Richmond, Ontario-based Neovasc Inc., a developer of minimally invasive transcatheter mitral valve replacement technologies and minimally invasive devices for the treatment of refractory angina, issued a final convertible note in the principal amount $1 million to Strul Medical Group LLC. Following the earlier issuance to Strul of a convertible note in the principal amount of $4 million and 2,573,959 warrants, the company has raised aggregate gross proceeds of $5 million. Neovasc intends to use the net proceeds for the development and commercialization of the Neovasc Reducer, development of the Tiara and general corporate and working capital purposes.

Bethlehem, Pa.-based Orasure Technologies Inc. reported the full exercise by the underwriters of their option to purchase an additional 1.2 million shares of its common stock in connection with the company’s previously reported offering that priced June 2. In total, 9.2 million shares of common stock are being sold in the offering. With the exercise by the underwriters of their option to purchase additional shares, after the underwriting discount and estimated offering expenses, Orasure expects to receive net proceeds of about $94.9 million. The offering is expected to close June 5. J.P. Morgan Securities LLC, Citigroup and Evercore Group L.L.C. are acting as joint book‑running managers of the offering and as representatives of the underwriters. UBS Investment Bank and Raymond James & Associates Inc. are acting as comanagers of the offering. The company plans to use the net proceeds to expand its manufacturing capacity, fund potential acquisitions and back the development, commercialization and manufacturing costs related to its products and for general corporate purposes.

Seoul, South Korea-based SK Telecom has invested $20 million in Neve Ilan, Israel-based Nanox, enabling the medical imaging company to close a $51 million funding round. This investment brings to $80 million the amount raised from strategic partners Foxconn, Fujifilm and others, Nanox said. In addition, the company and SK are collaborating to increase accessibility to medical imaging by deploying 2,500 Nanox systems in South Korea and Vietnam in 2021. The deployment is subject to obtaining regulatory clearances. Nanox also intends to establish a South Korean subsidiary. The company’s product is composed of a digital X-ray device and cloud-based software designed to provide an end-to-end medical imaging service. It is meant to promote early detection of medical conditions that are discoverable by X-ray, CT, mammography, fluoroscopy and angiogram.

Varex Imaging Corp., of Salt Lake City, reported that it intends to offer $150 million aggregate principal amount of its convertible senior notes due 2025 in a private offering to qualified institutional buyers. In connection with the offering, Varex expects to grant the initial purchasers a 13-day option to purchase up to an additional $22.5 million aggregate principal amount of notes. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Varex said the net proceeds will be used to partially repay existing indebtedness under its credit agreement, Varex develops X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems.

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