VentriPoint Diagnostics Ltd.

VentriPoint Diagnostics Ltd.

May 04, 2011 07:00 ET

VentriPoint Announces Allocations of First 10 VMS™ Devices

Additional Shipments Planned in Response to Strong Demand

-- Financial Results for Year Ended December 31, 2010 Announced --

SEATTLE, WASHINGTON--(Marketwire - May 4, 2011) - VentriPoint Diagnostics Ltd. ("VentriPoint") (TSX VENTURE:VPT)(PINK SHEETS:VPTDF) announces that its just filed Management's Discussion and Analysis (MD&A) provides a review of its financial and operational activities during 2010 through April 29, 2011, and presents its current status and elements of its planned operational focus during the remainder of 2011.

The operational highlights reported through April, 2011 include:

  • The Company has entered into ten (10) agreements for deployment of its VMS™ with leading hospitals in Canada (3), Europe (2) and the United States (5). Pursuant to these agreements, four (4) VMS™ installations have been completed and the remaining six (6) placements have been prioritized and are scheduled to be completed by the end of June;
  • The current installations, with a combined 18 months of service, have reported excellent performance with no issues which would indicate material support requirements;
  • With strong interest expressed by many other leading cardiologists and the solid performance of VMS installations, the Company has decided to expand its planned ten controlled deployments and will commence the build of additional VMS™ devices;
  • With an independent study confirming that the VMS™ is as accurate as more-costly MRI based measurements (see News release dated Dec. 12, 2010) and the continuing endorsement of our users (See News releases dated Jan 10, Apr. 4 and Apr. 21, 2011), the Company has engaged with multiple ultrasound equipment manufacturers and 3rd-party software providers to explore alternative means to capitalize on the unique capabilities of the VMS™. A strategic goal of the Company is to partner with larger companies in the cardiac ultrasound and/or MRI arena to bring the VMS™ to full commercialization as quickly as possible.

Dr. George Adams, VentriPoint's CEO, stated, "I am so pleased that the independent review of our product is successfully building awareness with cardiologists worldwide of the value of our cardiac measurement and modeling system. There is no doubt in my mind that we will be able to penetrate a major part of the cardiac imaging market as we begin the full launch of our enhanced VMS™ later this year."

The MD&A also presents elements of the Company's focus for the next 6 months:

  • Continue to engage cardiologists in Europe and North America though attendance and exhibits at four major conferences and a number of other regional medical information events;
  • Enter into additional agreements for the installation of additional VMS™ devices as part of its controlled deployment plans;
  • Build the sales, installation and support teams required for an excess of 100 commercial VMS™ deployments in 2012;
  • Complete a second clinical trial in the United States for inclusion in its re-submission of a 510(k) application for FDA approval;
  • Clinically validate the pulmonary hypertension application for regulatory approval and commercial launch;
  • Complete an economic analysis of the value-in-use of the VMS™; initially for congenital heart disease.

VentriPoint also announces the filing of its audited consolidated financial and operating results for the twelve months ended December 31, 2010. The audited Consolidated Financial Statements for the twelve months ended December 31, 2010 and 2009, and its 2010 Management's Discussion and Analysis dated April 29, 2011 were filed on May 2, 2011 and are available for viewing on the System for Electronic Disclosure and Analysis ("SEDAR") at The operational information as outlined above should be read in conjunction with VentriPoint's audited consolidated financial statements and its related MD&A.

About VentriPoint Diagnostics Ltd.

VentriPoint has created a diagnostic ultrasound tool to monitor patients with heart disease, a leading cause of death in developed countries. VMS™ is the first cost-effective and accurate diagnostic tool for measuring right ventricle heart function. Congenital heart disease is the first application in a suite of applications for all major heart diseases including pulmonary hypertension, cardiovascular disease and heart failure - a multibillion-dollar market potential. Canada and Europe (CE Mark) have granted approval for the sale of VentriPoint's VMS™ diagnostic tool and it is pursuing the US-FDA approval through the 510(k) process.

FORWARD-LOOKING STATEMENTS: The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address VentriPoint's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect a current view of future events and are subject to certain risks and uncertainties as contained in the Corporation's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated in these forward-looking statements. The Corporation undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although management believes that expectations are based on reasonable assumptions, no assurance can be given that these expectations will materialize.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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