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Neovasc announces secondary offering, aims to raise more than US$4M

The company said it will float more than 11 million common shares at a price of US$0.45 per share
Cardiovascular system surrounded by red blood cells
The company plans to use the proceeds to develop its cardiovascular treatments

Neovasc Inc (NASDAQ:NVCN) (TSE:NVCN) announced a secondary offering Wednesday of more than 11 million shares of common stock, hoping to earn net proceeds of as much US$4.25 million.

Shares of the cardiovascular medical device company are expected to be available for US$0.45 per share on March 15.

The Richmond, British Columbia-based company plans to use the proceeds to develop two of its treatments: the Reducer, which treats refractory angina, and the Tiara, which treats mitral regurgitation. Proceeds are also expected to go toward general corporate and working capital purposes.

The stock fell on news of the public offering, dropping 9.8% to close at US$0.58 in New York Wednesday and losing more than 11% after the bell to C$0.64 in Toronto. Shares were flat in Thursday's pre-market session.

--Updates share price--

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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