TORONTO, ONTARIO–(Marketwired – June 8, 2017) – Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Company”) (TSX VENTURE:VPT) is pleased to provide a corporate update on its business activities.
Whole-Heart VMS
The VMS is approved for the analysis of the right ventricle (RV) of the heart for anyone where the cardiologist deems the information is warranted or desired in the United States, Canada and Europe. The VMS-PLUS™ has recently been approved by Health Canada for the measurement of volumes of the other 3 chambers of the heart – right atrium (RA), left ventricle (LV) and left atrium (LA).
“Ventripoint has achieved a ‘world first’ with the approval of a whole-heart analysis system for 2D ultrasound exams, which provides accurate and reliable measurements equivalent to an MRI,” stated Dr. George Adams, CEO of Ventripoint.
Sales and Marketing
Now that the Company has “home-country” approval, it has been recruiting sales and marketing staff and interviewing potential distributors to assess different markets worldwide for their readiness for the VMS-PLUS. The recent focus has been on the Middle East and North Africa (MENA) region, where heart disease is particularly prevalent. For example; cardiovascular disease is responsible for one in five deaths in the United Arab Emirates (UAE) and one in four adults in Saudi Arabia are likely to have a heart attack within the next 10 years. The UAE has 70 public and private hospitals and 150 medical centres and clinics and is opening a new hospital every month. Saudi Arabia has approximately 600 hospitals and 2282 clinical centres and is expanding its healthcare system.
The Company hired a representative for the region who attended the CSI Dubai 2017 cardiac conference in Dubai in April. He met with 70 cardiologists from the region and did calls at local hospitals to verify their readiness. The Company has also identified a regulatory consultant for the region, which has reciprocal arrangements between countries and requires a simple a registration of the VMS-PLUS in each country. Leading cardiac hospitals in the region have requested formal presentations to their cardiology groups so the Company will be returning to the region in July for this purpose, as well as to continue discussions with potential distributors and partners, and to begin the process to make formal regulatory submissions throughout the region in preparation for installations of the VMS-PLUS.
The region is especially interesting as major imaging company recently signed a memorandum of understanding with the Ministry of Health for the U.A.E., whereby it will equip and service radiology departments in 11 hospitals in exchange for per patient service fees. This is the model the Company would like to deploy in the region and to our knowledge it is the first agreement using this model for imaging products.
The Company has also identified and is interviewing several seasoned marketing people in Canada, Asia Pacific and the U.S.A.. It has commissioned a market survey in Canada to refine the positioning of the VMS-PLUS prior to beginning formal marketing efforts in September. Informal marketing efforts through the Company’s clinical connections will continue throughout the summer.
The Company has hired a new application specialist who will accompany sales staff on sales calls and train new users. She will begin in-depth training in Toronto this month, and will be available for the MENA launch in July.
Annual General Meeting and Stock Options
The Company will hold its Annual General Meeting on August 14th in Calgary, Alberta. More details will be included in the circular, which will be mailed in July to shareholders of record.
The Company announces that it has granted 100,000 stock options to Ellen Briant, the Company’s CFO. The stock options to purchase common shares of the Company are exercisable at $0.32 per common share for a term of 5 years and vest immediately.
Forward Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Corporation can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Other factors, which could materially affect such forward-looking information are described in the risk factors in the Corporation’s most recent annual management’s discussion and analysis that is available on the Corporation’s profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Dr. George Adams
President and CEO
519-803-6937
gadams@ventripoint.ca