Neovasc Inc. closed a private placement of common shares to raise about $1.7 million in gross proceeds.
The Richmond, British Columbia-based company sold 3,349,514 common shares in the placement at 51.5 cents apiece. Separately, the company issued a debenture for gross proceeds of $9.8 million.
Neovasc, which develops, manufactures and markets medical devices worldwide, plans to use the proceeds — $11.5 million in total — for the development and commercialization of the Neovasc Reducer stent.
Funds raised will also be used for the development of Neovasc's transcatheter device, Tiara, along with general corporate and working capital purposes.