Sanjay Shrivastava, a director at enVVeno Medical (TASE:PMCN) Corp (NASDAQ:NVNO), has acquired 5,400 shares of the company's common stock. The purchase, executed on December 24, was made at a price of $2.90 per share, amounting to a total investment of $15,660. The transaction comes as the stock has seen an 11.46% gain over the past week, though it remains down 45% over the past six months. According to InvestingPro analysis, the company, currently valued at $54.89M, maintains a strong cash position relative to its debt obligations. Following this transaction, Shrivastava's direct ownership in enVVeno Medical stands at 9,288 shares. This acquisition was carried out in the public market, reflecting Shrivastava's increased stake in the Irvine, California-based medical device company. InvestingPro subscribers can access 8 additional key insights about NVNO's financial health and market position.
In other recent news, enVVeno Medical Corporation has made significant strides in its medical device development. The company has submitted a Premarket Approval (PMA) application to the U.S. Food and Drug Administration (FDA) for its VenoValve, a device intended to treat severe deep venous Chronic Venous Insufficiency (CVI). Four out of five modules of the PMA application have been approved, with the final module currently under review.
The company has also launched a public stock offering managed by Titan Partners Group, a division of American Capital Partners (WA:CPAP). The proceeds from this offering are intended to support the development of the VenoValve and another device, enVVe. These are recent developments in the company's ongoing efforts.
Moreover, enVVeno Medical has reported positive results from a recent trial of the VenoValve. Of the twenty-one patients involved, 91% experienced complete healing or improvement in their venous ulcers within a year. Additionally, the company has strengthened its commercialization strategy with the appointment of Sandy Prietto as Vice President of Marketing and Andrew Cormack as Chief Commercial Officer.
Finally, enVVeno Medical maintains a robust financial position, with $39.1 million in cash and investments reported at the end of a recent quarter. This is expected to fund operations through the end of 2025. The company continues to focus on improving care for patients who could benefit from the VenoValve.
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