Canadian medtech company Neovasc (CVE:NVC); (OTC:NVCIF) closed a $22.5 million (C$25.2 million) equity funding round, planning to use the new cash to support ongoing development of its cardiac implants and to fund general corporate activities.
Neovasc sold nearly 4.2 million shares of its common stock at about $5.39 (C$6) per share, the company announced today. The news did little for NVC stock on the Canadian Venture Exchange, where shares were down 0.4% to $7.03 as of about 2:38 p.m.
The company fared worse on the OTC Markets Group exchange, where shares were down 3.3% to $6.33 apiece.
The company plans to use the funds to advance development of its Neovasc Reducer, a stent-like device for treatment of refractory angina, and its Tiara transcatheter mitral valve implantation system.
Neovasc last month touted the 1st-in-human implant of the Tiara valve, news that sent shares soaring some 30% at the time. The Tiara device is a minimally invasive self-expanding implant designed to treat patients with mitral valve regurgitation.
The device maker won its 1st U.S. patent for the Tiara technology in November 2013 and in October touted positive clinical outcomes for the device in pre-clinical data published in the Journal of the American College of Cardiology.