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Neovasc Inc. Reports First Quarter 2009 Financial Results
Date:6/1/2009

    --Company Focuses on Rebuilding Revenue Base While Stabilizing Costs--

    TSX Venture Exchange: NVC

VANCOUVER, June 1 /PRNewswire-FirstCall/ - Vancouver, BC, Canada - Neovasc Inc. (TSXV: NVC), today announced financial results for the three months ended March 31, 2009.

"The first quarter continued to show financial effects from our strategic decision late last year to refocus Neovasc on our most promising growth areas," said Alexei Marko, chief executive officer of Neovasc. "During this transition period we have been laying the groundwork to increase sales from our tissue product line and have continued to advance the development and approval process for our Reducer device for the treatment of refractory angina. Despite the fact that we started the year without a US distributor for our biological tissue products, sales for the quarter were only down slightly compared to last year. We have seen a significant ramp in sales since our agreement with LeMaitre Vascular came into effect and as we continue to grow our business supplying tissue to industry partners developing and manufacturing vascular devices. On the cost side, we have made good progress in reducing our cost structure and continue to focus on wringing unnecessary expense out of the business."

Mr. Marko continued, "Since the close of the quarter, we have had several encouraging developments: We successfully completed a non-brokered private placement of approximately $2.0 million to strengthen our cash position and earlier this month we reported very encouraging preliminary data from the three-year follow-up study of refractory angina patients implanted with our Neovasc Reducer(TM). Refractory angina is a painful and debilitating condition that affects millions of patients and currently lacks effective treatments. The preliminary three-year data indicates that the Reducer was very well tolerated and showed positive signs of efficacy in the majority of pa
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SOURCE Neovasc Inc.
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