CA - Neovasc puts further development of its Tiara transcatheter treatment on hold

• Neovasc ( NASDAQ: NVCN ) on Tuesday said it would put on hold further development of its Tiara device for the transcatheter treatment of mitral valve disease.
• The company will additionally put the European CE-Marking regulatory approval process on hold for the device.
• "Strategically, the Company believes this is the best use of its financial and workforce resources," NVCN said in a statement .
• Neovasc ( NVCN ) added that increased complexity, cost and "ever-increasing" regulatory hurdles were also factors that led to the decision.
• The company also presented interim data from a clinical trial in Israel for its Reducer device for the treatment of patients with microvascular disease, which is a heart disease that affects the walls and inner lining of coronary artery blood vessels.
• The data from the first 11 patients in the trial suggested improvements in objective measures of blood flow in the microvascular system of the heart.
• The interim data was presented at the Transcatheter Cardiovascular Therapeutics Conference held from Sept. 16-19.
• NVCN stock -1.5% to $6.50 in afternoon trading.

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