Neovasc nets $35.2mm via follow-on

Cardiovascular device maker Neovasc Inc. netted $35.2mm through the follow-on public offering of 6.6mm Series A units priced at $1.46. Each consists of one common share, one five-year Series A warrant to purchase a share, one two-year Series B warrant to purchase a share, and 0.40 of a two-year Series C warrant to purchase a unit comprised of one common share, one Series A warrant, and one Series B warrant. The company also sold 19.1mm Series B units at $1.46. Each Series B unit consists of either one common share or one pre-funded five-year Series D warrant to purchase a share, one Series A warrant to purchase a share, one Series B warrant to purchase a share, 0.40 of a Series C warrant to purchase a unit comprised of one common share, one Series A warrant and one Series B warrant, and 1.1765 two-year Series F warrants to purchase a share. Neovasc will use the proceeds to fund the balance of the awards granted in the litigation with CardiAQ Valve related to its Tiara technology, and to help fund the ongoing Tiara transcatheter device trial. The company concurrently completed a $32.8mm private placement.