Shares of Neovasc Inc. (NASDAQ:NVCN) gained after the biotechnology company said it raised US$7.1mln, enough to fund the company for four months, after investors exercised warrants offered by the firm.
The stock of the firm, which is focused on treating infectious diseases, rose 11% to US$0.06 at 11:36 a.m.
Investors took up 4.9mln warrants, the company said in a statement. Each Series C warrant entitles the holder to receive one Series C unit that is made up of one share of common stock, one Series A warrant and one Series B warrant, it said.
“The receipt into Treasury is significant,” Neovasc said. “We believe it is sufficient to substantially fund the company for an additional fourth months at our current burn rate” and increase “our current cash on hand by almost 60%.”