News Column

Neovasc Inc. reports financial results for first quarter 2014

June 2, 2014



By a News Reporter-Staff News Editor at Clinical Trials Week -- Neovasc Inc. ("Neovasc" or the "Company") (NASDAQ: NVCN) (TSXV: NVC), announced financial results for the three months ended March 31, 2014 (see also Neovasc Inc.).

"The first quarter of 2014 was marked by major developments at Neovasc,"

noted Alexei Marko, chief executive officer of Neovasc. "We reported the first implantations of our Tiara™ transcatheter mitral replacement valve in humans, presented data at

ACC.14 showing that the Neovasc Reducer™ improves functional capabilities in refractory angina patients, completed a $25 million bought deal equity financing, received conditional approval for listing on the Toronto Stock Exchange and began trading on the NASDAQ stock exchange, and we accomplished all of this while reporting record revenues and significantly reducing our operating burn."

Mr. Marko continued, "We view our NASDAQ listing and the Toronto Stock Exchange's conditional approval of our listing as signs of the ongoing maturation of the Company. We look forward to continuing to advance our two new product programs over the remainder of the year, as we prepare to initiate multinational feasibility studies for the Tiara mitral valve in late 2014 and initiate a US IDE clinical study for the Reducer in 2015. "

Christopher Clark, chief financial officer of Neovasc, commented, "The advantages of our strategy of growing our tissue, development and manufacturing business to offset the cost of our new product programs are apparent this quarter, when we reported major advances in both programs while managing our finances in a prudent manner. Our low operating burn rate and the $25 million bought deal equity financing that we closed during the quarter leave us in a strong financial position as we use the proceeds to advance what we believe to be high potential new product programs."

DISCUSSION OF OPERATIONS AND FINANCIAL CONDITION

Keywords for this news article include: Neovasc Inc, Clinical Trials and Studies.

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Source: Clinical Trials Week


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