Neovasc Reports Development Progress, Streamlined Operations and Issuance ... (focusing onredundancies in the three org...)

Neovasc Reports Development Progress, Streamlined Operations and Issuance of Options

Date:11/3/2008

focusing on redundancies in the three organizations, management believes that these staff reductions will increase efficiencies without impacting product development operations or timelines. Neovasc also announced the appointment of Prof. Shmuel Banai, an internationally recognized interventional cardiologist and researcher, as Medical Director of Neovasc. Prof. Banai had overall responsibility for the initial development of the company's Reducer and Ostial product candidates and brings more than 25 years of leadership in the interventional cardiology field to Neovasc.

Issuance of Options

On October 31, 2008 the company granted options to its employees, senior officers and directors to acquire a total of 1,157,077 common shares of Neovasc at an exercise price of $1.15 per share expiring on October 31, 2013. Alexei Marko, CEO of Neovasc was granted 290,250 options and CFO Chris Clark was granted 118,750 options. Neovasc directors Paul Geyer, Dr. Jane Hsiao, Steven Rubin and Douglas Janzen were each granted 15,000 options, and directors Dr. William O'Neill and Boaz Lifschitz were each granted 10,000 options. The options will vest 20% immediately and 20% on each anniversary of the grant date for the next four years. The market price at close of previous day was $0.28. The grant of these options is in accordance with the existing stock option plan.

About Neovasc Inc

Neovasc Inc. (formerly Medical Ventures Corp.), is a new specialty vascular device company that develops, manufactures and markets medical devices for the rapidly growing vascular and surgical marketplace. Neovasc is comprised of the former Medical Ventures, Neovasc Medical Ltd. and B-Balloon Ltd. The company's current products include Metricath(R) for intravascular measurement and PeriPatch(TM) surgical tissue and staple line reinforcement products. Neovasc has a development pipeline of innovative new products, and provides contract medical device development and manufacturing s
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Neovasc Reports Development Progress, Streamlined Operations and Issuance ...(focusing onredundancies in the three org...),Health