Neovasc (NSDQ:NVCN) said yesterday that it closed the $11.5 million offering it announced earlier this week.
Proceeds from the offering will be used to support continued development and commercialization of its Reducer device, and development of its Tiara device, the Vancouver-based company said.
In the offering, Neovasc said that it sold a 15% original issue discount convertible note with a face value of $11.5 million for gross proceeds of approximately $9.8 million, and approximately 3.3 million shares of its common stock at 52¢ per share for gross proceeds of an additional approximate $1.7 million, bringing the total raised to approximately $11.5 million, according to an SEC filing.
Earlier this month, Neovasc shares took a beating after it released first-quarter results yesterday that badly missed the consensus forecast.