$NVCN Neovasc Provides a General Update, Announces
Post# of 4446
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NEWS PROVIDED BY
Neovasc Inc.
Apr 30, 2018, 17:26 ET
NASDAQ, TSX: NVCN
VANCOUVER, April 30, 2018 /PRNewswire/ - Neovasc Inc. ("Neovasc" or the "Company"
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Operational Highlights
Implanted an additional six Tiaras™ ("Tiaras"
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Corporate Highlights
Received additional US$4.7 million in proceeds from investor-initiated exercises of Series C warrants (the "Series C Warrants"
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The Company has filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (the "SEC"
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The Company has completed six Tiara implants since March 28, 2018, the date of its last update; four for the Tiara-II study in Europe ("TIARA-II"
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Furthermore, the Company remains on schedule for the first, small animal feasibility study for the transfemoral, trans-septal Tiara version in the first half of May 2018.
The Company reports that the Reducer was presented in several new publications:
EMH Media (Schweizerischer Ärzteverlag), Cardiovascular Medicine, 2018/04, Coronary Sinus Reducer Case Report, Dr. Kahr, at all, University Hospital of Zurich.Journal of the American College of Cardiology ("JACC"
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The Company has received an additional US$4,666,099 in proceeds from investor-initiated exercises of an additional 3,195,958 of the Series C Warrants. 10,273,972 Series C Warrants were originally issued in the 2017 Public Transaction, and 2,192,748 remained issued and outstanding at the close of business on April 24, 2018. Each Series C Warrant may be exercised at an exercise price equal to US$1.46(subject to adjustment) at any time prior to 11:59 p.m. (New York time) on November 18, 2019 for a Series C unit (a "Series C Unit"
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At the close of business on April 24, 2018, there were 1,251,641 Series B Warrants outstanding and 2,192,748 Series B Warrants issuable upon exercise of the remaining Series C Warrants outstanding, if those Series C Warrants are exercised, 33,757,592 Series A Warrants outstanding and 2,192,748 Series A Warrants issuable upon exercise of the remaining Series C Warrants outstanding, if those Series C Warrants are exercised, 22,431,507 Series E warrants (the "Series E Warrants"
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There were 1,681,060,920 Common Shares issued and outstanding at the close of business on April 24, 2018. The decline in our share price since our last earnings call has led to the future-priced warrants and Notes outstanding as at that date being more dilutive than estimated at the time of the earnings call.
The Company is continuing its efforts to reduce the warrant overhang of the last financing. The Company will also be seeking shareholder approval at the next Annual and Special General Meeting, scheduled for June 4, 2018, to carry out a share consolidation at an appropriate time. Further information will be contained in the Management Information Circular for the Annual and Special General Meeting. Management believes that this is the only path forward to re-establish compliance with the US$1.00 minimum bid price requirement for listing on the Nasdaq Capital Market.
The Company announced that it will report financial results for the quarter ended March 31, 2018 and host a conference call and webcast at 4:30pm Eastern Time on Thursday, May 10, 2018. Management will provide a full update, including further discussion on these matters, during the call and in its filings.
Conference Call & Webcast
Thursday, May 10th @ 4:30pm Eastern Time
Domestic:
800-239-9838
International:
323-794-2551
Passcode:
9386338
Webcast:
http://public.viavid.com/index.php?id=129196
Replays available through May 24th:
Domestic:
844-512-2921
International:
412-317-6671
Conference ID:
9386338
About the Securities Issued in the November 2017 Financings
For details concerning the terms of the securities issued pursuant to the 2017 Public Transaction and concurrent private placement (together with the 2017 Public Transaction, the "2017 Financings"
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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 Reducer, for the treatment of refractory angina, which is not currently available in the United States and has been available in Europe since 2015, and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada and Europe. For more information, visit: www.neovasc.com.
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