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Neovasc Inc. Reports Third Quarter Fiscal Year 2008 Financial Results
Date:12/1/2008

         -- Product Sales More Than Doubled Over Prior Year Quarter --
          -- Fully Integrated New Company has Streamlined Operations
                       and Sharpened Commercial Focus --

TSX Venture Exchange: NVC

RICHMOND, BC, Dec. 1 /PRNewswire-FirstCall/ - Neovasc Inc. (TSXV: NVC), a new specialty vascular device company, today announced financial results for the third quarter and nine months ended September 30, 2008.

Neovasc Chief Executive Officer Alexei Marko noted, "These third quarter results, which reflect the first period of Neovasc's operations as a fully consolidated company, include encouraging signs of progress while also reflecting significant one-time, non-recurring charges and expenses associated with the acquisition and integration of the two Israeli companies now combined into Neovasc. We made important gains during the quarter in integrating our three constituent companies into one well-functioning unit, including significantly streamlining our operations for greater efficiency and maximum effectiveness. We also actively participated in several major interventional cardiology conferences during the quarter, working with key opinion leaders to conduct a number of educational programs that were well-received and reflect the increased marketing focus that we view as essential to our future growth. Our goal is to strengthen our positioning as an innovative vascular intervention company with an exciting pipeline of products and technologies, and we will continue to focus on advancing our existing and new products and expanding our commercial reach."

Financial Results

Results for the three and nine months ended September 30, 2008 follow. All amounts are in Canadian dollars.

Revenues

During the third quarter, revenues increased 169% year-over-year from $218,840 for the quarter ended September 30, 2007 to $587
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SOURCE Neovasc Inc.
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