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news.Neovasc, formerly Medical Ventures, has changed its name and expanded product portfolio, as the company completed the acquisition of two vascular product development companies and the closing of an $8.3 million private financing.
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With the closing of the acquisitions of Neovasc Medical and B-Balloon, both pre-commercial stage medical device companies based in Israel, Neovasc 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 US alone, as well as devices designed to improve the treatment of commonly occurring ostial lesions in the coronary and peripheral arteries.
New investors in the $8.3 million private financing included The Frost Group and Israel-based Peregrine Ventures.
Alexei Marko, CEO of Neovasc, 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.”