Norman
Radow, Managing Partner at Strul Medical Group, Joins
Company's Board
NASDAQ, TSX: NVCN
VANCOUVER, Sept. 16, 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
announced that Norman Radow,
Managing Partner at Strul Medical Group ("Strul"), a leading
investment firm that participated in Neovasc's $11.5 million financing, which was completed in
May 2019, has been appointed to the
Company's Board of Directors, effective immediately. Concurrently,
Dr. Jane Hsiao has stepped down from
Neovasc's Board in order to increase her focus on other business
interests, effective immediately.
In addition to his duties as a Managing Partner at Strul, Mr.
Radow founded the RADCO Companies, an opportunistic real estate
investment group specializing in the acquisition and
repositioning of multifamily assets, in 1994. In 2006, RADCO became
a nationally recognized workout company and then oversaw much of
the Lehman bankruptcy estate residential portfolio from 2008
through 2010. Today, RADCO owns approximately 17,000 apartment
units in 13 cities across 8 states with an asset value in excess of
$2 billion, and has approximately 500
employees. In both 2017 and 2018, RADCO was named one of the
fastest growing private companies in Atlanta by the Atlanta Business
Chronicle, one of the fastest growing mid-market companies in
the state of Georgia by the
Association for Corporate Growth, and one of the fastest growing
companies in the nation by Inc. 5000. In 2018, Norman was
recognized as one of the Most Admired CEOs in the commercial real
estate industry by the Atlanta Business Chronicle. Prior to
founding RADCO, Mr. Radow practiced law. He was awarded a Juris
Doctor by New York Law School in 1981 and currently serves on its
board. Mr. Radow also received a Bachelor of Arts degree from
SUNY Plattsburgh in 1978.
"On behalf of the entire Neovasc Board of Directors, I would
like to extend my appreciation to Jane for her valuable
guidance since her appointment as a Director in July 2007," said Steve
Rubin, Chairman of Neovasc's Board of Directors. "We also
welcome Norman to our Board of Directors and have confidence
that he will have an immediate and highly beneficial impact on
Neovasc. Norman's financial expertise and business acumen will be
critical to Neovasc as we continue to grow our business."
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™ (the "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 the 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 Statement Disclaimer
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 future impact of the board
changes on the Company, the continued growth of the Company 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 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 senior secured convertible notes
(the "Notes") issued pursuant to the November
2017 private placement (together, the "2017 Financing"),
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
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. 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 and six
months ended June 30, 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.
View original
content:http://www.prnewswire.com/news-releases/neovasc-announces-changes-to-its-board-of-directors-300918348.html
SOURCE Neovasc Inc.