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Neovasc Inc. Reports Year 2008 Financial Results
Date:4/24/2009

    --Major Actions Implemented During 2008 Position the Company for Future
    Growth--

    TSX Venture Exchange: NVC

VANCOUVER, April 24 /PRNewswire-FirstCall/ - Neovasc Inc. (TSXV: NVC), today announced financial results for the year ended December 31, 2008.

"The fundamental changes Neovasc implemented during the past year have involved hard choices, but we believe they have resulted in a lean and highly focused company that is well-positioned for the future," said Neovasc chief executive officer Alexei Marko. "We have wrung major costs out of every part of the firm, from closing facilities and reducing headcount to shelving those products and distribution channels with little chance of contributing meaningfully to near-term growth. Going forward, we are concentrating on those business segments with the greatest growth potential over the next 18 months and where we believe we can be successful without incurring significant costs. These include our tissue business, which in 2009 should benefit from our recent distribution agreement with vascular leader LeMaitre Vascular, as well as from other agreements with strategic partners that are in place or under discussion."

Mr. Marko continued, "We remain very optimistic about the clinical and commercial potential of our Reducer(TM) stent, a development stage product with the potential to revolutionize the treatment of refractory angina, which currently affects over two million patients, and we look forward to filing a CE Mark application for this important product during 2009. We continue to be proactive in seeking near-term revenue opportunities that are synergistic with our current business and that provide strong returns on investment. We believe our current businesses and our revamped strategy play to Neovasc's strengths, and we look forward to reporting on our progress over the course of the year."

Neovasc chief financial officer Chris Clark noted, "Actions
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SOURCE Neovasc Inc.
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