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Medical Ventures Becomes Neovasc with Two Corporate Acquisitions and $8.3 Million Financing
Date:7/2/2008

a listing on the American Stock Exchange."

New investors in the $8.3 million private financing included The Frost Group, led by Dr. Phillip Frost, and Israel-based Peregrine Ventures. A number of existing investors, including Gagnon Securities and Neovasc chairman, Paul Geyer, also participated in the financing. Dr. Jane Hsiao and Steven Rubin of The Frost Group, Boaz Lifschitz of Peregrine Ventures and Dr. William O'Neill of the University of Miami's Miller School of Medicine, will be joining the Neovasc Board of Directors, along with Paul Geyer and current directors Alexei Marko and Douglas Janzen, president of Cardiome Pharma Corp. The other directors of Medical Ventures have retired from the Neovasc Board, but former director Gene Starr will continue to serve as an active advisor to the company.

On closing the transactions, the new company's issued share capital is approximately 18 million shares (23 million fully diluted), including approximately 12 million shares, warrants and options issued in connection with the acquisitions of Neovasc Medical Ltd. and B-Balloon Ltd., some three million shares and warrants issued in conjunction with the private financing and just under two million incentive options available under a 10% rolling plan.

None of the above securities have been or are expected to be registered under the United States Securities Act of 1933 and may not be offered or sold in United States except pursuant to exemptions from or registration under that Act. Neovasc expects to file a registration statement under the Securities Exchange Act of 1934 in the immediate future as a step towards a possible AMEX listing. The financing securities have a four month hold period in Canada; the other securities do not have a Canadian resale restrictive period.

About Neovasc Inc.

Neovasc Inc. (formerly Medical Ventures Corp.) develops, manufactures and markets medical devices for the rapidly growing vascular and surgical marketplac
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SOURCE Neovasc Inc.
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