Neovasc (NVCN) Stock: Why It Increased Today

By Amit Chowdhry ● Jul 5, 2022
  • The stock price of Neovasc, Inc. (NASDAQ: NVCN) increased by 0.33% today. This is why.

The stock price of Neovasc, Inc. (NASDAQ: NVCN) increased by 0.33% today. Investors responded positively to Neovasc announcing that the company has expanded its direct sales operations in Europe to include the United Kingdom, effective July 1, 2022. And the company has hired its first two direct employees in England and plans future growth in the sales team as the commercial requirements increase.

The decision to move to a direct sales operation in the U.K. was driven by the Neovasc Reducer being granted national reimbursement in England following inclusion in the most recent High-Cost Tariff Excluded Devices (HCTED) national catalog. And hospitals can order the Reducer and bill the cost of the device directly to NHS England.

Plus last year the United Kingdom’s Interventional Procedures Programme at the National Institute for Health and Care Excellence (NICE) issued guidance supporting the implantation of the Reducer in appropriate patients suffering from refractory angina. And according to the guidance document, “Coronary sinus narrowing device implantation is indicated for people in whom [1] other treatment options (medical or surgical) have failed, or are not possible. The aim is to reduce symptoms and to improve quality of life.”

KEY QUOTES:

“We are pleased to expand our direct presence into the United Kingdom and want to thank our partners at Healthcare 21 for their excellent foundational efforts supporting the early growth of Reducer. We are now poised to provide even deeper support with a full-time dedicated team in the U.K. and intend to continue to invest in clinical research and field personnel to support patients, physicians, and hospitals.”

— Fred Colen, Neovasc President and Chief Executive Officer

“An important next step in the widespread use of the therapy is a robust program of training and proctoring. We are looking forward to the support of Neovasc’s direct operation in the UK in training new operators and centers and allowing them to offer the Reducer therapy for all their indicated patients.”

— Prof. Jonathan Hill, MD, Consultant Interventional Cardiologist at Royal Brompton & Harefield NHS Foundation Trust, London, U.K, an early pioneer in the development of Reducer therapy

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