In the round, the Vancouver-based company will look to float approximately 11.1 million shares of its common stock at a price of 45¢ per share. The offering is expected to close on March 15, the company said.
After expenses, Neovasc said that it expects to receive net proceeds of approximately $4.3 million, which it plans to use to support continued development of its Tiara transcatheter mitral valve replacement and the development and commercialization of its Neovasc Reducer.
H.C. Wainwright & Co. is acting as the sole book-runner for the offering, according to a press release.
Last month, Neovasc closed a separate $5 million offering and said that it inked a $3 million settlement agreement with Micro Interventional Devices to resolve undisclosed allegations related to Neovasc’s transcatheter mitral valve replacement technology, including its flagship Tiara device.
Registration is open for DeviceTalks Boston! Join us on June 5-6, 2019, as we explore the trends and technology that are shaping the future of the medical device industry.