Neovasc Inc (US) (NASDAQ:NVCN) has received NUB Status 1 designation for its Neovasc Reducer from Institut für das Entgeltsystem im Krankenhaus” (“InEk”). The NUB designation status 1 is valid for the year 2018 and has an option to renew annually. The CE marked medical device Neovasc Reducer is used to treat refractory angina.
InEk uses the NUB process to prioritize the new medical care in Germany. The upgraded status for the Neovasc Reducer allows negotiation of reimbursement of medical care expenses between the insurers and hospitals in Germany.
The New NUB status 1 for Neovasc Reducer allows around 107 hospitals in Germany to negotiate for the reimbursement coverage for the therapy using Neovasc Reducer. The chief executive officer of Neovasc, Mr. Fred Colen is happy about the latest upgrade to its CE marked medical device.
Many people in Germany are suffering from Angina. The new upgrade is a boon for Angina patients in Germany. The new development allows providing the medical care for refractory angina patients using Neovasc Reducer.
Brief Information about Neovasc Inc.
Neovasc Inc is engaged in the development, production and marketing of products targeting the cardiovascular segment, which is growing at a fast pace. The company’s product portfolio mainly consists of Reducer and Tiara.
Neovasc Tiara is useful for the treatment of mitral regurgitation and prevents death or heart failure. It is estimated that 4 million US population are suffering from mitral regurgitation.
Neovasc Reducer is used to treat a severely debilitating condition – refractory angina. According to recent estimates, millions of people worldwide are suffering from this dreaded disease. This condition is caused due to reduced blood flow to the heart muscle. Its symptoms include severe heart pain.
The treatment offered by Reducer is safe and reliable. According to COSIRA data, the patients that received treatment using Reducer is likely to see an improvement 2.3 times when compared to other treatments.
The CE marked Reducer relieves the patients from the symptoms of refractory angina by providing an alternative blood flow to the heart. Therefore, it ensures the supply of oxygen-enriched blood to ischemic areas in the heart muscle. The minimally invasive procedure takes about 20 minutes.