NASDAQ: NVCN
TSX: NVC
VANCOUVER, Jan. 18, 2017 /CNW/ - Neovasc Inc.
("Neovasc" or the "Company") (NASDAQ: NVCN) (TSX:
NVC) today announced an update in its ongoing litigation with
CardiAQ Valve Technologies, Inc. ("CardiAQ").
On January 18, 2017, in the
litigation filed against the Company by CardiAQ in the United
States District Court for the District of Massachusetts, the trial court granted
CardiAQ's motion for pre- and post-judgment interest. The
Court awarded US$20,675,154 in
pre-judgment interest and assessed a running rate of US$2,354.27 per day from November 16, 2016 until the judgment is
satisfied, unless the Company prevails on appeal.
As previously disclosed, the judgment, including these amounts,
is currently stayed pending completion of the upcoming appeal
pursuant to a Court order of December 23,
2016.
The Company intends to seek an expedited appeal of the judgment,
including the underlying damages award upon which these figures
were calculated, before the United
States Court of Appeals for the Federal Circuit.
About Neovasc Inc.
Neovasc 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 which is not
currently available in the U.S. and has been available in
Europe since 2015 and the Tiara™,
for the transcatheter treatment of mitral valve disease, which is
currently under investigation in the U.S., Canada and Europe. The Company also sells a line of
advanced biological tissue products that are used as key components
in third-party medical products including transcatheter heart
valves. For more information, visit: www.neovasc.com.
This news release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and applicable Canadian securities laws regarding: the
Company's intention to seek an expedited appeal of the CardiAQ
judgment, including the underlying damages award. Words and
phrases such as "expected", "will", "continue", "advance", "shaping
up", "may", "intends", and similar words or expressions, are
intended to identify these forward-looking statements.
Forward-looking statements are based on estimates and assumptions
made by the Company in light of its experience and its perception
of historical trends, current conditions and expected future
developments, as well as other factors that the Company believes
are appropriate in the circumstances. Many factors and
assumptions could cause the Company's actual results, performance
or achievements to differ materially from those expressed or
implied by the forward-looking statements, including, without
limitation: the conduct or possible outcomes of any actual or
threatened legal proceedings, including the Company's ability to
successfully appeal the validity of the judgment as well as
the ruling on inventorship, which is inherently uncertain and which
creates material uncertainty that casts substantial doubt on the
Company's ability to continue as a going concern; the potential
impact on the Company's business of an adverse decision in the
appeal on the question of inventorship even if the Company prevails
on its appeal of the judgment; potential changes in circumstances
relating to the Company's financing requirements, whether as a
result of the CardiAQ litigation (including as a result of the
requirement for the Company to deposit US$70
million into a joint escrow account and enter into a general
security agreement related to the remaining damages awarded by the
Court), unforeseen circumstances or otherwise; the Company's
ability to raise additional funding; restrictions on the Company's
ability to enter into transactions outside the course of normal
business in accordance with the terms of the stay, which could
impair the Company's ability to pursue transactions that it
believes may be in the best interests of the Company and its
shareholders; the potential benefits of the Neovasc Reducer™ and
Tiara™ as compared with other products; successful enrollment of
patients in studies and trials for the Neovasc Reducer™ and Tiara™;
results of the trials and studies for the Neovasc Reducer™ and
Tiara™ that meet the Company's expectations; the Company's receipt
of any required local and institutional regulatory approvals and
the timing and costs of obtaining such approvals; European
enrollment in our clinical trials, studies and compassionate use
cases and the success of applications in Europe; the Company's ability to protect its
intellectual property; changes in business strategy or development
plans; existing governmental regulations and changes in, or the
failure to comply with, governmental regulations and general
economic and business conditions, both nationally and in the
regions in which the Company operates. These risk factors and
others relating to the Company are discussed in greater detail in
the "Risk Factors" section of the Company's Annual Information
Form, which is included in its Annual Report on Form 40-F and
Management's Discussion and Analysis of Financial Condition and
Results of Operations (copies of which filings may be obtained at
www.sedar.com or www.sec.gov). These factors should be
considered carefully, and readers should not place undue reliance
on the Company's forward-looking statements. The Company has
no intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE Neovasc Inc.