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Neovasc Completes $2 Million Non-Brokered Private Placement
Date:4/24/2009

    - Proceeds Will Advance Key New Products Including Completing CE Mark
    Application for the Reducer(TM) Stent for Refractory Angina -

    TSX Venture Exchange: NVC

VANCOUVER, April 24 /PRNewswire-FirstCall/ - Neovasc Inc. (TSXV: NVC) today announced that it has completed a previously announced non-brokered private placement of approximately 9.52 million units at the price of $0.21 per unit for aggregate gross proceeds of $2.0 million. The proceeds of the offering will primarily be used to complete the company's CE mark application for the Neovasc Reducer(TM) product, an innovative stent for the treatment of refractory angina, and to help fund continuing operations. The securities issued pursuant to the offering will be subject to a four-month hold period in Canada from the date of issuance.

Each unit consists of one common share of Neovasc and one-half of one common share purchase warrant of Neovasc. Each whole warrant entitles the holder thereof to purchase one common share of Neovasc at the exercise price of $0.30 per share for a period of one year after the closing date of the offering. The majority of the offering was placed with existing investors, including members of the Frost Group LLC and company management.

"This financing will enable us to complete key development activities central to the growth of our business, most importantly filing for European regulatory approval to market our Reducer stent, which has the potential to become one of the first effective treatments for refractory angina, a debilitating condition affecting over two million patients in the United States and Europe," said Alexei Marko, chief executive officer of Neovasc. "We are now well positioned to execute on the focused growth strategy we implemented late last year."

About Neovasc Inc.

Neovasc Inc. is a new specialty vascular device company that develops, manufactures and markets medical device
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SOURCE Neovasc Inc.
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