NASDAQ, TSX: NVCN
Recent Highlights
- Received Guidance from FDA to explore a potential
Humanitarian Device Exemption Pathway for Neovasc Reducer™ (the
"Reducer") for CCS class IV patients and to meet for another Sprint
discussion
- Closed Private Placement of Convertible Debt and Common
Shares for Gross Proceeds of US$11.5
Million
- Regained Compliance with Nasdaq Minimum Bid Price and
Minimum Market Value Deficiencies
- Participated in Round-Robin Study Evaluating In-Vitro
Pulsatile Flow Testing of Prosthetic Heart Valves
- Peer-Reviewed Article Published in European Heart Journal
Concluding Positive Cost-Effectiveness of the Reducer
- Announced Presentations on Tiara™ (the "Tiara") for
Treatment of Mitral Regurgitation and the Reducer for Treatment of
Refractory Angina at CSI Frankfurt 2019 Conference
- Tiara transcatheter mitral valve replacement device Featured
in Presentation at 11th Annual Transcatheter Valve
Therapy Conference
- New Tiara and Reducer Data Presented in Several
Presentations at the EuroPCR 2019 Conference in Paris
- Positive Two-Year Follow-up Safety and Efficacy Data for the
Reducer Published in a Peer Reviewed Article in the International
Journal of Cardiology
VANCOUVER, Aug. 7, 2019 /PRNewswire/ - Neovasc, Inc.
("Neovasc" or the "Company") (NASDAQ, TSX: NVCN), a leader in the
development of minimally invasive transcatheter mitral valve
replacement technologies and in the development of minimally
invasive devices for the treatment of refractory angina, today
reported financial results for the second quarter ended
June 30, 2019.
"We have achieved tremendous progress in recent quarters," said
Fred Colen, President and Chief
Executive Officer of Neovasc. "We have consistently and effectively
executed on our value creation strategy and the development of our
two product platforms, Tiara™ and Reducer™. We have been executing
on a comprehensive turnaround and, from a financial and operational
perspective, have largely succeeded."
"We recently strengthened our balance sheet when we completed a
minimally dilutive private placement of convertible debt and common
shares for gross proceeds of $11.5
million," continued Mr. Colen. This capital will
support our development and commercialization efforts with Reducer,
as well as our development initiatives with Tiara. Moreover, we
recently regained compliance in respect of our Nasdaq deficiencies
and have no deficiency notices from Nasdaq remaining
outstanding."
"From a product platform development standpoint, we have made
substantial advancements with both Tiara and Reducer in recent
months. For Tiara, unlike our two much larger competitors in this
space, we have not made any functional changes to our valve and
delivery system from the time of our very first Tiara implantation
more than 5 years ago to the present time, demonstrating our
leading-edge capability in this space. We believe this provides us
with an important competitive advantage. For Reducer, we
continue to experience meaningful sales momentum, with strong
growth in Europe during the first
half year. In the U.S., we reported on a positive development
in our discussions with the U.S. Food and Drug Administration
("FDA") related to guidance received from the FDA, to potentially
bring the Reducer to the U.S. market faster than originally
anticipated for patients with the worst refractory angina
symptoms. The FDA suggested that we explore a potential
option for the Reducer to be classified as a Humanitarian Use
Device ("HUD") for Canadian Cardiovascular Society ("CCS") class IV
patients, and pursue the Humanitarian Device (HDE) approval pathway
in order to bring this treatment option to those patients in the
U.S. with the worst angina symptoms, CCS class IV. If indeed
possible and if a HUD designation for CCS class IV is granted, and
a subsequent HDE application is approved by the FDA in a timely
manner, in a best-case scenario Neovasc would expect to begin
commercializing the Reducer in the U.S. for CCS class IV refractory
angina patients by early 2020.
The Tiara Mitral Valve
As of July 26, 2019, 76 patients have been treated with
Tiara in either the TIARA-I Early Feasibility Clinical Study,
compassionate use cases or in our TIARA-II CE Mark Clinical Study.
Neovasc believes that early results have been encouraging. The
30-day survival rate for the 74 patients treated with the Tiara
(i.e. those treated more than 30 days ago) is 89% with one patient
now over five and a half years post-implant. The Tiara has
successfully treated both functional and degenerative Mitral
Regurgitation patients, as well as patients with pre-existing
prosthetic aortic valves and mitral surgical annuloplasty
rings.
The Company received approval in Germany and the United Kingdom to proceed with Phase 2 of the
TIARA-II study for its Trans Apical Tiara system and has obtained
approvals from all authorities in the six countries for the
enrollment of patients in its TIARA-II clinical study. There are
currently 18 active sites across Germany, Israel, Italy, Spain,
the Netherlands and the UK with
additional sites in the process of obtaining regulatory
approvals. The results from our clinical experience to-date
continues to demonstrate the potential benefit for patients who
otherwise have no treatment options. Patient selection
continues to be challenging as the Company and clinical community
continue to learn more about treating this population of very sick
patients.
The Transfemoral Trans-septal ("TF/TS") Tiara
system
The TF/TS development program is based on a concept
that allows for a very controlled and predictable implantation
procedure similar to our Tiara transapical program. Through
numerous evaluations with in vitro test methods, including system
trackability, deployment accuracy, and hydrodynamic assessment, as
well as four small acute animal trials, the team has narrowed the
TF/TS Tiara system down to a system design concept, that shows
strong potential. We are currently executing on five experimental
design studies for the TF/TS Tiara system, in order to enable
properly justified design trade-offs. The Company intends to reach
a design freeze by the end of 2019, and expects to initiate a small
clinical feasibility study in late 2020.
The Reducer
Reducer revenue increased 9% to
$439,920 for the three months ended
June 30, 2019, compared to a strong
second quarter of 2018 and increased 38% for the first six months
of 2019, as compared to the same period of 2018. Following a very
strong first quarter, our second quarter was somewhat weaker, as
the Company experienced some challenges with some of its
distributors, our UK and Saudi
Arabia distributors in particular. The Company has achieved
strong growth rates with just two salespeople in Europe and in 2019, is re-investing every
bottom-line profit dollar from our Reducer European P&L back
into the business there. The Company hired a second direct sales
rep in Germany during the second
quarter. The Company also hired a third direct sales rep in
Germany who will start on
September 1st, and Neovasc
is in the process of recruiting a fourth direct German sales rep.
The Company continues to drive towards strong double-digit
percentage EMEA revenue growth during 2019.
As suggested by FDA, the Company intends to explore a Reducer
HUD designation in the U.S. for the Canadian Cardiovascular Society
CCS class IV refractory angina patients. In parallel, the Company,
in close consultation with the FDA and key opinion leaders, will
evaluate an alternate investigational device exemption clinical
trial design for CCS class III and IV refractory angina patients.
Additionally, we will continue to have further Sprint discussions
with FDA to explore the Clinical/Regulatory pathway in more
detail.
The REDUCER-I post-market observational study has enrolled
209 of 400 patients across Europe at 22 active
centers. Data from this study, the COSIRA study, as well as
published data from several physician-initiated studies, continues
to reflect the very positive safety profile and improvements in a
patient's refractory angina, therefore improving the patient's
quality of life following Reducer implantation.
Results for the three-month periods ended June 30, 2019 and 2018
Revenues
Revenues increased 9% to $439,920 for the three months ended June 30, 2019, compared to revenues of
$405,247 for the same period in 2018,
as the Company continues its commercialization strategies.
Cost of Goods Sold
The cost of goods sold for the
three months ended June 30, 2019 was
$66,994 compared to $88,603 for the same period in 2018. The overall
gross margin for the three months ended June
30, 2019 was 85%, compared to 78% gross margin for the same
period in 2018.
Expenses
Total expenses for the three months ended
June 30, 2019 were $7,006,157 compared to $6,320,257 for 2018, representing an increase of
$685,900 or 11%. The increase in
total expenses for the three months ended June 30, 2019 compared to 2018 can be
substantially explained by a $692,070
increase in non-cash stock based compensation charges, a
$56,394 increase in non-cash
depreciation and a $84,087 non-cash
charge for accretion on collaboration, license and settlement
agreements provision, offset by a $125,592 decrease in other general expenses and a
$116,122 decrease in litigation
expenses.
Selling expenses for the three months ended June 30, 2019 were $394,512, compared to $248,538 for 2018, representing an increase of
$145,974 or 59%. The increase in
selling expenses for the three months ended June 30, 2019 compared to 2018 reflects an
increase in costs incurred for commercialization activities related
to the Reducer, including hiring an additional sales
representative. The Company continues to minimize its selling
expenses as the cash resources of the Company are still
limited.
General and administrative expenses for the three months ended
June 30, 2019 were $2,463,461, compared to $2,213,464 for the same period in 2018,
representing an increase of $249,997.
The increase in general and administrative expenses for the three
months ended June 30, 2019 compared
to 2018 can be substantially explained by a $374,942 increase in non-cash stock based
compensation charges and a $84,087
increase in non-cash charge for accretion on collaboration, license
and settlement agreements provision, offset by a $110,500 decrease in other general expenses and a
$116,122 decrease in litigation
expenses as litigation matters came to a close.
Product development and clinical trial expenses for the three
months ended June 30, 2019 were
$4,148,184 compared to $3,858,255 for 2018, representing an increase of
$289,929 or 8%. The increase in
product development and clinical trial expenses for the three
months ended June 30, 2019 can be
substantially explained by a $273,367
increase in non-cash stock-based compensation charges.
The Company's expenses are subject to inflation and cost
increases. The Company has not seen a material increase in the
price of any of the components used in the manufacture of its
products and services.
Other Income and Loss
The other loss for the three
months ended June 30, 2019 was
$1,287,267 compared to other loss of
$43,071,578 for the same period in
2018, a decrease of $41,784,311. The decrease in the other loss
can be substantially explained by the accounting treatment of the
November 2017 public offering and
concurrent private placement (the "2017 Financings") resulting in a
decrease of $42,025,584 compared to
the prior year.
Losses
The losses and comprehensive losses for the
three months ended June 30, 2019 were
$7,959,478 and $7,989,849, respectively, or $1.17 basic and diluted loss per share, as
compared with losses and comprehensive losses of $49,145,591 and $50,137,861 respectively, or $36.59 basic and diluted loss per share, for the
same period in 2018. The decrease in the comprehensive loss
incurred for the three months ended June 30,
2019 compared to the same period in 2018 can be
substantially explained by a $41,784,311 decrease in other losses,
$42,025,584 primarily due to the
accounting treatment of the 2017 Financings.
Discussion of Liquidity and Capital Resources
Neovasc
finances its operations and capital expenditures with cash
generated from operations and through equity and debt financings.
As at June 30, 2019 the Company had
cash and cash equivalents of $18,339,864 compared to cash and cash equivalents
of $9,242,809 as at December 31, 2018.
As of June 30, 2019, the Company
is in a positive working capital position of $5,278,953, with current assets of $19,836,714 and current liabilities of
$14,557,761. The Company will
require additional working capital in order to continue to operate
its business and there can be no assurance that such additional
working capital will be available on favorable terms, or at
all.
Cash used in operating activities for the three months ended
June 30, 2019 was $5,060,085, compared to $6,113,531, for the same period in 2018. For
the three months ended June 30, 2019,
cash applied to operating activities were $5,589,605, compared to $5,897,393 for the same period in 2018, a
decrease of $307,788 as the Company
continues to manage its cash flows while still advancing the
commercialization and development of its products. Net cash
inflow from the net change in non-cash working capital items for
the three months ended June 30, 2019
was $521,398, compared to net cash
outflow of $173,839 in the same
period in 2018.
Net cash applied to investing activities for the three months
ended June 30, 2019 was $72,136 compared to net cash received from
investing activities of $863,630 for
the same period in 2018, primarily due to the sale of a
manufacturing building in 2018.
During the three months ended June 30,
2019, the Company received net proceeds of $11,483,496 from a private placement.
Outstanding Share Data
As of August 7, 2019, subsequent to the effect of the
share consolidation, the Company had 7,481,157 common shares issued
and outstanding. The following securities are convertible into
common shares: 1,059,247 stock options with a weighted average
exercise price of $21.72, 144,444
Broker Warrants with an exercise price of $5.625, $11,500,000
principal amount of 2019 notes which could convert into 1,533,333
common shares and $7,289,000
principal amount of senior secured convertible notes (the "Notes"),
which Notes could convert into 1,845,316 common shares (not taking
into account the alternate conversion price or anti-dilution
mechanisms). Our fully diluted share capital as of the same date is
12,063,497. Our fully diluted share capital, adjusted on the
assumption that all of the outstanding Notes are converted using
the alternate conversion price at the closing price on August 6, 2019, is 12,940,497.
Conference Call and Webcast information
Neovasc will
be hosting a conference call today at 4:30
pm ET to discuss these results. To participate in the
conference call, please dial 877-407-9208 (domestic) or
201-493-6784 (international) and use passcode 13692456.
A link to the live and archived audio webcast of the conference
call will also be available on the Presentations and Events page of
the Investors section of Neovasc's website at www.neovasc.com until
November 9, 2019.
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 Reducer, for the treatment of refractory angina, which is
not currently commercially available in the United States and has been commercially
available in Europe since 2015,
and Tiara, for the transcatheter treatment of mitral valve disease,
which is currently under clinical investigation in the United States, Canada and Europe. For more information, visit:
www.neovasc.com.
Forward Looking Statements
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 compliance with the Nasdaq
Listing Rules, including expectations regarding any competitive
advantage of the Company over its competitors, the timing of
regulatory approval and commercialization of the Reducer in the
U.S., regulatory approval for additional sites for the Company's
TIARA-II study, expectations regarding the design and timing of a
clinical feasibility study for the TF/TS Tiara system, estimates of
our future revenues, expectations regarding discussions with the
FDA and alternate approaches for the Reducer, statements regarding
our strategy, plans, goals, objectives, expectations and future
operating performance, and the rapidly growing cardiovascular
marketplace. Words and phrases such as "continue", "strategy",
"goal", "would", "may", "could", "should", "expect" 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 Notes issued pursuant to the November 2017 Financings, resulting in
significant dilution to the Company's shareholders; risks relating
to the Company's need for significant additional future capital and
the Company's ability to raise additional funding; risks relating
to cashless exercise and adjustment provisions in the Notes issued
pursuant to the 2017 Financing, which could make it more difficult
and expensive for the Company to raise additional capital in the
future and result in further dilution to investors; risks relating
to the sale of a significant number of common shares of the
Company; risks relating to the conversion of Notes issued pursuant
to the 2017 Financing, which may encourage short sales by third
parties; 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 the Company's conclusion that it did
not have effective internal control over financial reporting as at
December 31, 2018; risks relating to
the Company's common share price being volatile; risks relating to
the influence of significant shareholders of the Company over the
Company's business operations and share price; risks relating to
the Company's significant indebtedness, and its effect on the
Company's financial condition; risks relating to claims by third
parties alleging infringement of their intellectual property
rights; risks relating to lawsuits that the Company is subject to,
which could divert the Company's resources and result in the
payment of significant damages and other remedies; 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 use of
the Company's products in unapproved circumstances, which could
expose the Company to liabilities; risks relating to competition in
the medical device industry, including the risk that one or more of
the Company's 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 its 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 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 the Company's dependence on limited
products for substantially all of the Company's current revenues;
risks relating to the Company's exposure to adverse movements in
foreign currency exchange rates; risks relating to the possibility
that the Company could lose its foreign private issuer status under
U.S. federal securities laws; 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 its 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; risks relating to the Company's
ability to successfully identify and complete corporate
transactions on favorable terms or achieve anticipated synergies
relating to any acquisitions or alliances; risks relating to the
Company's ability to successfully enter into fundamental
transactions as defined in the Notes issued pursuant to the 2017
Financing; 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; and risks
relating to conflicts of interests among the Company's officers and
directors as a result of their involvement with other issuers. In
particular, in addition to the specified criteria for continued
listing, Nasdaq also has broad discretionary public interest
authority that it can exercise to apply additional or more
stringent criteria for the continued listing of the Company's
common shares, or suspend or delist securities even if the
securities meet all enumerated criteria for continued listing on
the Nasdaq Capital Market. The Nasdaq could use this discretionary
authority at any time to delist the Company's common shares. There
can be no assurance that Nasdaq will not exercise such
discretionary authority. In addition, there can be no assurance
that the Company will be able to maintain compliance with the
minimum bid price or market value of listed securities requirements
as a result of the risks and uncertainties described above. These
risk factors and others relating to the Company are discussed in
greater detail in the "Risk Factors" section of the Company's
Annual Report on Form 20-F and in Management's Discussion and
Analysis for the three months ended March
31, 2019 (copies of which may be obtained at www.sedar.com
or www.sec.gov). The Company has no intention and undertakes no
obligation to update or revise any forward-looking statements
beyond required periodic filings with securities regulators,
whether as a result of new information, future events or otherwise,
except as required by law.
NEOVASC
INC.
|
Condensed Interim
Consolidated Statements of Financial Position
|
(Expressed in U.S.
dollars)(Unaudited)
|
|
|
|
|
|
|
Notes
|
|
June
30,
2019
|
December
31,
2018
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
6
|
$
|
18,339,864
|
$
9,242,809
|
Accounts
receivable
|
7
|
|
562,589
|
647,143
|
Inventory
|
8
|
|
473,902
|
258,742
|
Prepaid expenses and
other assets
|
9
|
|
460,359
|
591,236
|
Total current
assets
|
|
|
19,836,714
|
10,739,930
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Restricted
cash
|
10
|
|
458,312
|
439,736
|
Right-of-use
asset
|
11
|
|
1,001,654
|
-
|
Property, plant and
equipment
|
12
|
|
788,320
|
813,628
|
Total non-current
assets
|
|
|
2,248,286
|
1,253,364
|
|
|
|
|
|
Total
assets
|
|
$
|
22,085,000
|
$
11,993,294
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
13
|
$
|
4,510,940
|
$
4,610,560
|
Lease
liabilities
|
14
|
|
417,568
|
-
|
2017 Convertible
note
|
15
|
|
8,963,523
|
1,423,224
|
2019 Convertible
note
|
15
|
|
665,730
|
-
|
Total current
liabilities
|
|
|
14,557,761
|
6,033,784
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
Accrued
liabilities
|
13
|
|
2,422,131
|
2,241,979
|
Lease
liabilities
|
14
|
|
649,975
|
-
|
2017 Convertible
note
|
15
|
|
-
|
13,194,112
|
2019 Convertible
note
|
15
|
|
8,376,639
|
-
|
Derivative warrant
liability from financing
|
15
|
|
-
|
190,303
|
Total non-current
liabilities
|
|
|
11,448,745
|
15,626,394
|
|
|
|
|
|
Total
liabilities
|
|
$
|
26,006,506
|
$
21,660,178
|
|
|
|
|
|
Equity
|
|
|
|
|
Share
capital
|
16
|
$
|
323,920,717
|
$
304,460,533
|
Contributed
surplus
|
16
|
|
28,454,671
|
26,260,806
|
Accumulated other
comprehensive loss
|
|
|
(6,986,846)
|
(7,653,028)
|
Deficit
|
|
|
(349,310,048)
|
(332,735,195)
|
Total
equity
|
|
|
(3,921,506)
|
(9,666,884)
|
|
|
|
|
|
Total liabilities
and equity
|
|
$
|
22,085,000
|
$
11,993,294
|
NEOVASC
INC.
|
Condensed Interim
Consolidated Statements of Loss and Comprehensive
Loss
|
For the three and six
months ended June 30,
|
(Expressed in U.S.
dollars)(Unaudited)
|
|
|
|
|
|
|
For the three months
ended
|
For the six months
ended
|
|
Notes
|
June 30,
|
June 30,
|
|
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
|
REVENUE
|
17
|
$
439,920
|
$
405,247
|
$
1,025,713
|
$
745,169
|
COST OF GOODS
SOLD
|
|
66,994
|
88,603
|
210,988
|
175,996
|
GROSS
PROFIT
|
|
372,926
|
316,644
|
814,725
|
569,173
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
Selling
expenses
|
19
|
394,512
|
248,538
|
762,745
|
535,476
|
General and
administrative expenses
|
19
|
2,463,461
|
2,213,464
|
5,144,392
|
4,682,555
|
Product development
and clinical trials expenses
|
19
|
4,148,184
|
3,858,255
|
8,388,147
|
7,857,646
|
|
|
7,006,157
|
6,320,257
|
14,295,284
|
13,075,677
|
|
|
|
|
|
|
OPERATING
LOSS
|
|
(6,633,231)
|
(6,003,613)
|
(13,480,559)
|
(12,506,504)
|
|
|
|
|
|
|
OTHER
(EXPENSE)/INCOME
|
|
|
|
|
|
Interest
income
|
|
15,680
|
28,101
|
19,389
|
54,137
|
Impairment on
right-of-use asset
|
|
-
|
-
|
(260,616)
|
-
|
Gain on sale of
asset
|
|
-
|
238,907
|
-
|
238,907
|
Loss on foreign
exchange
|
|
(32,669)
|
(42,724)
|
(12,151)
|
(115,287)
|
Unrealized
(loss)/gain on derivative warrant liability from financing and
convertible notes
|
15
|
(622,877)
|
602,817
|
(2,101,051)
|
(3,734,232)
|
Realized (loss)/gain
on exercise of warrants and convertible notes
|
15
|
(647,401)
|
(26,457,106)
|
(737,255)
|
(44,014,798)
|
Amortization of
deferred loss
|
15
|
-
|
(17,441,573)
|
-
|
(44,824,308)
|
|
|
(1,287,267)
|
(43,071,578)
|
(3,091,684)
|
(92,395,581)
|
LOSS BEFORE
TAX
|
|
(7,920,498)
|
(49,075,191)
|
(16,572,243)
|
(104,902,085)
|
|
|
|
|
|
|
Tax
expense
|
|
(38,980)
|
(70,400)
|
(2,610)
|
(124,054)
|
LOSS FOR THE
PERIOD
|
|
$
(7,959,478)
|
$
(49,145,591)
|
$
(16,574,853)
|
$(105,026,139)
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME FOR THE PERIOD
|
|
|
|
|
|
Fair market value
changes in convertible note due to changes in own credit
risk
|
|
(30,371)
|
(992,270)
|
666,182
|
(578,637)
|
|
|
(30,371)
|
(922,270)
|
666,182
|
(578,637)
|
LOSS AND OTHER
COMPREHENSIVE LOSS FOR THE PERIOD
|
|
$
(7,989,849)
|
$
(50,137,861)
|
$
(15,908,671)
|
$(105,604,776)
|
|
|
|
|
|
|
LOSS PER
SHARE
|
|
|
|
|
|
Basic and diluted
loss per share
|
20
|
$
(1.17)
|
$
(36.59)
|
$
(3.05)
|
$
(80.27)
|
View original
content:http://www.prnewswire.com/news-releases/neovasc-announces-second-quarter-2019-financial-results-300898116.html
SOURCE Neovasc Inc.