OPKO Health Inc. has made an investment in Neovasc Inc., a medical technology company based in Vancouver, Canada. Neovasc is developing unique devices to treat cardiovascular diseases and is also a leading supplier of tissue components for the manufacturers of replacement heart valves.
OPKO invested $2 million and received two million Neovasc common shares, and two-year warrants to purchase an additional one million shares for $1.25 a share. OPKO has also entered into an agreement with Neovasc to provide strategic advisory services to Neovasc as it continues to develop and commercialize its novel cardiac devices.
"Neovasc is developing a new reducing stent for the treatment of refractory angina pectoris," says Phillip Frost, M.D., OPKO's Chairman and Chief Executive Officer. "The COSIRA trial for Neovasc's innovative stent, designed to support marketing approval in Europe, is proceeding well. Neovasc is also engaged in pre-clinical animal testing of a new mitral valve to be inserted transcutaneously, avoiding open heart surgery. Although transcutaneously inserted aortic valves are now available and enjoy significant sales, attempts to develop a mitral valve to be inserted in this manner have not, to our knowledge, been successful. The company's base biological tissue supply business is doing well and growing. We are pleased to secure a stake in this promising company."