VentriPoint Diagnostics Ltd.

VentriPoint Diagnostics Ltd.

August 11, 2011 08:50 ET

VentriPoint's 3D Heart Analysis Technology Adopted as Clinical Assessment Tool

VentriPoint and SickKids Sign Research Collaboration Agreement

SEATTLE, WASHINGTON--(Marketwire - Aug. 11, 2011) -


VentriPoint Diagnostics Ltd. ("VentriPoint" or the "Corporation") (TSX VENTURE:VPT) (PINK SHEETS:VPTDF) announces the establishment of a research collaboration with The Hospital for Sick Children ("SickKids") in Toronto to help further develop the clinical use of its VMS™ heart analysis system.

The Echocardiography Laboratory in the Labatt Family Heart Centre at SickKids recently validated the technique developed by VentriPoint comparing the volumes measured by VMS™ 3D-echocardiography to the cardiac MRI volumetric measurements. The group presented the results of their study of a direct comparison to MRI at the European Association for Pediatric Cardiology in May 2011.

"We found an excellent agreement between both techniques and, based on these findings, decided to introduce the method in our Echocardiography Laboratory," said Dr. Luc Mertens, Head, Echocardiography Cardiology at SickKids. "We are the first hospital to use the method clinically for children with congenital heart disease known as Tetralogy of Fallot."

Tetralogy of Fallot is the most common congenital heart defect in children, which causes severe leakage of the pulmonary valve and progressive enlargement of the right heart, resulting in decreased function and requires surgical treatment. Currently MRI is considered as the gold standard to follow the size and shape of the heart after surgical repair. The VMS™ offers an excellent echocardiographic alternative.

"The Hospital for Sick Children is a world leader in clinical care and has been extraordinarily progressive in establishing the VentriPoint VMS™ in the hospital, validating the system and now using it clinically," commented Dr. George Adams, CEO of VentriPoint. "We look forward to many fruitful collaborations as we expand the uses of the VMS™ and make it an essential tool for all cardiologists."

SickKids signed a research agreement (the "Agreement") with VentriPoint to further develop VMS™ for other congenital heart conditions and pulmonary hypertension. The Agreement incorporates four defined collaborative studies and provides the opportunity to further expand the collaboration with additional future studies. Pursuant to the Agreement, VentriPoint has acquired all rights to any data and inventions that arise during the planned and future research. As previously announced on July 19, 2011, subject to TSX Venture Exchange (the "Exchange") approval, the Corporation intends to issue 100,000 common shares in the capital of VentriPoint (the "Shares") as partial payment of its obligations under the Agreement at a deemed price of $0.18 per share which was determined in accordance with the policies of the Exchange and based on the closing price of VentriPoint's Shares as at July 18, 2011 of $0.215.

Other Corporate Matters

VentriPoint also announces that, further to its press release issued on March 25, 2011, it has received final Exchange approval of the issuance of 565,645 Shares to five non-officer directors of VentriPoint for payment of directorship services rendered during the period from September, 2008 through February, 2011 and 129,482 Shares in satisfaction of unpaid debenture interest payments. The Shares were issued at a deemed price of $0.135 and $0.146 per share, respectively, which prices were determined in accordance with the policies of the Exchange and based on the closing price of VentriPoint's Shares as at March 24, 2011 of $0.16.

In addition, further to its press release issued on April 21, 2011, VentriPoint has received final Exchange approval of the issuance of 441,088 Shares in satisfaction of unpaid debenture interest payments. The Shares were issued at a deemed price of $0.148 per share, which was determined in accordance with the policies of the Exchange and based on the closing price of VentriPoint's Shares as at April 20, 2011 of $0.16.

The Shares have been issued and have a hold period of four months from the date of issuance in accordance with applicable securities legislation.

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. The 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 VentriPoint 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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