Proceeds to be used for feasibility study, general corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 3 – Neovasc Inc. said the underwriters for its public sale of stock opted to exercise the deal’s $11.32 million greenshoe in full for total proceeds of $86.82 million. The deal was announced Jan. 26 and deal priced for $63.56 million alongside an $11.94 million secondary sale with the greenshoe on Jan. 29.
The company sold 10,415,000 common shares at $7.19 per share, and the selling stockholders sold 1.66 million shares at the same price. The price per share is identical to the Jan. 28 closing share price. Of the shares, 1,575,000 were part of the fully exercised greenshoe.
Leerink Partners LLC was the bookrunning manager.
Proceeds will be used to complete the Tiara-I feasibility study, initiate a U.S. Investigational Device Exemption Study for Tiara, develop and refine Tiara, commercialize Reducer in Europe and initiate a U.S. Investigational Device Exemption Study for Reducer as well as for general corporate purposes.
Neovasc is a Richmond, B.C.-based medical device company.
| Issuer: | Neovasc Inc.
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| Issue: | Common stock
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| Amount: | $86,819,250 (including $11,324,250 greenshoe)
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| Shares: | 12,075,000
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| Price: | $7.19
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| Warrants: | No
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| Bookrunner: | Leerink Partners LLC
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| Co-lead managers: | Canaccord Genuity Inc. and JMP Securities LLC
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| Co-manager: | Ladenburg Thalmann & Co. Inc.
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| Announcement date: | Jan. 26
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| Pricing date: | Jan. 29
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| Settlement date: | Feb. 3
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| Stock symbol: | Nasdaq: NVCN
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| Stock price: | $7.19 at close Jan. 28
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| Market capitalization: | $471.98 million
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