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.
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