Published On: Tue, Nov 4th, 2014

Israeli Venture Capital Peregrine Sells 30% of Neovasic for $12 Million


Israeli venture capital firm Peregrine Ventures has unloaded 30% of its ownership in the Canadian medical device company Neovasic for $12 million. Fidelity purchased the stake in Neovasic taking 2 million of its 6.7 million shares at a price of $6 per share while Peregrine retained ownership of the remaining 70% of the company.

Formed in 2008 and headquartered in Vancouver, the company was created by Peregrine Ventures which orchestrated the merger of two of its Israeli portfolio companies, Neovasc Medical Ltd. and B-Balloon Ltd. with Medical Ventures Corporation, which was already a publicly-traded Canadian company that specialized in medical devices for the vascular and surgical market.

Neovasic calls itself a specialty company that develops, manufactures and markets products for the cardiovascular marketplace. Its products include the Tiara technology in development for the trans-catheter treatment of mitral valve disease, the Neovasic Reducer for the treatment of refractory angina and a line of advanced biological tissue products that are used as key components in third-party medical products including trans-catheter heart valves.

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.”

Peregrine Ventures, a leading Israeli venture capital fund for early stage investments, is focused on investing in promising early stage High-tech companies with a strong emphasis in Life Sciences, Telecommunications and Information Technology.

Collaborating with entrepreneurs, Peregrine, together with Incentive – Peregrine’s Technological Incubator, has earned a reputation for cultivating innovative technologies into lucrative companies with significant global presence.

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