Dec 23 (Reuters) - Neovasc Inc NVC.TO :
* 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: NVC.TO