VANCOUVER, Jan. 2, 2018 /CNW/ - Neovasc Inc. ("Neovasc"
or the "Company") (NASDAQ, TSX:NVCN) announced today that it has received written notification (the "Notification Letter")
from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum bid price
requirement set forth in Nasdaq Rules for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires
listed securities to maintain a minimum bid price of US $1.00 per share, and Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period
of 30 consecutive business days. Based on the closing bid price of the Company's common stock for the 30 consecutive business
days from November 14, 2017, the Company no longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on the Nasdaq Capital Market at this time. In accordance with
Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until July 2, 2018, to regain compliance
with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's common shares must have a closing bid price of at least
US $1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by July 2, 2018, the
Company may be eligible for additional time to regain compliance.
The Company intends to monitor the closing bid price of its common shares between now and July 2,
2018 and intends to cure the deficiency within the prescribed grace period. During this time, the Company's common shares
will continue to be listed and trade on the Nasdaq Capital Market.
The Company's business operations are not affected by the receipt of the Notification Letter.
The Company is also listed on the TSX and the Notification Letter does not affect the Company's compliance status with such
listing.
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 Reducer, for the treatment of refractory angina which is not currently
available in the United States 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 United States, 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 plans to cure the Nasdaq minimum bid deficiency
within the prescribed grace period. Words and phrases such as "intends", "continue" and "will", 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 substantial doubt about the Company's
ability to continue as a going concern; risks relating to the Company's need for significant additional future capital and the
Company's ability to raise additional funding; risks relating to the Warrants and Notes, offered pursuant to the November 2017 public offering of units and private placement of senior secured convertible notes and warrants
(the "Financings"), resulting in significant dilution to the Company's shareholders; risks relating to the possibility that the
Company's Common Shares may be delisted from the Nasdaq Capital Market or the Toronto Stock Exchange, which could affect their
market price and liquidity; risks relating to it being more expensive for the Company to raise capital in the future and dilution
to investors; risks relating to the Company's Common Share price being volatile; risks relating to the sale of a significant
number of Common Shares; risks relating to the restrictions on the Company entering into certain transactions; risks relating to
the exercise of Warrants or conversion of Notes offered pursuant to the Financings, which may encourage short sales by third
parties; risks relating to claims by third parties alleging infringement of their intellectual property rights; the Company's
ability to establish, maintain and defend intellectual property rights in the Company's products; risks relating to results from
clinical trials of the Company's products, which may be unfavorable or perceived as unfavorable; the Company's history of losses
and significant accumulated deficit; risks associated with product liability claims, insurance and recalls; risks relating to
competition in the medical device industry, including the risk that one or more competitors may develop more effective or more
affordable products; risks relating to the Company's ability to achieve or maintain expected levels of market acceptance for the
Company's products, as well as the Company's ability to successfully build the Company's in-house sales capabilities or secure
third-party marketing or distribution partners; the Company's ability to convince public payors and hospitals to include the
Company's products on their approved products lists; risks relating to new legislation, new regulatory requirements and the
efforts of governmental and third party payors to contain or reduce the costs of healthcare; risks relating to increased
regulation, enforcement and inspections of participants in the medical device industry, including frequent government
investigations into marketing and other business practices; risks associated with the extensive regulation of the Company's
products and trials by governmental authorities, as well as the cost and time delays associated therewith; risks associated with
post-market regulation of the Company's products; health and safety risks associated with the Company's products and the
Company's industry; risks associated with the Company's manufacturing operations, including the regulation of the Company's
manufacturing processes by governmental authorities and the availability of two critical components of the Reducer; risk of
animal disease associated with the use of the Company's products; risks relating to the manufacturing capacity of third-party
manufacturers for the Company's products, including risks of supply interruptions impacting the Company's ability to manufacture
its own products; risks relating to breaches of anti-bribery laws by the Company's employees or agents; risks associated with
future changes in financial accounting standards and new accounting pronouncements; risks relating to the Company's dependence
upon key personnel to achieve the Company's business objectives; the Company's ability to maintain strong relationships with
physicians; risks relating to the sufficiency of the Company's management systems and resources in periods of significant growth;
risks associated with consolidation in the health care industry, including the downward pressure on product pricing and the
growing need to be selected by larger customers in order to make sales to their members or participants; the Company's ability to
successfully identify and complete corporate transactions on favorable terms or achieve anticipated synergies relating to any
acquisitions or alliances; anti-takeover provisions in the Company's constating documents which could discourage a third party
from making a takeover bid beneficial to the Company's shareholders; risks relating to conflicts of interests among the Company's
officers and directors as a result of their involvement with other issuers; and risks relating to the influence of significant
shareholders of the Company over the Company's business operations and share price. These risk factors and others relating to the
Company are discussed in greater detail in the "Risk Factors" sections of the Company's Annual Information Form and Management's
Discussion and Analysis of Financial Condition and Results of Operations, each of which is included in its Annual Report on Form
40-F, and the Company's Management Discussion and Analysis for the third quarter of 2017 (copies of which filings may be obtained
at 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.
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