Neovasc Commences Public Offering to Finance Product Development

January 26, 2015—Neovasc Inc. announced that it has commenced an underwritten public offering in the United States of 8,000,000 common shares of the company, consisting of 6,340,000 common shares to be offered by Neovasc and 1,660,000 common shares to be offered by certain directors, officers, and employees of the company. The pricing of securities will be determined in the course of marketing. 

According to the company, Neovasc products include the Tiara technology, which is in development for the transcatheter treatment of mitral valve disease; the Neovasc Reducer for the treatment of refractory angina, and a line of advanced biological tissue products that are used as key components in third-party medical products, including transcatheter heart valves.

The company advised that upon successful completion of the offering, the net proceeds will be used to complete the TIARA-I feasibility study, to initiate a United States investigational device exemption study for Tiara, to further develop and refine Tiara, to advance the commercialization of the Reducer device in Europe, to initiate a United States investigational device exemption study for Reducer, and for general corporate purposes.

Closing of the offering will be subject to customary closing conditions, including listing of the common shares on the TSX and NASDAQ and any required approvals of each exchange, advised Neovasc.