February 26, 2019 / 1:06 PM / 8 months ago

BUZZ-Neovasc: Slumps on deep-discounted $5 mln stock offering

(Updates, adds pricing details)

** U.S.-listed shares of Neovasc Inc slump nearly 30 pct premarket after co prices its overnight follow-on at a deep discount

** Specialty medical device firm offers 11.1 mln shares at $0.45, a 29 pct discount to stock’s Mon close, for gross raise of $5 mln

** Offering represents ~44 pct of co’s free float, per Refinitiv data

** Co intends to use the net proceeds mainly to develop and commercialize the Neovasc Reducer, and develop the Tiara

** The Reducer is aimed at treating refractory angina, while the Tiara is intended to treat mitral valve disease

** NVCN.O trading volume of ~500k shares makes stock 2nd most actively traded at 8:00 am ET

** In the year to Monday’s close, the stock has risen 4.5 pct, recouping a sliver of its 99 pct crash during 2018 (Reporting by Aaron Saldanha in Bengaluru, Lance Tupper in New York)

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