NASDAQ, TSX: NVCN
VANCOUVER, Nov. 3, 2017
/PRNewswire/ - Neovasc Inc. ("Neovasc" or the
"Company") (NASDAQ, TSX: NVCN) reported today that the
United States Court of Appeals for the Federal Circuit
affirmed the judgment of the United States District Court for the
District of Massachusetts in the case of CardiAQ
Valve Tech., Inc. v. Neovasc Inc. and denied the petition for
panel rehearing and en banc rehearing filed by CardiAQ Valve
Technologies, Inc. ("CardiAQ") and denied the petition for en banc
rehearing filed by the Company. The mandate of the court will
issue on November 13, 2017.
In summary, the appeals process is now exhausted. The full
judgment of approximately US$112 million, of which
approximately US$70 million is already held in an escrow
account, will now become due on November
13, 2017. Neovasc will continue to evaluate all
options available to the Company relating to the requirement to pay
the damages and fund the remaining US$42
million not held in escrow, which exceeds the Company's
current cash resources.
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 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 and expectations regarding the options available to
the Company for payment of the damages in its litigation with
CardiAQ. Words and phrases such as "expected", "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, risks relating to the
Company's litigation with CardiAQ, including the Company's ability
to pay the judgement award or raise financing for the required
funds on terms acceptable to the Company or at all, which create
material uncertainty and which cast substantial doubt on the
Company's ability to continue as a going concern; 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; 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 and in the Company's 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, each of which are included in
the Company's Annual Report on Form 40-F). 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.