Exhibit 99.1

News release via Canada NewsWire, Vancouver 604-669-7764

	    Attention Business Editors:
	    Neovasc implements targeted measures to conserve cash and focus on
	    near-term revenue opportunities

	    VANCOUVER, Dec. 8 /CNW/ - Neovasc Inc. (TSXV: NVC), a new specialty
vascular device company, today announced a number of measures designed to
focus on near term revenue opportunities and conserve cash, while continuing
to support the product development activities most critical to broadening the
company's product portfolio and increasing sales. The new measures include
reducing the size of the company's direct sales force and relying more on
distributors, as well as postponing selected R&D expenditures. The goal is to
conserve cash while also providing for the continued development of the
company's most promising new products and for continued product sales growth.
These changes are expected to result in an anticipated overall growth in
revenues from 2008 to 2009 and should have a net positive effect on cash
consumption next year.
	    The reduction in sales personnel represents a company headcount reduction
of about 10%, which is in addition to the recent 25% staff reduction that
streamlined operations as part of the integration of the three companies that
form Neovasc. Neovasc has now assigned its senior marketing, sales and
clinical affairs personnel to work with its distributors to support key
accounts, and will continue to use independent distributors to expand
distribution of the company's catheter products in all territories where they
are approved. Neovasc will also continue to work with the company's
distributors to support sales of the company's successful PeriPatch(TM)
surgical tissue products and contract service activities, which the company
sees as providing significant additional opportunities for revenue growth in
2009.
	    "In view of the current economic turmoil, we believe it is prudent to
focus on capital conservation over the coming months, and we believe these
changes will preserve existing capital for ongoing operations, while also
supporting the pipeline development essential to broaden the company's product
portfolio," said Alexei Marko, chief executive officer of Neovasc. "While
there are clear benefits to a direct sales force, use of distributors is more
cost-effective in the near term, particularly while we continue to build out
our product portfolio to provide a broader range of product offerings to our
customers. As additional products reach commercialization and economic
conditions evolve, we will reassess our sales and marketing strategies."
	    Neovasc is also reducing its current product development budget by
approximately $1 million, primarily by slowing the U.S. regulatory approval
program for the Reducer(TM) stent to treat refractory angina. While Neovasc
views the Reducer as a major potential opportunity, it intends to focus on
using existing clinical data to first pursue regulatory approval in Europe.
Success there would provide valuable clinical information and multiple
pathways for obtaining the resources needed to conduct the clinical trials
that will be required for marketing approval in the U.S. Neovasc is also
streamlining the development program for its ostial intravascular devices,
focusing efforts on a single innovative balloon catheter product which
leverages the company's existing platform technologies and has a rapid and
cost-effective pathway to commercialization.
	    Mr. Marko concluded, "We believe that these changes will put Neovasc in
the best position to weather the current economic crisis. With potential
limited availability of funds from the capital markets in 2009, we need to
take all necessary steps to ensure that Neovasc can continue to operate
through this period and deliver on its value-generating milestones. We are
optimistic that our future is bright and we intend to ensure that the company
is well positioned to capitalize on it."

	    About Neovasc Inc.

	    Neovasc Inc. (formerly Medical Ventures Corp.), is a new specialty
vascular device company that develops, manufactures and markets medical
devices for the rapidly growing vascular and surgical marketplace. Neovasc is
comprised of the former Medical Ventures Corp., Neovasc Medical Ltd. and
B-Balloon Ltd. The company's current products include, Metricath(R) for
intravascular measurement and PeriPatch(TM) surgical tissue and staple line
reinforcement products. Neovasc has a development pipeline of innovative new
products, and provides contract medical device development and manufacturing
services. For more information, visit: www.neovasc.com.

	    Statements contained herein that are not based on historical or current
fact, including without limitation statements containing the words
"anticipates," "believes," "may," "continues," "estimates," "expects," and
"will" and words of similar import, constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results, events or
developments to be materially different from any future results, events or
developments expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general economic and business
conditions, both nationally and in the regions in which the Company operates;
history of losses and lack of and uncertainty of revenues, ability to obtain
required financing, receipt of regulatory approval of product candidates,
ability to properly integrate newly acquired businesses, technology changes;
competition; changes in business strategy or development plans; the ability to
attract and retain qualified personnel; existing governmental regulations and
changes in, or the failure to comply with, governmental regulations; liability
and other claims asserted against the Company; and other factors referenced in
the Company's filings with Canadian securities regulators. Although the
Company believes that expectations conveyed by the forward-looking statements
are reasonable based on the information available to it on the date such
statements were made, no assurances can be given as to the future results,
approvals or achievements. Given these uncertainties, readers are cautioned
not to place undue reliance on such forward-looking statements. The Company
does not assume the obligation to update any forward-looking statements except
as otherwise required by applicable law.

	    %CIK: 0001399708

	    /For further information: Corporate contact: Neovasc Inc., Chris Clark,
(604) 248-4138; U.S. media & investor contact: GendeLLindheim BioCom Partners,
Barbara Lindheim, (212) 918-4650/
	    (NVC.)

CO:  Neovasc Inc.

CNW 10:44e 08-DEC-08