Vancouver-based Neovasc said the offering, of nearly 4.9 million Series C warrants at an exercise price of $1.46 apiece, resulted in gross proceeds of $7.1 million.
“This receipt into treasury is significant. We believe it is sufficient to substantially fund the company for an additional four months at our current burn rate, until approximately early 2019, and increases our current cash on hand by almost 60%,” CFO Chris Clark said in prepared remarks.
Last year Neovasc, which is developing a transcatheter mitral valve replacement called Tiara, issued 10.2 million of the Series C warrants; some 5.4 million were still issued and outstanding at the close of business yesterday, the company said. The Series C units consist of one stock share and a Series B warrant.
NVCN shares were trading at 5.88¢ apiece today in late-morning activity, up 12.4%.