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IRVINE, Calif., Sept. 17, 2018 (GLOBE NEWSWIRE) -- 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.
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