NASDAQ: NVCN
TSX: NVC
VANCOUVER, Jan. 26,
2015 /PRNewswire/ - Neovasc Inc. ("Neovasc" or
the "Company") (NASDAQ: NVCN) (TSX: NVC) today announced
that it has commenced an underwritten public offering in
the United States of
8,000,000 common shares of the Company, consisting of
6,340,000 common shares to be offered by Neovasc and 1,660,000
common shares to be offered by certain directors, officers and
employees of the Company.
Leerink Partners LLC is acting as the sole
book-running manager for the proposed offering. Canaccord Genuity
Inc. and JMP Securities LLC are acting as co-lead managers for the
proposed offering. Ladenburg Thalmann & Co. Inc. is acting as
co-manager for the proposed offering. In addition, the
Company is expected to grant the underwriters of the offering an
option for a period of 30 days to purchase from Neovasc up to an
additional 1,200,000 common shares on the same terms and
conditions. The pricing of securities will be determined in the
course of marketing. There can be no assurance as to whether
or when the offering may be completed, or as to the actual size or
terms of the offering.
The securities described above are being offered
pursuant to a shelf registration statement (including a prospectus)
previously filed with and declared effective by the Securities
Exchange Commission (the "SEC") on May 14, 2014 and are being qualified for
distribution from Canada by way of
a preliminary prospectus supplement dated January 26, 2015, and a final prospectus
supplement, each of the Company's short form base shelf prospectus.
A preliminary prospectus supplement and accompanying prospectus
relating to the offering have been filed with the SEC and are
available for free on the SEC's website at http://www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the offering may be obtained
from Leerink Partners LLC, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston,
MA, 02110, or by phone at 1-800-808-7525, ext. 4814, or by
email at Syndicate@leerink.com. The common shares offered and sold
pursuant to the Offering will only be offered and sold in
the United States.
Assuming successful completion of the Offering,
the Company intends to use the net proceeds of the Offering (i) to
complete the TIARA-I Feasibility Study; (ii) to initiate a U.S.
Investigational Device Exemption Study for Tiara; (iii) to further
develop and refine Tiara; (iv) to advance the commercialization of
Reducer in Europe; (v) to initiate
a U.S. Investigational Device Exemption Study for Reducer; and (vi)
for general corporate purposes.
Closing of the Offering will be subject to
customary closing conditions, including listing of the common
shares on the TSX and NASDAQ and any required approvals of each
exchange.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any province, state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such province, state or jurisdiction. None of the underwriters
of the offering is registered as a dealer in any Canadian
jurisdiction and accordingly, the Underwriters will only sell the
offered shares in the United
States.
About Neovasc Inc.
Neovasc is a specialty medical device company that develops,
manufactures and markets products for the rapidly growing
cardiovascular marketplace. Its products include the Tiara™
technology in development for the transcatheter treatment of mitral
valve disease, the Neovasc Reducer™ for the treatment of refractory
angina and a line of advanced biological tissue products that are
used as key components in third-party medical products including
transcatheter heart valves.
Statements contained herein that are not based
on historical or current fact, including without limitation
statements containing the words "anticipates," "believes," "may,"
"continues," "estimates," "expects," and "will" and words of
similar import, constitute "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and Canadian securities laws. Such forward looking statements
involve known and unknown risks, uncertainties and other factors
that may cause the actual results, events or developments to be
materially different from any future results, events or
developments expressed or implied by such forward-looking
statements. Such factors include, among others, the following:
general economic and business conditions, both nationally and in
the regions in which the Company operates; the closing of the
Offering; regulatory approvals of the Offering; the merits and the
Company's defence of the lawsuit filed by CardiAQ, our anticipated
use of proceeds from any financings, a history of losses and lack
of and uncertainty of revenues, ability to obtain required
financing, receipt of regulatory approval of product candidates,
ability to properly integrate newly acquired businesses, technology
changes; competition; changes in business strategy or development
plans; the ability to attract and retain qualified personnel;
existing governmental regulations and changes in, or the failure to
comply with, governmental regulations; liability and other claims
asserted against the Company; and other factors referenced in the
Company's filings with Canadian securities regulators. No
assurances can be given as to the future results, approvals or
achievements. Given these uncertainties, readers are cautioned not
to place undue reliance on such forward-looking statements. The
Company does not assume the obligation to update any
forward-looking statements except as otherwise required by
applicable law.
SOURCE Neovasc Inc.