported walking several miles without any symptoms and reduced his intake of nitroglycerin to only one or two times per month.

In response to the rosy news, investors sent Neovasc’s shares up 25% to $2.82 after the opening bell Wednesday.

Read: Reducer treatment for angina lives up to its name, Neovasc says

“We are pleased that this patient was able to benefit from the Reducer therapy and is able to resume a more active and more normal life, with much less pain and discomfort,” noted Fred Colen, Neovasc’s CEO in a statement.

“The positive twelve-week follow-up report provided on our first US patient implanted with a  Reducer under compassionate use is in line with the results from our clinical studies and the general European experience, as expressed in other medical publications,” Colen added.

The Reducer, which is similar to a stent, offers a respite from angina symptoms by altering blood flow in the heart’s circulatory system and increasing the flow of oxygenated blood to areas of the heart, which aren’t receiving enough blood flow. The CE-marked device has already been approved by European regulators and has been commercially available in Europe since 2015.

Refractory angina affects 600,000 to 1.8 million Americans, with up to 100,000 new cases being introduced every year.

Story by ProactiveInvestors