--Neovasc is Supplying Product During Transition and will Redirect
Freed-Up Manufacturing Capacity to Support Growing Sales to Transcatheter Heart Valve
--Proceeds from Sale of Rights Will Help Fund Neovasc's Key Development
TSX Venture Exchange: NVC
VANCOUVER, Nov. 1, 2012 /PRNewswire/ - Neovasc Inc. (TSXV: NVC) today announced
that it has finalized its agreement with LeMaitre Vascular, Inc.
(Nasdaq: LMAT) allowing LeMaitre to exercise its option to purchase
certain specific rights to Neovasc's biological vascular surgical patch
product technology on an accelerated basis, at an agreed price of US
$4.6 million. Under the terms of the amended agreement, Neovasc has
received US $4.255 million from LeMaitre, with the balance payable in
Under the terms of the agreement, LeMaitre's right of use of the Neovasc
biological vascular surgical patch technology is limited to
manufacturing and improving its XenoSure® surgical patch product line, which is currently manufactured by Neovasc
and distributed by LeMaitre. Neovasc retains rights to all other
applications of its biological tissue technologies. In addition, the
companies entered into a new supply agreement under which Neovasc is
continuing to supply the XenoSure product to LeMaitre while LeMaitre
develops its own manufacturing capacity and obtains required regulatory
"We just completed successful TCT 2012 presentations of our Reducer
refractory angina device and our Tiara transcatheter mitral valve
program, and the $4.6 million in proceeds from this transaction will
enable us to continue advancing these products without the need for
additional financing for the foreseeable future," said Alexei Marko,
CEO of Neovasc. "We anticipate that the capacity that is freed up as we
wind down our production for LeMaitre will be absorbed by our
increasing activities in such high growth areas as specialized tissue
and manufacturing services to the transcatheter heart valve industry,
and we look forward to continued revenue growth in 2013."
About LeMaitre Vascular, Inc.
LeMaitre Vascular is a provider of devices and implants for the
treatment of peripheral vascular disease, a condition that affects more
than 20 million people worldwide. The Company develops, manufactures
and markets disposable and implantable vascular devices to address the
needs of its core customer, the vascular surgeon. The Company's
diversified product portfolio consists of brand name devices used in
arteries and veins outside of the heart, including the Over-the-Wire
LeMaitre Valvulotome, the Pruitt F3 Carotid Shunt and The UnBalloon.
Additional information can be found at www.lemaitre.com.
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
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"anticipates," "believes," "may," "continues," "estimates," "expects,"
and "will" and words of similar import, constitute "forward-looking
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the date such statements were made, no assurances can be given as to
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SOURCE Neovasc Inc.