Neovasc Maintains Investor Confidence Despite FDA Struggles; Sells $72M In Stock
Despite a recent unfavorable FDA advisory panel for its Reducer coronary sinus device, some investors showed their faith in the Canadian company by buying 36 million shares.
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Shockwave, which markets lithotripsy technology to treat calcified vascular disease, will pay about $100m upfront and up to $47m more in potential milestones to buy Neovasc, the Vancouver, BC-based developer of the Reducer device to treat angina.
Neovasc’ COO Bill Little talked to Medtech Insight about the company’s plans to develop its Reducer transcatheter device to treat cardiac angina associated with or without obstructive coronary disease.
FDA advisory committee members said the trial population was too small and homogenous and did not establish that Neovasc’s Reducer effectively treats angina.