On May 19, a U.S. court found in favour of a U.S. company, CardiAQ, which alleged Neovasc had breached non-disclosure and trade secrets agreements. The court awarded CardiAQ US$70 million for the breaches.
Neovasc’s shares fell 74% May 20, from $2.40 to $0.62 per share in mid-day trading.
"Regrettably, the jury trial phase of this lawsuit was not resolved to our satisfaction,” Neovasc CEO Alexei Marko said in a press release.
“We will be exploring our options regarding post-trial motions in the trial court and, potentially, the appellate process.”
Neovasc is one of B.C.’s life sciences success stories. The medical device maker developed a heart valve called the Tiara. Following successful implants in patients, Neovasc’s share value soared, as much a 400% between 2012 and 2014. In 2014, it graduated from the TSX Venture exchange to the big board and also listed on the Nasdaq.
Last year it raised US$87 million in equity. The company’s shares peaked at $12 per share in early 2015.
