Neovasc Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, revenues increased 70% year-over-year to $1,000,367 for the quarter ended September 30, 2009 from $587,884 for the same period in 2008. The consolidated net loss for the three months was $802,448 or $0.03 basic loss per share, as compared with a net loss of $4,004,023 or $0.23 basic loss per share, for the comparable period in 2008. Cash used in operations was $721,230 for the three months as compared to $2,796,298 for the same period of 2008. Purchase of property and equipment for the period was $44,689 against $59,175 last year. For the nine months ended September 30, 2009, revenues increased 34% to $1,956,175 from $1,454,430 for the same period in 2008. These increases primarily reflect increased revenues from the company's tissue products and services business. The consolidated net loss for the nine months was $3,879,139 or $0.16 basic loss per share, as compared with a net loss of $7,661,271, or $0.80 basic loss per share, for the comparable period in 2008. Cash used in operations was $3,829,576 for the nine monthsas compared to $6,124,091 for the same period of 2008. The decrease in cash usage for the nine months ended September 30, 2009 as compared to same period of 2008 is primarily the result of the Company's increased sales and decreased operating expenses in 2009. Purchase of property and equipment was $53,234 against $72,867 last year.

Neovasc Inc. announced consolidated financial results for the second quarter and six months ended June 30, 2009. For the quarter, the company's revenues were increased by 39% year over year from CAD 433,061 for the quarter ended June 30, 2008 to CAD 600,324. The consolidated net loss was CAD 1,330,451 or CAD 0.05 basic loss per share, as compared to a net loss of CAD 1,915,673 or CAD 0.34 basic loss per share a year ago. The decrease in net loss year on year reflects the company's increased revenues and decreased losses. Cash used in operations was CAD 1,593,864 as compared to CAD 1,527,982 a year ago. Purchase of property and equipment was CAD 574, against CAD 6,510 for the same period last year. For the six months, the company's revenues increased 10% to CAD 955,808, up from CAD 866,546 for the six months ended June 30, 2008, primarily reflecting increased revenues from consulting and contract manufacturing services in tissue products and services business. The consolidated net loss was CAD 3,076,691 or CAD 0.14 basic loss per share, as compared to a net loss of CAD 3,657,248 or CAD 0.66 basic loss per share a year ago. The decrease in net loss year-on-year reflects the company's increased revenues and decreased losses. Cash used in operations was CAD 3,108,346 as compared to CAD 3,327,793 for the same periods of 2008. The decrease in cash usage as compared to the same period of 2008 is primarily the result of the company's decrease in marketing expenses in 2009. Purchase of property and equipment was CAD 8,545, against CAD 13,692 for the same period last year.

VANCOUVER, June 25 /PRNewswire-FirstCall/ - Neovasc Inc. (TSXV: NVC), today announced that it has voluntarily filed a Form 15 with the U.S. Securities and Exchange Commission ("SEC") in order to deregister its common stock under the United States Securities Exchange Act of 1934. As a result, effective immediately, Neovasc's obligation to file annual reports and furnish other information under the Exchange Act is suspended. The company's decision to deregister its Exchange Act registration is part of its larger plan to reduce discretionary expenses and allocate the cost savings to the further development and commercialization of its highest potential products. Neovasc will continue to undertake all activities required to maintain its Canadian public listing on the TSX Venture Exchange. The company's decision to postpone its plans for a U.S. listing is based upon the additional financial and administrative costs and burdens associated with being a publicly traded company in the U.S. and therefore subject to the additional reporting regulations promulgated under the Exchange Act. Neovasc estimates the costs savings from suspending its planned listing to be approximately $200,000 annually. The company intends to redirect these funds to its program to commercialize the Neovasc Reducer(TM) for the treatment of refractory angina and to further expansion of the company's custom tissue business. The SEC has 90 days to review the company's Form 15 for compliance with the decertification requirements. However, effective immediately, as a result of the filing of the Form 15, the company is no longer required to file annual reports under the Exchange Act on Form 20-F, or to furnish quarterly or other reports under the Exchange Act on Form 6-K. In addition, certain requirements of the Sarbanes Oxley Act of 2002 will no longer apply to the company. The company is eligible to deregister under the Exchange Act because its common stock is held of record by fewer than 300 persons. In addition, there is no established market for the company's common shares in the United States.