VentriPoint Diagnostics Ltd.

VentriPoint Diagnostics Ltd.

November 29, 2010 07:00 ET

VentriPoint Diagnostics Installs Cardiac Image Analysis System at the Rikshospitalet in Oslo, Norway

This is second installation of ten planned installations in the next 6 months

SEATTLE, WASHINGTON--(Marketwire - Nov. 29, 2010) - VentriPoint Diagnostics ("VentriPoint") (TSX VENTURE:VPT), a company focused on providing effective 3D technology to monitor right heart function in children and adults, today announced the second successful deployment of its VentriPoint Medical System ("VMS") at the Rikshospitalet University Hospital in Oslo, Norway.

"This deployment of our tool in Europe is a milestone for VentriPoint and we are delighted that Dr. Henrik Brun and his colleagues will be using the system on Tetralogy of Fallot (a heart disease usually referred to as 'blue-baby') patients as well as expanding the use to patients who have had a valve implanted in their pulmonary artery," said Dr. George Adams, VentriPoint's CEO.

"We are enthusiastic to begin to use the VentriPoint system with patients in our hospital. The ease of use of the system and its potential to replace MRI studies will hopefully make a difference in the care of children with congenital heart disease," said Dr. Henrik Brun, cardiologist at Rikshospitalet.

The Rikshospitalet University Hospital is a national reference hospital responsible for introducing and developing new medical examination methods, treatment methods and follow-ups. It conducts more than 50 per cent of the total medical research in Norwegian medical centres.

What is significant about this deployment is that it is the second installation of the diagnostic tool of the ten slated for advancing the merit and value of the VentriPoint system in diagnosing heart disease in children and adults. The company is manufacturing ten systems and has selected seven leading pediatric cardiologists at world-renown hospitals to be the first users. The last three systems will be going to adult cardiologists with large patient groups with pulmonary hypertension. A number of European, Canadian and US hospitals have submitted a request to be one of the first adult users. The company will decide by the end of the year the last three sites for this deployment. Additional systems will become available next year as the company obtains reimbursement codes and expands the applications to a broader array of congenital heart diseases and pulmonary hypertension.

There are 191 specialized pediatric hospitals in Europe, which would benefit from VMS systems, which diagnoses and monitors children with congenital heart disease (CHD). In addition, there are many hospitals, which monitor adults with CHD. The company estimates the European market for its system for CHD would be $20M per year and more than $100M for other heart disorders.

In other news, VentriPoint will today file its quarterly financial statements and MD&A and they can be viewed on

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 in children 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 its VMS diagnostic tool and a 510(k) submission is currently being reviewed by the U.S. Federal Drug Administration.

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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