Neovasc (NSDQ:NVCN) announced today that it agreed to sell shares of its common stock in a registered direct offering worth approximately $12.6 million.
Vancouver, Canada-based Neovasc entered into definitive agreements with “certain healthcare-focused institutional investors,” according to a news release, for the offering that is expected to close on Aug. 12, according to a news release.
The offering includes an aggregate of more than 4.5 million shares of common stock at a purchase price of $2.77575 per share under the Nasdaq rules, totaling the $12.6 million Neovasc expects before deducting placement agents’ fees and the estimated expenses.
Each common stock share is being sold with a purchase warrant worth 0.75 of one common stock share, giving each holder the option to acquire one common share of the company at $2.69 per share at any time prior to the date that marks five years following issuance.
Neovasc intends to use the proceeds collected from the offering to develop and commercialize its Reducer for treating refractory angina, as well as the development of the Tiara mitral valve repair device, along with general corporate and working capital purposes.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
Original Article: (https://www.massdevice.com/neovasc-raises-12-6m/)