Duhay Francis, a director at enVVeno Medical (TASE:PMCN) Corp (NASDAQ:NVNO), recently purchased 81,433 shares of the company’s common stock. The transaction, which took place on December 31, 2024, was executed at a price of $3.07 per share, amounting to a total investment of approximately $249,999. Following this acquisition, Francis now holds 102,344 shares directly. This move reflects a significant addition to his stake in the Irvine, California-based medical device company, which currently has a market capitalization of about $54 million. According to InvestingPro data, while the company maintains a strong balance sheet with more cash than debt and a healthy current ratio of 22, it faces challenges with rapid cash burn. Analysts have set an ambitious price target of $18 per share, suggesting significant upside potential despite current profitability concerns. Get access to 6 more exclusive InvestingPro Tips and comprehensive financial analysis to make better-informed investment decisions.
In other recent news, enVVeno Medical Corporation has made significant strides in seeking FDA approval for its medical device, VenoValve. The company has successfully submitted and received approval for four of the five modules required in the Premarket Approval (PMA) application. The final module, which contains clinical data from the SAVVE pivotal trial and proposed labeling for the device, is currently under review.
The VenoValve, designed to treat Chronic Venous Insufficiency (CVI), has been designated as a breakthrough device, thus receiving priority review status. The company also announced the development of a non-surgical transcatheter-based replacement venous valve, enVVe, expected to enter a pivotal trial by mid-2025.
In addition to these developments, enVVeno has recently announced a public stock offering, managed by Titan Partners Group, intended to support the development of its leading products. The company also reported $39.1 million in cash and investments at the end of a recent quarter, expected to fund operations through 2025. Lastly, new appointments within the company indicate a strategic shift towards commercialization, with Sandy Prietto as Vice President of Marketing and Andrew Cormack as Chief Commercial Officer.
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