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Neovasc to Raise $2 Million in Non-Brokered Private Placement
Date:3/30/2009

    --Proceeds Will Advance Key New Products Including Completing CE Mark
    Application for the Reducer(TM) Stent--

VANCOUVER, March 30 /PRNewswire-FirstCall/ - Neovasc Inc. (TSXV: NVC) today announced that it intends to undertake a non-brokered private placement of approximately 9.52 million units at the price of $0.21 per unit for aggregate gross proceeds of $2.0 million. The proceeds of the offering will be used for continued development of a suite of new products and to help fund continuing operations. The completion of the private placement is subject to TSX Venture Exchange approval and the execution of definitive documentation with investors. The securities issued pursuant to the offering will be subject to a four-month hold period from the date of issuance. The private placement is led by members of the Frost Group, LLC.

Each unit consists of one common share of Neovasc stock and one-half of one common share purchase warrant of Neovasc stock. Each whole warrant will entitle the holder thereof 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. All of the proceeds will be placed with company insiders.

"This financing provides us with additional operating flexibility to advance the products that we expect to be key growth drivers for Neovasc, especially our innovative Reducer(TM) stent for the treatment of refractory angina," said Alexei Marko, chief executive officer of Neovasc. "We are pleased at the confidence in Neovasc evidenced by the participation of insiders in this financing, which strengthens our ability to execute on the focused strategy we implemented late last year."

About Neovasc Inc.

Neovasc Inc. is a new specialty vascular device company that develops, manufactures and markets medical devices for the rapidly growing vascular and surgical marketplace. The company'
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SOURCE Neovasc Inc.
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