Financing to Advance Commercialization of Expanded Portfolio of Vascular
VANCOUVER, British Columbia, July 2 /PRNewswire/ -- Neovasc Inc. (TSXV: NVC), formerly Medical Ventures Corp. (TSXV: MEV), a company developing and marketing innovative specialty vascular devices, today announced its name change and the expansion of its product portfolio, as the company completed the acquisition of two vascular product development companies and the closing of an $8.3 million private financing. The company's previously announced share consolidation is also now in effect. Each of these proposed actions was approved by more than 99% of eligible Medical Ventures shareholders in a special vote on June 3, 2008.
With the closing of the acquisitions of Neovasc Medical Ltd. and B-Balloon Ltd., both pre-commercial stage medical device companies based in Israel, Neovasc Inc. has significantly expanded its new product pipeline. This pipeline includes a specialized stent for the treatment of refractory angina, a disabling condition with no effective therapies that affects two million patients in the U.S. alone, as well as devices designed to improve the treatment of commonly occurring ostial lesions in the coronary and peripheral arteries.
"Our existing suite of innovative vascular products is now enhanced with a number of late-stage and longer-term development products that we believe have significant commercial potential, further positioning our newly expanded company for growth," said Alexei Marko, chief executive officer of Neovasc. "The new funds from our successful financing will enable us to further strengthen our sales and marketing efforts and to accelerate the commercialization of our new products."
Christopher Clark, chief financial officer of Neovasc, added, "As we
focus on bringing our new products to market and growing our revenues, we
will continue to assess the optimal time for Neovasc to apply for
|SOURCE Neovasc Inc.|
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