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

offsetting recovery on the repayable contribution agreement of $320,445.

Liquidity and Capital Resources

The Company finances its operations and capital expenditures with cash generated from operations, lines of credit, long-term debt and equity financings. At December 31, 2008, the Company had cash and cash equivalents of $2,498,439 as compared to cash of $3,242,404 as of December 31, 2007. At December 31, 2008 the Company had working capital of $2,123,519 as compared to working capital of $3,431,266 at December 31, 2007. In addition, at December 31, 2008 the Company had restricted cash related to a security on long-term debt of $50,000 (December 31, 2007 - $50,000) included in long-term assets. Cash used in operations was $8,477,808 for the year ended December 31, 2008, as compared to $6,439,828 for the year ended December 31, 2007, an increase of $2,037,980. The increase in cash usage was related to the increase in expenses borne by the Company at the newly acquired operations in Israel and in increased sales and marketing expenditures.

    Neovasc Inc. (formerly Medical Ventures Corp.)
    Consolidated Balance Sheets
    As at December 31
    -------------------------------------------------------------------------

                                                          2008          2007
    -------------------------------------------------------------------------

    ASSETS

    CURRENT
      Cash and cash equivalents                   $  2,498,439  $  3,242,404
      Accounts receivable                              470,200       568,964
      Inventory                                        341,564       384,124
      Prepaid expenses and other assets                 52,356        18,755
    -------------------------------------------------------------------------
                                                     3,362,559     4,214,247
    RESTRICTED CASH AND CASH EQUIVA
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SOURCE Neovasc Inc.
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