Hancock Jaffe Laboratories Inc. (NASDAQ: (HJLI) stock rose by 6.79% at the last close whereas the HJLI stock price declines by 6.25% in the pre-market trading session. Hancock Jaffe Laboratories is a medical device firm specializing in the development of new bio-prosthetic (tissue-based) technologies to enhance venous disease therapy.
HJLI stock’ Significant Development
Hancock Jaffe Laboratories released a business update that includes a proposed corporate re-branding and a strategic prioritization of the Company’s research pipeline. The company will be called enVVeno Medical Corporation on October 1, 2021. The NASDAQ market will continue to trade the Company’s common stock and warrants under the new ticker symbols “NVNO” and “NVNOW,” respectively. The name change will not affect the existing Hancock Jaffe shareholders who hold their shares in electronic form. Hancock Jaffe stock certificate holders should approach the Company’s transfer agent for replacement certificates.
The VenoValve, a potential therapy for deep venous Chronic Venous Insufficiency, is about to enter its pivotal study in the United States (CVI). CVI occurs when the valves inside the leg veins fail, leading in a lack of blood flow back to the heart.
Because of VenoValve’s initial clinical efficacy and the potential magnitude of the venous disease market, the firm has initiated the development of enVVe, a second device for the cure of venous illness. enVVe is expected to debut in mid-2022, according to the company. Hancock Jaffe has decided not to pursue further development of the CoreoGraft device as a therapy for patients having cardiac bypass surgery at this time since it is not in line with the company’s new strategic emphasis.
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CVI affects about 2.4 million people in the United States and happens when valves within the leg’s veins fail, leading blood to flow in the wrong direction (reflux) and higher pressure inside the veins (venous hypertension). CVI is a severe disorder that makes simple actions like washing, sleeping, and walking difficult for individuals. Deep venous CVI has no viable treatment at the moment.
