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Neovasc Maintains Investor Confidence Despite FDA Struggles; Sells $72M In Stock

 
• By Reed Miller

Despite a recent unfavorable FDA advisory panel for its Reducer coronary sinus device, some investors showed their faith in the Canadian company by buying 36 million shares.

Business solution or strategy vector concept with businessman and question mark from flashlight.
• Source: shutterstock.com

Neovasc Inc. is persevering with the international commercialization of its Reducer transcatheter device to treat angina while its path to US commercialization remains uncertain.

The Vancouver-based company has closed the sale of 36 million common shares at $2.00 per share to fund ongoing development and commercialization of Reducer and the development of its Tiara transcatheter mitral valve system. After deducting fees and other expenses related to the stock offering, Neovasc received net proceeds of approximately $65.3m

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