Peregrine Ventures has sold a 30% stake in Neovasc Inc (Nasdaq: NVCN; TSX: NVC) to investment firm Fidelity for $12 million. Israeli venture capital firm Peregrine sold two million of the 6.7 million Neovasc shares it held at $6 per share. Peregrine continues to hold about 4.7 million Neovasc shares, about 70% of its original stake in Neovasc. These holdings are currently worth around $27.5 million.Neovasc, which develops, manufactures and markets products for the rapidly growing cardiovascular marketplace has a market cap of roughly $315 million.
Headquartered in Vancouver, British Columbia, Canada, Neovasc was created through a merger led by Peregrine Ventures in July 2008. Two of Peregrine’s Israeli portfolio companies, Neovasc Medical Ltd. And B-Balloon Ltd., merged with Medical Ventures Corporation, a publicly-traded Canadian company which specializes in medical devices for the vascular and surgical market.
Peregrine Ventures Founding General Partner Eyal Lifschitz said, “The fact that, following this transaction we continue to hold around 70% of our original holdings in Neovasc demonstrates our deep trust in the future of this promising company. Israel is a world leader in the development of medical devices especially in the cardiovascular field. Numerous groundbreaking technologies in those fields were developed in Israel by Israeli companies. These companies yield high value to both entrepreneurs and investors and generate extraordinary returns for investors all over the world.”
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014