Neovasc Inc. closed an underwritten public offering of 11,111,111 common shares, priced at 45 cents each.

The Richmond, British Columbia-based medical-device maker raised $5 million in gross proceeds that will be used to develop and commercialize its heart devices Neovasc Reducer and Tiara.

Funds from the offering will also be used for general corporate and working capital purposes.

H.C. Wainwright & Co. served as the sole book-running manager for the offering.