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Fidelity buys part of Peregrine’s stake in Neovasc for $12 mln

Peregine Ventures has sold about 30 percent of its stake in Neovasc to Fidelity Investments for $12 million. According to the details of the transaction, Peregine sold two million of its 6.7 million Neovasc shares at $6 per share. Based in British Columbia, Neovasc, which currently trades on the NASDAQ and on the Toronto Stock Exchange under the ticker symbol “NVCN,” provides medical devices for the vascular and surgical market.

PRESS RELEASE

Or Yehuda, Israel, November 3, 2014 – Israeli venture capital fund Peregrine Ventures, which specializes in seed and early-stage ventures, has sold around 30% of its holdings in medical devices company Neovasc Inc. to the investment firm Fidelity Select Portfolios: Medical Equipment & Systems Portfolio, for $12 million. Peregrine sold two million of the 6.7 million Neovasc shares it held at $6.00 per share. Approximately 4.7 million Neovasc shares, which comprise around 70% of Peregrine’s original stake in Neovasc, are still held by Peregrine. These holdings are currently worth around $27.5 million. Neovasc’s current market cap is around $315 million.

Neovasc Inc. is traded on NASDAQ under the ticker “NVCN” and on the Toronto Stock Exchange (TSX) under the ticker “NVC”. The specialty medical device company develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Neovasc Inc., headquartered in Vancouver, British Columbia, Canada, 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.

“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,” said Eyal Lifschitz, Founding General Partner of Peregrine Ventures. He added, “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.”

About Peregrine Ventures
Peregrine Ventures (http://www.peregrinevc.com/), Israel’s leading venture capital fund for early-stage investments, is focused on investing in promising early stage High-tech companies with a strong emphasis in the life sciences, telecommunications and information technology.

Peregrine manages $42 million and invests in the life sciences, communications, information technology and cleantech. The fund, which was founded and is managed by Eyal and Boaz Lifschitz, owns Incentive Incubator, Israel’s leading technology incubator. Peregrine’s portfolio companies include Valtech, NLTSPINE, CartiHeal, CardioGard, Rocketick, Zuznow, MarketYze and more.