Employees, directors and officers with Neovasc Inc. (TSX:NVC, Nasdaq:NVCN) will be cashing in on a public share offering that is expected to net them US$12 million and the company US$64 million
The Vancouver medical device company's shares shot up 30% in value to $11.49 per share on the TSX January 29 on the announcement that it would increase the number of shares that it had previously announced it would sell in a public offering.
On January 26, the company – which is listed on both the TSX and Nasdaq – announced a public offering of 8 million common shares.
Demand was so high, the company announced on January 29 that it would increase the offering to 10.5 million shares at US$7.19 per share.
The announcement boosted the company’s stock value by 25% on the Nasdaq to US$9 per share and by 30% on the TSX.
The company is planning to use profits from the share sale to complete an ongoing human trials of its Tiara artificial heart valve and commercialize it and other Neovasc products.
Last year the company received approval to use the Tiara in patients in the U.S., Canada and Belgium to replace faulty mitral valves in patients suffering from severe mitral regurgitation, a condition that can lead to heart failure.
The stock market darling of a company is also facing a lawsuit alleging that it stole another company’s intellectual property.
