enVVeno Medical (NASDAQ: NVNO), a late-clinical stage medical device company setting new standards of care for the treatment of venous diseases, recently announced the pricing of an underwritten public offering. Led by existing institutional investors, the offering involved the issuance and sale of 4,285,715 shares of the company’s common stock (or pre-funded warrants in lieu thereof) at a public offering price of $3.50 per unit. enVVeno expected to receive aggregate gross proceeds from the offering of about $15.0 million. The offering was anticipated to close on or about September 30, 2024, subject to customary closing conditions.
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About enVVeno Medical Corporation
enVVeno Medical is an Irvine, California-based, late clinical-stage medical device company focused on the advancement of innovative bioprosthetic (tissue-based) solutions to improve the standard of care for the treatment of venous disease. The company’s lead product, the VenoValve(R), is a first-in-class surgical replacement venous valve being developed for the treatment of deep venous Chronic Venous Insufficiency (“CVI”). The company is also developing a non-surgical, transcatheter based replacement venous valve for the treatment of deep venous CVI called enVVe(R). CVI occurs when valves inside of the veins of the leg become damaged, resulting in the backwards flow of blood (reflux), blood pooling in the lower leg, increased pressure in the veins of the leg (venous hypertension) and in severe cases, venous ulcers that are difficult to heal and become chronic. Both the VenoValve(R) and enVVe(R) are designed to act as one-way valves, to help assist in propelling blood up the leg, and back to the heart and lungs. The VenoValve(R) is currently being evaluated in the SAVVE U.S. pivotal trial and the company is currently performing the final testing necessary to seek approval for the enVVe(R) pivotal trial.
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