Neovasc (NSDQ:NVCN) announced that has it closed its previously announced registered direct offering for aggregate gross proceeds reaching approximately $10 million.
The Vancouver, Canada-based company sold nearly 1.2 million Series A units at $4.1351 per unit and more than 1.2 million Series B units at $4.135 per unit. Each Series A unit includes one common share and one warrant to purchase one common share. Each Series B unit includes one pre-funded warrant of the company and one warrant.
After fees and other expenses, Neovasc collected net proceeds of approximately $8.9 million, which it has earmarked for developing and commercializing its Neovasc Reducer, along with developing its Tiara device and for other general corporate and working capital purposes.
Reducer is designed to narrow the coronary sinus to treat refractory angina. Tiara is designed to replace the mitral valve of the heart while preserving the integrity of the surrounding structures of the heart in the treatment of severe mitral regurgitation.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.