Neovasc prices $5m offering

Neovasc (NSDQ:NVCN) today priced a $5 million offering of its common stock slated to support its Reducer device and Tiara transcatheter mitral valve.

The Vancouver-based company said it plans to float approximately 11.1 million shares of its common stock at a price of 45¢ per share, expecting to bring in approximately $5 million in gross proceeds.

Neovasc said that it expects to receive net proceeds of approximately $4.1 million, and that proceeds will support continued development of its Reducer device and Tiara valve, as well as for general corporate and working capital purposes.

The offering is expected to close on February 28, with H.C. Wainwright & Co. acting as the sole book-running manager, according to an SEC filing.

Earlier this month, Neovasc 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, and added that it raised approximately $1.2 million.

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