Hancock Jaffe Laboratories Inc. (HJLI) stock prices were up by 6.79% as of the market closing on September 21st, 2021. This brought the price per share up to USD$9.60 at the end of the trading day. Subsequent premarket fluctuations saw the stock dip by 6.25%, bringing it down to USD$9.00.
HJLI Stock’s Corporate Rebranding
September 21st, 2021 saw HJLI stock announce a corporate update covering the company’s planned corporate rebranding. The medical device company will also provide an update on the strategic prioritization of its development pipeline. The corporate rebranding of the company to enVVeno Medical Corp. reflects the company’s decision to hedge all of its bets on the Venovalve. This decision is further consolidated by the narrowing of the company’s strategic focus to treat venous disease.
Scope of Venous Disease Market
The company’s decision is based on the enormous potential of the venous disease market. Capitalizing on this opportunity is hoped to result in the driving of significant shareholder value over the long term. HJLI stock and its investors are bolstered by both the potential for the VenoValve, as well as the progress already made. Reflecting this progress is the commencement of patient enrollment in the SAVVE study. Accordingly, the company has a clear path forward for its program, which is hoped to change the treatment paradigm for deep venous CVI.
enVVO Medical Corporation
As of October 1st, 2021, HJLI stock will be renamed enVVeno Medical Corporation. The company’s common stock and warrants will continue trading on the Nasdaq exchange under the new NVNO and NVNOW ticker symbols. Existing shareholders with shares in the electric form will not need to take action as a result of the name change. Those with stock certificates will be required to contact the company’s transfer agent to acquire new certificates.
HJLI Stock Expands Offerings
HJLI stock has begun the development of a second device, which is being designed to treat venous disease. The enVVe device development began after the early clinical success of the VenoValve and the massive scope of the venous disease market. The company expects to unveil enVVe by the second half of fiscal 2022.
Future Outlook for HJLI Stock
The company is set to capitalize on the massive scope of opportunities afforded by the venous disease market. HJLI stock is continuing to allocate resources towards consolidating its market leadership as it works towards expanding its offerings. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate consistent and organic increases in shareholder value.