Neovasc closes underwritten public offering of common stock

Neovasc Inc. ("Neovasc" or the "Company") (NASDAQ: NVCN) (TSX: NVC) is pleased to announce the closing of its previously announced underwritten public offering of 12,075,000 common shares of the Company at a price per share of US$7.19 (the "Offering") for aggregate gross proceeds of approximately US$74,883,850 for the Company and US$11,935,400 for the Selling Securityholders (as defined below) before deducting underwriting discounts and commissions and offering expenses payable by the Company and the Selling Securityholders.

The Company offered 10,415,000 of the 12,075,000 common shares in the Offering, 1,575,000 of which were issued pursuant to the exercise in full of the over-allotment option granted by the Company to the underwriters. The remaining 1,660,000 common shares were offered by certain directors, officers and employees of the Company (the "Selling Securityholders").

Leerink Partners LLC acted as the sole book-running manager for the Offering. Canaccord Genuity Inc. and JMP Securities LLC acted as co-lead managers for the Offering. Ladenburg Thalmann & Co. Inc. acted as co-manager for the Offering.

The Company intends to use the net proceeds of the Offering (i) to complete the TIARA-I Feasibility Study; (ii) to initiate a U.S. Investigational Device Exemption Study for Tiara; (iii) to further develop and refine Tiara; (iv) to advance the commercialization of Reducer in Europe; (v) to initiate a U.S. Investigational Device Exemption Study for Reducer; and (vi) for general corporate purposes.