August 19, 2011 - Neovasc Inc. accomplished $4.7 million in financing to complete the COSIRA clinical trial for the Neovasc Reducer to treat refractory angina. The company will also advance the Tiara project to develop a transcatheter device to treat the mitral valve regurgitation.
Neovasc said this week it completed a previously announced non-brokered private placement of 4,720,500 equity units at the price of $1 per unit for aggregate gross proceeds of approximately $4.7 million. Reflecting strong demand, the total amount of the financing was increased from the previously announced maximum of $4 million.
Each unit consists of one common share of Neovasc stock and one-half of one common share purchase warrant of Neovasc stock. Each whole warrant entitles the holder to purchase one common share of Neovasc stock at the exercise price of $1.25 per share for two years after the closing date of the offering. The securities issued are subject to a four-month hold period from the date of issuance and TSX Venture Exchange has approved the placement.
Participants in the placement included OPKO Health Inc., which invested $2 million. and Gagnon Securities LLC, whose members invested $1.42 million. Company directors and officers purchased 95,000 of the equity units issued.
For more information: www.neovasc.com