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OPSENS INC. ANNOUNCES $10 MILLION BOUGHT DEAL OFFERING

 

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Québec City, Canada, December 1^st, 2022 – OpSens Inc. (“OpSens” or the “Company”) (TSX:OPS) (OTCQX:OPSSF) announced today that it has entered into an agreement with a syndicate of underwriters led by Stifel GMP (the “Lead Underwriter” and together with the syndicate of underwriters, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase on a bought deal basis 5,263,158 common shares of the Company (the “Common Shares”) at a price of $1.90 per Common Share (the “Offering Price”) for gross proceeds of approximately $10,000,000 (the “Offering”).

The Underwriters have also been granted an option (the “Over-Allotment Option”), exercisable in whole or in part and from time to time, at any time until 30 days after the closing date of the Offering, to purchase from the Company up to an additional 789,474 Common Shares at the Offering Price for additional gross proceeds of up approximately $1,500,000 to the Company. If the Over-Allotment Option is exercised by the Underwriters in full, aggregate gross proceeds of the Offering (including the Over-Allotment Option) will be approximately $11,500,000.

The Common Shares will be offered by way of a short form prospectus to be filed in all of the provinces of Canada pursuant to Regulation 44-101 respecting Short Form Prospectus Distributions (National Instrument 44-101 Short Form Prospectus Distributions outside of Québec) and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

Louis Laflamme, President & CEO, commented “We are encouraged by the positive feedback received on the first commercial steps for the SavvyWire for transcatheter aortic valve replacement procedures in U.S., Canada and New Zealand.  This financing supports our growth strategy for SavvyWire, OptoWire, business partnerships and R&D activities”.

The Offering is expected to close on or about December 22, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About OpSens Inc. ( www.OpSens.com or www.OpSensmedical.com )

OpSens focuses mainly on cardiology. The Company offers an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access. The OptoWire has been used in the diagnosis and treatment of more than 200,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan, and Canada.

OpSens has recently received FDA clearance and Health Canada approval to commercialize the SavvyWire for transcatheter aortic valve replacement procedures (TAVR). The TAVR procedure is growing rapidly globally, driven by the aging population and recent studies that demonstrate its benefits for a broader array of patients. The global TAVR market is currently estimated at over 200,000 procedures and is expected to reach 400,000 in 2027.

OpSens is also involved in industrial activities in developing, manufacturing, and installing innovative fiber optic sensing solutions for critical applications.

 Cautionary Note Regarding Forward-Looking Information 

All statements, other than statements of historical fact, contained in this press release including, but not limited to those relating to the Offering, the expected use of proceeds, the anticipated closing date of the Offering and the receiving of all necessary regulatory approvals, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. Certain important estimates or assumptions by the Company in making forward-looking statements include, but are not limited to, the successful closing of the Offering, and all requisite regulatory and stock exchange approvals being obtained. There can be no assurance that these assumptions will prove to be correct. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

 Further information regarding the Company is available in the SEDAR database (www.sedar.com) and on the Company’s website at: www.opsens.com

For further information:

Louis Laflamme, CPA, Chief Executive Officer, 418.781.0333

Robin Villeneuve, CPA, Chief Financial Officer, 418.781.0333

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