Published on January 28, 2010 at 8:18 AM
--Proceeds will be Used to Fund Reducer(TM) COSIRA Multi-Center Clinical Trial--
Neovasc Inc. (TSXV: NVC) today announced that it has completed the first tranche of a previously announced non-brokered private placement of approximately 7.4 million units at the price of $0.27 per unit for aggregate gross proceeds of up to $2.0 million. The proceeds of the offering will be used primarily to fund the COSIRA trial - a multi-center clinical trial intended to demonstrate the safety and efficacy of the company's Reducer(TM) product for treating refractory angina. The completion of the private placement is subject to TSX Venture Exchange approval and the execution of definitive documentation with investors. The securities issued pursuant to the offering will be subject to a four-month hold period from the date of issuance.
Each unit consists of one common share of Neovasc and one-half of one common share purchase warrant of Neovasc. Each whole warrant entitles the holder thereof to purchase one common share of Neovasc at the exercise price of $0.40 per share for a period of one year after the closing date of the offering. The majority of the offering was placed with existing investors, including members of Gagnon Securities, the Frost Group LLC, company management and medical and scientific advisors.
SOURCE Neovasc Inc.