VentriPoint Diagnostics Ltd.

VentriPoint Diagnostics Ltd.

April 25, 2012 07:00 ET

VentriPoint Signs Joint Development Agreement With Brand Name Global Ultrasound Manufacturer

Project will integrate VMS™ technology with existing ultrasound system

SEATTLE, WASHINGTON--(Marketwire - April 25, 2012) - VentriPoint Diagnostics (TSX VENTURE:VPT) (OTCQX:VPTDF) is pleased to announce it has signed a Joint Development Agreement with a global ultrasound manufacturer to develop a combination 2D ultrasound-VMS™ total heart analysis system for worldwide application. For competitive reasons, the development partner has asked not to be identified until the product is ready to be commercialized.

"I believe that an integrated VMS™-ultrasound system will revolutionize cardiac ultrasound," stated Dr. George Adams, CEO of VentriPoint. "The new VMS™-ultrasound system will be the first to allow clear analysis of both the left and right heart, and the first to allow rapid evaluation of people with pulmonary hypertension-an elegant solution."

The use of VMS™ in all forms of pulmonary hypertension can potentially impact 20-50 million patients who are at risk due to breathing problems, right heart defects and chronic diseases. VMS™ will satisfy an unmet medical need to quickly determine the heart status in pulmonary hypertension patients. Current techniques are either too expensive or too invasive to be used in this population of at-risk patients. Cardiac ultrasound with the VMS™ analysis software will be easy, convenient, non-invasive, cost effective and accurate. This application is estimated to be a $1 billion worldwide market, and is particularly appealing to existing OEM ultrasound manufacturers as the identification of people in early stages of pulmonary hypertension is not done by cardiologists, but rather other general physicians who currently do not have ultrasound equipment, and would purchase the 2D-VMS™ integrated system to expand their practices.

Dr. Adams continued, "VentriPoint has been actively seeking partnerships with existing ultrasound OEM manufacturers for combination products and distribution (See News Release January 18, 2012). With the recent announcements of the validation of the PAH application (see News Release February 27, 2012) and the approval of the PAH application for sale in Europe (See News Release March 29, 2012), it was timely to establish this non-exclusive partnership to explore building a fully-integrated system for complete heart analysis and to conduct joint technical testing prior to clinical application."

Ventripoint will work with its partner to determine the exact steps for successful integration and then establish a project team to develop and test a prototype 2D-VMS™ system for image collection. VentriPoint has already developed a workstation for the remote analysis of the captured images to allow for 3D reconstruction of the heart using its patented Knowledge Based Reconstruction (KBR) technology and proprietary databases.

The VMS™ is for investigational use only in the United States and is approved for sale and clinical use in Canada and Europe.

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 is pursuing the US-FDA approval through the 510(k) process.

Cautionary Note Regarding 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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