enVVeno Medical Corp appoints CBIZ CPAs as new auditor

In a recent shift in its financial oversight, enVVeno Medical (TASE:BLWV) Corp (NASDAQ:NVNO), a medical device company currently valued at $42.1 million, has announced the appointment of CBIZ (NYSE:CBZ) CPAs P.C. as its new independent registered public accounting firm. The company maintains strong financial flexibility with a current ratio of 20.88 and minimal debt exposure. The change comes after Marcum LLP, the company’s previous auditor, resigned following the acquisition of its attest business by CBIZ CPAs P.C. on November 1, 2024.According to InvestingPro, the company holds more cash than debt on its balance sheet, indicating solid financial stability. Subscribers can access 8 additional key insights about NVNO’s financial position.

The transition, effective as of Sunday, April 17, 2025, was approved by the Audit Committee of enVVeno Medical Corp’s Board of Directors. The company’s stock has shown mixed performance, with a notable 9.13% gain over the past week despite a challenging year-to-date decline of 18.87%. According to the company’s filing with the U.S. Securities and Exchange Commission, Marcum’s reports on enVVeno Medical Corp’s financial statements for the fiscal years ending December 31, 2024, and 2023, did not contain any adverse opinions or disclaimers and were not modified in terms of accounting principles or audit scope.

Throughout the relationship with Marcum, and up until their resignation, enVVeno Medical Corp reports that there were no disagreements or "reportable events" that would have influenced Marcum’s audit reports. Additionally, the company did not consult with CBIZ CPAs P.C. on any accounting principles or auditing matters that would have significantly impacted their financial statements during those fiscal years.

The company has confirmed that Marcum was provided with a copy of the 8-K filing and has requested Marcum to furnish a letter to the SEC, verifying their agreement with the statements made in the filing. Marcum’s response, dated April 17, 2025, has been filed as an exhibit to the company’s 8-K report.

This change in auditors is a significant corporate governance event for enVVeno Medical Corp and is based on information from a press release statement. The company, headquartered in Irvine, California, specializes in surgical and medical instruments and apparatus, and is incorporated in Delaware.

In other recent news, enVVeno Medical Corporation reported promising interim results from its pivotal trial of the VenoValve, showing sustained clinical improvement and patient benefits at the two-year mark. The data, presented at the Vascular and Endovascular Surgery Society 2025 Annual Winter Meeting, revealed that 78% of participants maintained a clinically meaningful benefit, with an average improvement of 8.2 points in the revised Venous Clinical Severity Score among responders. Patients experienced a median 75% reduction in pain, and improvements were observed across all venous-specific quality-of-life indicators. Additionally, the device demonstrated a 100% patency rate among subjects with core lab-evaluable data at 24 months. enVVeno Medical submitted a pre-market authorization application for the VenoValve to the U.S. Food and Drug Administration in November 2024, with a decision anticipated in the second half of 2025. The FDA has indicated that an improvement of 3 or more points in the revised Venous Clinical Severity Score would demonstrate the device’s clinical benefit. The company’s CEO, Robert Berman, emphasized that the positive data support the safety and effectiveness of the VenoValve and the SAVVE procedure. enVVeno Medical plans to continue presenting new data at medical conferences to increase awareness.

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