-- Aegis Can Now Be Marketed for Use in European Union --
-- Neovasc Also Announces Senior Management
Changes and Issues Options --
VANCOUVER, Feb. 4 /CNW/ - Neovasc Inc. (TSXV: NVC), a new specialty
vascular device company, today announced that it has received CE mark approval
for Peripatch(TM) Aegis, its biocompatible product designed to reduce
complications from endoscopic surgery. This approval enables the company to
begin marketing Aegis products for sale in the European Union. Peripatch Aegis
is a buttressing material designed to reinforce the staple line and prevent
bleeding and leaks during bariatric and thoracic endoscopic surgical
procedures. Peripatch Aegis products will be marketed in Europe through
Neovasc's network of independent distributors.
"Leakage in endoscopic procedures can result in serious complications for
patients, so we specifically designed Peripatch Aegis to enable endoscopic
surgeons to reinforce surgical staple lines efficiently and effectively," said
Alexei Marko, chief executive officer of Neovasc. "We are pleased to have
received regulatory clearance to now make this superior product available to
surgeons in Europe."
Separately, Neovasc also announced changes to its senior management team.
The company is pleased to announce that Cynthia Roney has been appointed to
the expanded role of vice president, sales and marketing, adding the
responsibilities of the former position of vice president, sales to her
portfolio. In addition, Neovasc named Fabio De Pasquale as director,
regulatory affairs. Mr. De Pasquale brings over 18 years of industry
experience to his new role.
In addition, Neovasc announced today that on February 2, 2009 it granted
a total of 427,500 options to the directors and 60,000 options to the senior
management of the company. Of these options issued, 312,500 have an exercise
price of $0.40, expire five years from the grant date and vest over four years
according to the following schedule: 20% vest on the grant date and 20% vest
on each of the next four anniversaries of the grant date. The remaining
175,000 options are granted at $0.40, expire after five years and vest
immediately. The market price at close of February 2, 2009 was $0.40. 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 services. 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.
For further information:
For further information: Corporate contact: Neovasc Inc., Chris Clark,
(604) 248-4138; U.S. media & investor contact: GendeLLindheim BioCom Partners,
Barbara Lindheim, (212) 918-4650