March 13, 2019 / 11:10 AM / 8 months ago

BUZZ-Neovasc Inc: U.S.-listed shares drop on discounted offering

** U.S.-listed shares of specialty medical device firm plunge 18 pct to $0.43 premarket and are the most traded across U.S. exchanges before the bell

** Co aims to mop up ~$5 mln by pricing a public offering of 11.1 mln shares at 45 cents/shr, a 14.8 pct discount to Tuesday’s close

** NVCN intends to use net proceeds of the offering 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

** Wednesday’s announcement comes about two weeks after the pricing of a similar offering, which sent shares down 28.6 pct at the time

** In the year to Tuesday’s close, the U.S.-listed stock has fallen 12.4 pct, after a ~99 pct decline in 2018 (Reporting by Aaron Saldanha in Bengaluru)

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