Vancouver's Neovasc Inc. (TSX-V:NVC) is postponing its plans to list its shares in the U.S. so that it can focus its financial resources on the development and commercialization of its vascular medical devices.
The move is part of a strategic plan to reduce the company's discretionary spending. Neovasc estimated it would have spent at least $200,000 a year in financial and administrative costs to maintain a U.S. stock listing and fulfil all the reporting requirements under the U.S. Exchange Act and the Sarbanes Oxley Act of 2002.
The company plans to redirect the funds to its Neovasc Reducer, a device to treat refractory angina.
Neovasc's share price range during the past week: between $0.38 and $0.40; 52-week high: $3.03; 52-week low: $0.05.