Medical Ventures, a developer and marketer of specialty vascular devices, has changed its name to Neovasc and expanded its product portfolio, as the company completed the acquisition of two vascular product development companies.
The Vancouver, British Columbia-based company said it also closed its $8.3 million private financing.
With the closing of the acquisitions of Neovasc Medical and B-Balloon, both pre-commercial stage medical device companies based in Israel, Neovasc has expanded its new product pipeline. The pipeline now includes a stent for the treatment of refractory angina, as well as devices designed to improve the treatment of commonly occurring ostial lesions in the coronary and peripheral arteries, the company said.
“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,” said Alexei Marko, CEO of Neovasc.
New investors in the $8.3 million private financing included the Frost Group, led by Phillip Frost, MD, and Israel-based Peregrine Ventures.
The Medical Ventures board of directors have retired, but former director Gene Starr will continue to serve as an active advisor on the new Neovasc board.
On closing the transactions, the new company said its issued share capital is about 18 million shares (23 million fully diluted), including approximately 12 million shares, warrants and options issued in connection with the acquisitions of Neovasc Medical and B-Balloon, approximately three million shares and warrants issued in conjunction with the private financing and just under two million incentive options available under a 10 percent rolling plan.