Medical device company Neovasc Inc (NASDAQ:NVCN) (TSX:NVCN) revealed on Friday the completion of its underwritten public offering of 11,111,111 common stock.
Under the public offering, the company issued 11,111,111 common stock at a price to the public of USD0.45 per common share for aggregate gross proceeds of approximately USD5m, before deducting the underwriting commission and offering expenses.
Upon deducting the underwriting discounts, commissions and other offering expenses, the company announced net proceeds of approximately USD4.25m.
Net proceeds from the offering may be used by the company for the development and commercialisation of the Neovasc Reducer, development of the Tiara, general corporate as well as working capital purposes.
HC Wainwright & Co acted as sole book-running manager for the offering.
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