New Study Confirms Significant Potential U.S. Market for Hancock Jaffe’s VenoValve®
September 17 2018 - 6:00AM
Hancock Jaffe Laboratories, Inc. (Nasdaq: HJLI, HJLIW), a company
specializing in medical devices that restore cardiac and vascular
health, has commissioned a research report from The Sage Group, a
research organization specializing in peripheral vascular disease.
The report, titled “Chronic Venous Disease: Epidemiology and
Economics” analyzes the size of the addressable market for HJLI’s
VenoValve, as well as the economic burden of Chronic Venous
Insufficiency (CVI). The study identifies the total number of CVI
sufferers in the U.S. as 22.6 million, including 3.1 million new
diagnoses each year. The U.S. economic burden of venous
ulcers from CVI is estimated to be $38 Billion a year.
The report looks at the prevalence in the U.S.
of other chronic diseases such as Alzheimer’s, Stroke, Cancer,
Coronary Heart Disease, Peripheral Artery Disease, and Diabetes and
compares them to CVI. According to the author of the report, Mary
Yost, “CVI affects twice as many people as all cardio vascular
diseases combined, and 6 times more than diabetes. It is one of our
most prevalent diseases. However, CVI is significantly
underestimated, under diagnosed, and under treated.”
The report goes on to look at the number of
annual procedures for common cardiac and vascular devices and
ailments such as heart valves, ventricle assist devices, abdominal
aortic aneurysms, cardio defibrillators, and pacemakers. The range
of procedures includes ventricle assist devices with approximately
4,000 procedures a year at the low end, and pacemakers at 200,000
procedures a year at the high end. With an addressable market of
approximately 4.5 million CVI sufferers, the VenoValve has the
potential to equal or exceed the most commonly implanted medical
devices.
“This is an exciting time for our company as we
prepare our first-in-human trial for the VenoValve in Columbia,”
said Robert Berman, Hancock Jaffe’s Chief Executive Officer. “The
Sage Report confirms that based upon the large addressable market,
the VenoValve has the potential to create significant value for our
shareholders, while also helping the large number of patients who
suffer the debilitating effects of CVI.”
The new report is an update from an earlier
study released in 2015. The updated report is available as a slide
presentation on the Hancock Jaffe website (www.HancockJaffe.com) by
clicking on the “Investor” section, then “News and Events” and then
“Articles and Publications. A recent interview with Dr. Marc
H. Glickman, Hancock Jaffe’s Chief Medical Officer, is also
available in the same section of the Hancock Jaffe website.
About Hancock Jaffe Laboratories, Inc.
HJLI specializes in developing and manufacturing
bioprosthetic medical devices to establish improved standards of
care for treating cardiac and vascular diseases. HJLI currently has
three product candidates: the porcine tissue based VenoValve®,
which is intended to be surgically implanted in the deep venous
system of the leg to treat Chronic Venous Insufficiency; the
CoreoGraft®, a bovine tissue based off the shelf conduit intended
to be used for coronary artery bypass surgery, and a porcine tissue
based heart valve, which based upon its relatively small size and
increased output, is an ideal candidate for pediatric aortic/mitral
valve replacement.
HJLI Press Contacts:
Amy CarmerTel: 949-261-2900Email: ACarmer@HancockJaffe.com
Jules Abraham CoreIRTel: 917-885-7378Email:
julesa@coreir.com
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