A Medical Device Daily

Neovasc (Vancouver, British Columbia) reported that it has completed a previously announced non-brokered private placement of roughly 9.52 million units at the price of $0.21 per unit for aggregate gross proceeds of $2 million.

The proceeds of the offering will primarily be used to complete the company's CE-mark application for the Neovasc Reducer product, a stent for the treatment of refractory angina, and to help fund continuing operations.

The securities issued pursuant to the offering will be subject to a four-month hold period in Canada from the date of issuance.

Each unit consists of one common share of Neovasc and one-half of one common share purchase warrant of Neovasc. Each whole warrant entitles the holder thereof to purchase one common share of Neovasc at the exercise price of 30 cents per share for a period of one year after the closing date of the offering.

The majority of the offering was placed with existing investors, including members of the Frost Group LLC and company management.

"This financing will enable us to complete key development activities central to the growth of our business, most importantly filing for European regulatory approval to market our Reducer stent, which has the potential to become one of the first effective treatments for refractory angina, a debilitating condition affecting over two million patients in the U.S. and Europe," said CEO Alexei Marko. "We are now well positioned to execute on the focused growth strategy we implemented late last year."

In other financing news, Aware (Bedford, Massachusetts), a supplier of broadband technology and biometrics software, reported the final results of its modified Dutch Auction tender offer, which expired at 5 p.m. EDT on April 17.

In accordance with the terms and conditions of the tender offer, Aware has accepted for purchase 3,500,252 shares of its common stock (including the associated preferred share purchase rights) at a purchase price of $2.50 per share, for a total cost of $8,750,630 (excluding fees and expenses relating to the tender offer). The shares accepted for purchase represent about 15% of Aware's outstanding shares of common stock as of April 22, 2009.

Based on the final count by Computershare Trust Co., the depositary for the tender offer, a total of 3,500,252 shares of common stock (including shares tendered by notice of guaranteed delivery and the associated preferred share purchase rights) were properly tendered and not withdrawn at a price of $2.50 per share or less. Accordingly, there will be no proration of tenders received in the tender offer.

The shares purchased in the tender offer include the 3.5 million shares Aware offered to purchase and 252 shares that Aware elected to purchase pursuant to its right to purchase up to an additional 2% of the shares outstanding immediately prior to the commencement of the tender offer.

Payment of the shares accepted for purchase, and the return of all other shares tendered but not accepted for payment, will be made promptly by the depositary. As a result of the completion of the tender offer, immediately following payment for the tendered stock, Aware expects that some 19,780,952 shares of its common stock will be issued and outstanding.

Georgeson Securities was dealer manager for the tender offer and the information agent was Georgeson.