Neovasc (NSDQ:NVCN) annunced that it closed a previously announced registered direct offering worth approximately $11.5 million.
The offering includes nearly 3.9 million units, consisting of one common share of the company and three-quarters of one warrant to purchase one common share. Each warrant entitles the holder to acquire one common share of the company at $2.88 per share any time before Jun 16, 2025, according to a news release.
While the gross proceeds are expected to reach $11.5 million, Neovasc anticipates that it will receive net proceeds of approximately $10.4 million after deducting fees and expenses.
Neovasc intends to use the proceeds for the development and commercialization of its Neovasc Reducer for treating refractory angina, as well as the development of the Tiara mitral valve repair device. Other uses include general corporate and working capital purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.