TSX Venture Exchange: NVC
VANCOUVER, Feb. 6, 2012 /PRNewswire/ - Neovasc Inc. (TSXV: NVC), a developer of novel technologies used to treat vascular disease, today announced that on February 3, 2012 the company's board of directors granted a total of 1,228,600 options to Neovasc directors and management. The options have an exercise price of $1.45, equivalent to Neovasc's closing market price of $1.45 on February 3, 2012. Of these options, 350,000 will vest immediately and 878,600 will vest on December 31, 2012, contingent upon management achieving certain performance milestones established by the board of directors. Review and approval by the TSX Venture Exchange are required.
Neovasc Chairman Paul Geyer commented, "Neovasc has made significant progress over the last year in growing the company's tissue business and in advancing its Reducer™ product, which recently received CE mark approval for treating refractory angina, as well as its very promising Tiara™ transcatheter mitral valve program, which is in preclinical development. The majority of these new options are contingent on the company's success in achieving ambitious objectives for the Tiara and Reducer programs over the next 12 months, which we believe will create both near- and long-term value for Neovasc and our shareholders."
About Neovasc Inc.Neovasc Inc. is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer™ for the treatment of refractory angina, the Tiara™ technology in development for the transcatheter treatment of mitral valve disease and a line of advanced biological tissue products that are used as key components in a variety of third-party medical products, such as vascular surgical patches and 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.