Neovasc grosses $32.8mm via private placement

Neovasc Inc. (cardiovascular devices) completed a private placement of $32.8mm aggregate principal amount of senior secured convertible notes and Series E warrants to purchase one common share. The 18-month notes will be issued with an original issue price of $850 per $1,000 principal amount and carry an interest rate of 0.0% per year (increasing to 15% upon an event of default). The company concurrently netted $35.2mm through a follow-on offering and will use the proceeds from both financings to fully 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.