December 23, 2016 / 5:46 PM / 8 months ago

BRIEF-Neovasc announces update in litigation with Cardiaq

Dec 23 (Reuters) - Neovasc Inc :

* Neovasc announces update in litigation with cardiaq

* Will deposit US$70 million into a joint escrow account and enter into a general security agreement related to remaining damages awarded by court

* Preparing to appeal validity of award, as well as ruling on inventorship to United States Court of Appeal for Federal Circuit

* Further arguments were heard in court and no decision was rendered by court at this time

* United States District Court for District of Massachusetts has granted a stay of judgment pending completion of its appeal

* "As a result of court order imposing a stay, Cardiaq cannot enforce money judgment pending outcome of appeal"

* Neovasc will also require court approval for transactions outside course of normal business

* On December 14, hearing took place in Germany regarding ongoing European litigation with Cardiaq Source text for Eikon: Further company coverage:

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