The Vancouver-based company said it plans to float approximately 11.1 million shares of its common stock at a price of 45¢ per share, expecting to bring in approximately $5 million in gross proceeds.
Neovasc said that it expects to receive net proceeds of approximately $4.1 million, and that proceeds will support continued development of its Reducer device and Tiara valve, as well as for general corporate and working capital purposes.
The offering is expected to close on February 28, with H.C. Wainwright & Co. acting as the sole book-running manager, according to an SEC filing.
Earlier this month, Neovasc 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, and added that it raised approximately $1.2 million.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.