Canadian medtech company Neovasc (CVE:NVC) announced the 1st in-human implant of its Tiara transcatheter mitral valve, reporting zero mitral leakage and improved cardiac function in the patient treated in Vancouver.
Neovasc’s Tiara device is a self-expanding implant designed to treat mitral valve regurgitation with a minimally invasive technique, rather than through open-heart surgery or with use of a cardiac bypass machine. The 1st patient was treated via a transapical incision and his recovery has thus far been "uneventful," doctors said.
News of the procedure sent NVC shares up more than 30% in early afternoon trading yesterday, when they were going for $4.50 apiece as of about 1:55 p.m.
"This successful 1st implantation of a transcatheter mitral valve by the team at St. Paul’s Hospital is an exciting clinical milestone for patients with mitral disease," CEO Alexei Marko said in prepared remarks. "This procedure has the potential to provide a safe and effective new therapeutic option that could improve the health and quality of life of millions of patients worldwide."
The device maker won its 1st U.S. patent for the Tiara technology in November 2013 and in October touted positive clinical outcomes for the device in pre-clinical data published in the Journal of the American College of Cardiology.
Neovasc, which has significant support from Miami-based OPKO Health (NYSE:OPK), also provides consulting and contract manufacturing services, citing those operations as responsible for more than 80% growth in sales during the company’s 3rd quarter.