TSX Venture Exchange: NVC
VANCOUVER, Jan. 27 /CNW/ - Neovasc announced today that on January 26,
2011 the company's board of directors granted a total of 1,293,000
options to Neovasc directors and management. The options have an
exercise price of $1.00, equivalent to the Neovasc's closing market
price of $1.00 on January 26, 2011. Of these options 415,000 will vest immediately and 878,000 will vest on December 31, 2011, upon
management achieving certain performance milestones established by the
board of directors.
Neovasc Chairman Paul Geyer commented, "Neovasc has made significant
progress in growing revenues and advancing its new product pipeline
over the past year. The majority of these new options are contingent on
the company's success in achieving ambitious objectives over the next
12 months that we expect will create both near and longer term value
for Neovasc and our shareholders."
As of January 26, 2011 Neovasc had 691,736 options available for grant
in its 10% rolling option plan, as approved by the shareholders at the
last Annual General Meeting. To the extent that the number of options
granted exceeds the options currently available under the plan, the
issuance and exercise of these options are subject to specific approval
by the shareholders, as well as the adoption and approval of a 20%
fixed option plan by disinterested shareholders at the next Annual
General Meeting to be held in June 2011. Review and approval by the TSX
Venture Exchange are also required.
About Neovasc Inc.
Neovasc Inc. is a specialty vascular device company that develops,
manufactures and markets medical devices for the rapidly growing
vascular and surgical marketplace. The company's current products
include the Neovasc Reducer™, a novel product in development to treat
refractory angina, as well as a line of advanced biological tissue
technologies that are used to enhance surgical outcomes and as key
components in a variety of third-party medical products such as
transcatheter heart valves. For more information, visit: www.neovasc.com.
Statements contained herein that are not based on historical or current
fact, including without limitation statements containing the words
"anticipates," "believes," "may," "continues," "estimates," "expects,"
and "will" and words of similar import, constitute "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause
the actual results, events or developments to be materially different
from any future results, events or developments expressed or implied by
such forward-looking statements. Such factors include, among others,
the following: general economic and business conditions, both
nationally and in the regions in which the Company operates; history of
losses and lack of and uncertainty of revenues, ability to obtain
required financing, receipt of regulatory approval of product
candidates, ability to properly integrate newly acquired businesses,
technology changes; competition; changes in business strategy or
development plans; the ability to attract and retain qualified
personnel; existing governmental regulations and changes in, or the
failure to comply with, governmental regulations; liability and other
claims asserted against the Company; and other factors referenced in
the Company's filings with Canadian securities regulators. Although the
Company believes that expectations conveyed by the forward-looking
statements are reasonable based on the information available to it on
the date such statements were made, no assurances can be given as to the future results, approvals or
achievements. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. The Company
does not assume the obligation to update any forward-looking statements
except as otherwise required by applicable law.
SOURCE Neovasc Inc.
For further information:
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GendeLLindheim BioCom Partners