Market Overview

Penny Stock Neovasc Rallies On Patent Abstract Filing

Penny Stock Neovasc Rallies On Patent Abstract Filing

Shares of the Canadian medical device maker Neovasc Inc (NASDAQ: NVCN) were rallying Tuesday following the circulation of a document with a patent abstract it filed with the U.S. Patent and Trademark Office.

The patent abstract pertains to the methods and apparatus for loading a prosthesis onto a delivery system. This relates to the company's Tiara prosthetic valve, which replaces the mitral valve of the heart when delivered through the apex of the heart.

"One or more actuators on the first housing may be actuated radially inward to selectively compress a discrete portion of the prosthesis disposed in the central bore," the document said.

A patent abstract is a short summary of the product and/or method for which a company is seeking to obtain a patent. The USPTO mandates that all non-provisional patent applications should be submitted with an abstract.

It is part of the patent application and is 150 words or less.

The USPTO can reject an abstract if it is not prepared in line with guidelines.The patent process is a lengthy one, and any interruption such as the rejection of an abstract will only serve to elongate the process. 

Neovasc shares were up 6.17 percent at 50 cents at the time of publication Tuesday. 

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