Irvine-based enVVeno Medical Corp. today announced that it has $25 million in cash, enough to fund operations into the third quarter of 2027, in the company’s first quarter earnings.
“With a strong balance sheet, significant physician interest in the enVVe valve, and a clearly defined regulatory pathway, we are well positioned to execute the TAVVE study and advance the Company towards multiple near-term and long-term milestones,” Robert Berman, chief executive of enVVeno, said in a statement.
The medical device maker, which is focused on making treatments for deep venous disease, also reported adjusted loss of $5.89 per share.
In April, enVVeno announced that the FDA granted investigational device exemption (IDE) approval for its pivotal study, marking the first-ever FDA approval for a U.S. trial of a non-surgical replacement venous valve, according to the company.
Shares in enVVeno today rose 2.5% to $10.32 apiece and a $6.7 million market cap (Nasdaq: NVNO).
