Neovasc prices $5m offering

Neovasc (NSDQ:NVCN) today priced an upcoming offering looking to raise $5 million to support its Tiara and Reducer devices.

In the round, the Vancouver-based company will look to float approximately 11.1 million shares of its common stock at a price of 45¢ per share. The offering is expected to close on March 15, the company said.

After expenses, Neovasc said that it expects to receive net proceeds of approximately $4.3 million, which it plans to use to support continued development of its Tiara transcatheter mitral valve replacement and the development and commercialization of its Neovasc Reducer.

H.C. Wainwright & Co. is acting as the sole book-runner for the offering, according to a press release.

Last month, Neovasc closed a separate $5 million offering and said that it inked a $3 million settlement agreement with Micro Interventional Devices to resolve undisclosed allegations related to Neovasc’s transcatheter mitral valve replacement technology, including its flagship Tiara device.

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