As it shifts strategic direction to prioritize its recently acquired ENvue feeding tube placement system, NanoVibronix is changing its name to reflect the new focus.
The Tyler, Texas-based medtech will henceforth be known as ENvue Medical, it announced Friday. In line with the overhaul, its Nasdaq stock ticker has also changed from "NAOV" to the admittedly more memorable "FEED."
CEO Doron Besser, M.D., said in the announcement that ENvue’s strategy will primarily revolve around the eponymous enteral feeding system, with goals of scaling up its hospital utilization, bulking up the company’s commercial footprint and “building a comprehensive enteral-feeding ecosystem around ENvue through both internal development and external business development opportunities.”
“We believe this rebranding marks a new phase for the Company: one defined by precision enteral access, technology-driven growth and clinical excellence,” Besser said.
Apart from the feeding tube technology, the company's portfolio still includes NanoVibronix’s pair of wearable devices, PainShield and UroShield, that use ultrasound waves to treat pain and protect catheters from bacteria, respectively.
The company then known as NanoVibronix acquired ENvue Medical Holdings in February of this year. Financial details of the stock-for-stock transaction weren’t disclosed.
At the time, NanoVibronix CEO Brian Murphy was slated to continue on as the leader of the combined company, while Besser, CEO of ENvue, would join the board of directors. Murphy retired in June, at which time Besser immediately assumed the chief executive title.
Last month, Besser sent a letter to shareholders detailing the company’s shifting focus toward the ENvue system and informing them of the upcoming rebrand.
He described the feeding tube system as “our strongest and most scalable growth platform,” outlining its potential market of the more than 5,000 acute care hospitals in the U.S. that together perform “thousands of tube placements daily.” As of the November letter, he wrote, the ENvue system has a consumer base of 38 hospitals.
Meanwhile, the CEO noted that the company was “actively exploring strategic alternatives for the legacy NanoVibronix technologies,” including potential partnerships or divestitures that could allow ENvue to direct all of its energy toward the enteral system.