--Warrants were Issued as Part of August 2011 Financing--
TSX Venture Exchange: NVC
VANCOUVER, April 25, 2013 /CNW/ - Neovasc Inc. ("Neovasc") (TSXV: NVC),
today announced the exercise of 1,835,000 common share purchase
warrants issued as part of the Company's August 2011 financing,
resulting in proceeds of $2,293,750 to Neovasc. In that financing,
Neovasc issued units that included 2,360,250 whole warrants entitling
the holders to purchase one common share of Neovasc stock at a price of
$1.25 for a period of up to two years after the close of the financing.
Participants in this exercise of warrants include OPKO Health, Inc. and
Of the total available warrants from the August 2011 financing, 81% have
been exercised by their holders. The remaining 457,750 warrants will
expire on August 16, 2013.
"We appreciate the continued confidence of our shareholders," said
Alexei Marko, chief executive officer of Neovasc. "We are proud of the
progress we have made since our 2011 financing in growing our
pericardial tissue business and in developing the Neovasc Reducer™ for
the treatment of refractory angina and the Tiara™ transcatheter mitral
valve replacement device. The exercise of these warrants awarded as
part of that financing strengthens our balance sheet and overall
financial position, further ensuring that we have sufficient near-term
resources to continue to advance these promising development programs."
About Neovasc Inc.
Neovasc Inc. is a specialty medical device company that develops,
manufactures and markets products for the rapidly growing global
cardiovascular marketplace. Its products include the Neovasc Reducer™
for the treatment of refractory angina and the Tiara™ transcatheter
mitral value replacement device in development for the treatment of
mitral regurgitation. In addition, Neovasc's advanced biological tissue
products are widely used as key components in a variety of third-party
medical products, such as transcatheter heart valves. For more
information, visit: www.neovasc.com.
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. 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; 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. Although the
Company believes that expectations conveyed by the forward-looking
statements are reasonable based on the information available to it on
the date such statements were made, 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.
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