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Neovasc Inc. Reports Second Quarter 2009 Financial Results
Date:8/19/2009

and cash equivalents of $2,498,439 at December 31, 2008. In addition, at June 30, 2009, the company had restricted cash related to a security on long-term debt of $50,000 included in long-term assets. At June 30, 2009, the company had working capital of $1,168,101, as compared to working capital of $2,123,519 at December 31, 2008. The decrease in working capital during the six months ended June 30, 2009 was predominantly due to a decline in cash and an increase in accounts receivable and in accounts payable associated with the growth in operations from the expansion of our tissue business and the development of the Neovasc Reducer. Cash used in operations was $1,593,864 and $3,108,346 for the three and six months ended June 30, 2009 respectively, as compared to $1,527,982 and $3,327,793 for the same periods of 2008. The decrease in cash usage for the six months ended June 30, 2009 as compared to the same period of 2008 is primarily the result of the company's decrease in marketing expenses in 2009. The company made minimum equipment purchases in both periods and investing activities were minimal. Net cash provided from financing activities was $1,962,399 and $1,958,923 for the three and six months ended June 30, 2009, compared to cash used of $9,920 and $16,418 in the same periods in 2008. On April 23, 2009, the company completed a non-brokered private placement of 9,523,810 units at the price of $0.21 per unit for aggregate gross proceeds of $2,000,000. Each unit consisted of one common share of Neovasc stock and one-half of one common share purchase warrant of Neovasc stock. Each whole warrant entitles the holder to purchase one common share of Neovasc stock at the exercise price of $0.30 per share for a period of one year after the closing date of the offering. Share issue costs were $20,314.

    Neovasc Inc. (formerly Medical Ventures Corp.)
    Consolidated Balance Sheets

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SOURCE Neovasc Inc.
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