Ventripoint Diagnostics Ltd.
TSX VENTURE : VPT

Ventripoint Diagnostics Ltd.

April 08, 2014 08:52 ET

Ventripoint Corporate Update and Resignation of Director

SEATTLE, WASHINGTON--(Marketwired - April 8, 2014) - Ventripoint Diagnostics Ltd. ("Ventripoint") (TSX VENTURE:VPT) announces that following the clearance by the US Food and Drug Administration (FDA) of the VMS™ heart analysis system for right ventricle assessment in adult patients with Pulmonary Arterial Hypertension (PAH), the Company has focused on initial marketing strategies which include:

  • Securing distribution partners for the VMS™ product in the United States,
  • Signing up additional marketing partners in Europe and the Middle East,
  • Furthering discussions with select leading ultrasound manufacturers for collaborations on technology integration,
  • Licensing the knowledge-based reconstruction to other providers of analysis software for other imaging modalities,
  • Contacting cardiology centers that previously indicated a desire to purchase the VMS following clearance for clinical use by the FDA,
  • Advancing hospital-sponsored clinical studies into new applications for the VMS™, and
  • Re-evaluating marketplace acceptance of a pay-per-use structure in patients with left heart failure, while maintaining the current capital purchase approach in Pulmonary Hypertension and Congenital Heart Disease applications.

"Clearance from the FDA has sparked renewed interest in the VMS™ in the cardiology community worldwide. We are seeing accelerated purchase decisions in Europe and Canada," said Dr. George Adams, President and CEO of Ventripoint. "Now functional evaluation of the right ventricle is available without an expensive MRI. We are initiating energetic marketing strategies to communicate news of the accessibility of VMS™. With this in mind, we are making arrangements to make ourselves very visible at the upcoming meeting of the American Society of Echocardiography in June."

The Company is also announcing that Don Black has resigned as a Director of the Company for health reasons. The Board of Directors wishes Don a rapid recovery. We extend our thanks to Don for his years of service to the Company. The Nomination Committee has identified a number of possible directors and is undertaking interviews to find the best replacement.

Furthermore, the Board of Directors of the Company has elected not to initiate a share consolidation at this time, due to market conditions. The Company is also negotiating to re-structure some of the secured debt to extend the term.

The VMS™ is approved for multiple clinical uses in Canada and Europe, and now for PAH patients in the United States.

About Ventripoint Diagnostics Ltd.

Ventripoint has created tools to monitor patients with heart disease, a leading cause of death in developed countries. VMS™ is the first cost-effective and accurate tool for measuring right ventricle heart function. The Company has a suite of applications for all major heart diseases and imaging modalities including congenital heart disease, left or right heart failure and normal hearts - a multi-billion dollar market potential.

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

FORWARD-LOOKING STATEMENTS: The statements made in this news release that are not historical facts may 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 Company'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. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Ventripoint's disclosure documents on the SEDAR website at www.sedar.com. The Company 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.

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