Business
enVVeno Medical Reports Second Quarter 2023 Financial Results and Provides Corporate Update
- Ended the quarter with $29.8 million in cash and investments with quarterly burn of $4.4 million - in line with Company guidance- Cash on hand sufficient to
About this update from Envveno Medical Corporation
[{"type":"text","content":"- Ended the quarter with $29.8 million in cash and investments with quarterly burn of $4.4 million - in line with Company guidance- Cash on hand sufficient to fund its current operations past the release of topline safety and efficacy data from the SAVVE® study and through the end of 2024IRVINE, CA / ACCESSWIRE / July 31, 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 second quarter ended June 30, 2023. Cash burn for the quarter was $4.4 million, which is in line with the Company's guidance of burning between $4 million and $5 million per quarter. \"The positive feedback we continue to receive from our investigators on the VenoValve® to date, as highlighted during our recent KOL event on July 18th (replay link here), strengthens our confidence in the potential for the VenoValve to be the first effective treatment for millions of patients suffering from deep venous CVI. We remain on track to complete enrollment in our ongoing SAVVE® pivotal study by the end of this year,\" commented Robert Berman, CEO of enVVeno Medical. \"On the financial front, we continue to advance the Company while maintaining our moderate, budgeted burn rate and have sufficient capital to fund our operations through SAVVE topline data and additional key Company milestones.\"Clinical Program HighlightsVenoValve: Surgical Replacement Venous ValveThe Company recently hosted a KOL event featuring two principal investigators from its ongoing SAVVE (Surgical Anti-reflux Venous Valve Endoprosthesis) U.S. pivotal study for the VenoValve, a surgically based replacement venous valve for the treatment of Chronic Venous Insufficiency (CVI). KOLs for the event included Dr. David Dexter, Sentara Healthcare, Associate Professor Surgery, Eastern Virginia Medical School, and Dr. Eric Hager, Co-Director Venous Services and Associate Professor Surgery, University of Pittsburgh Medical Center. A webcast replay of the event is now available here.Enrollment continues to progress in the ongoing SAVVE pivotal trial. As previously announced, the Company expects enrollment to be completed by the end of 2023.enVVe®:Non-surgical Transcatheter Based Replacement Venous ValveThe enVVe valve will be implan...