Business
enVVeno Medical Reports First Quarter 2023 Financial Results and Provides Corporate Update
- Ended the quarter with $34.2 million in cash and investments with quarterly burn of $4.9 million - in line with Company projections- Cash expected to
About this update from Envveno Medical Corporation
[{"type":"text","content":"- Ended the quarter with $34.2 million in cash and investments with quarterly burn of $4.9 million - in line with Company projections- Cash expected to support operations through the end of 2024, including release of SAVVE topline data and TAVVE first-in-human study dataIRVINE, CA / ACCESSWIRE / May 1, 2023 / enVVeno Medical Corporation (Nasdaq:NVNO) (\"enVVeno\" or the \"Company\"), a company setting new standards of care for the treatment of venous disease, today provided a corporate update and reported financial results for the first quarter ended March 31, 2023. Cash burn for the quarter was $4.9 million, which is in line with the Company's guidance of burning $4 million to $5 million per quarter. \"We remain focused on enrollment and clinical execution as we advance our ongoing pivotal SAVVE trial for the VenoValve for the treatment of Chronic Venous Insufficiency. We have also continued to be financially responsible, maintaining a consistent quarterly burn, and have sufficient capital to fund our operations through multiple key milestones through the end of 2024, including topline data from the SAVVE pivotal trial for the VenoValve, our surgical replacement venous valve, and data from our anticipated first-in-human trial for enVVe, our transcatheter based replaced venous valve,\" commented Robert Berman, CEO of enVVeno Medical.Clinical Program HighlightsVenoValve®: Surgical Replacement Venous ValveEnrollment continues to progress in the ongoing SAVVE pivotal trial for the VenoValve, a surgically based replacement venous valve for the treatment of Chronic Venous Insufficiency (CVI).There are currently no effective treatments for patients with deep venous CVI resulting from malfunctioning valves.Approximately 2.5 million people in the U.S. have the type of CVI for which the VenoValve is being evaluated.The Company previously announced guidance for enrollment of the SAVVE study to be completed by the end of the second quarter 2023.Patients suffering from lower leg swelling, pain, non-healing leg sores, enlarged veins, and/or brownish or blueish skin discoloration - who may also have leg pain when standing or walking - may be candidates for the SAVVE trial. Interested patients can learn more about the SAVVE trial and fill out a pre-qualification questionnaire by visiting www.VenoValve.com.enVVe™: Non-surgical Transcatheter Bas...