Inferred resources contained within a miningshape were assigned a grade equivalent to dilution. On the cost side, we have made good progressin reducing our cost structure and continue to focus on wringing unnecessaryexpense out of the business.”Mr. Marko continued, “Since the close of the quarter, we have had severalencouraging developments: We successfully completed a non-brokered privateplacement of approximately $2.0 million to strengthen our cash position andearlier this month we reported very encouraging preliminary data from thethree-year follow-up study of refractory angina patients implanted with ourNeovasc Reducer(TM). We have seen a significant ramp in sales since ouragreement with LeMaitre Vascular came into effect and as we continue to growour business supplying tissue to industry partners developing andmanufacturing vascular devices. Despite the fact that we started the year without a US distributor forour biological tissue products, sales for the quarter were only down slightlycompared to last year. “During thistransition period we have been laying the groundwork to increase sales fromour tissue product line and have continued to advance the development andapproval process for our Reducer device for the treatment of refractoryangina. (TSXV: NVC), today announced financial results for the three months endedMarch 31, 2009.”The first quarter continued to show financial effects from our strategicdecision late last year to refocus Neovasc on our most promising growthareas,” said Alexei Marko, chief executive officer of Neovasc.

“The PMIs have been improving but at some point the marketwill need to start seeing this improvement reflected in the hardeconomic data,” he added. (Additional reporting by Jessica Mortimer; Editing by RuthPitchford) Currencies China. –Company Focuses on Rebuilding Revenue Base While Stabilizing Costs–TSX Venture Exchange: NVCVANCOUVER, June 1 /PRNewswire-FirstCall/ – Vancouver, BC, Canada – NeovascInc. “Optimism is certainly gaining ground, but the question iswhether this is just a bear market rally or whether it issomething more sustained than that,” SEB currency strategistJohan Javeus said. Analysts are beginning to question just how much further thebroad rally in riskier assets can run, however, given sharpgains in recent weeks even as many the market still question theprospects for economic recovery.

IMPROVING DATA Adding to optimism that the global economy may be over theworst of the recession, the final euro zone PMI manufacturingindex climbed to a seven-month high of 40.7 in May, up from theprovisional estimate of 40.5 [ID:nLAG003469]. The UK manufacturing PMI was also stronger than expected, showing the slowest contraction in the sector in a year[ID:nLAG003470]. Earlier the Chinese PMI came in at 53.1 in May,and while this marked a fall from 53.5 in April, it was thethird month in a row that the reading has been above the 50level that separates expansion from contraction [ID:nPEK17043]. The euro gained 0.6 percent on the day to $1.4236 EUR=,having rallied as high as around $1.4245, its strongest sincelate December The dollar also fell 0.7 percent to 94.70 yenJPY=. Among perceived higher risk currencies, sterling rose to itshighest in seven months against the dollar at $1.6432 GBP=D4,while the Australian and New Zealand dollars hit eight-monthhighs of $0.8137 AUD=D4 and $0.6520 NZD=D4 respectively.

By 1104 GMT, the dollar index .DXY was down 0.7 percent at78.687 .DXY, having hit its lowest since mid-December at78.586 in early European trade. government’s pledge of anadditional $30 billion to rescue GM had inflamed long-running concerns about how Washington will fund its plans to help itsstruggling economy.Market participants also awaited the latest U.S ISM surveyon manufacturing activity at 1400 GMT ECONECONUS. auto industry, which was boosting risk appetite andstinging the dollar Others said that the U.S. “It’s the same story we’ve seen in the past week — thereturn of risk appetite and equity buying. The market is buyinginto the end-of-recession story,” said Audrey Childe-Freeman,currency strategist at Brown Brothers Harriman in London.