Ventripoint Provides Corporate Update
Toronto, Ontario, September 20, 2017 – Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Company”, TSXV:VPT) is pleased to provide a corporate update on its marketing and development plans.
The Company has reviewed its sales approach and has met with a number of existing and potential customers to determine the highest value propositions in defined cardiac care settings. The Company has identified three settings where the VMS is regarded as critical to providing the best cardiac diagnosis and monitoring. This process has been completed and a direct sales effort has begun in western Canada with appointments in Edmonton, Calgary and Vancouver for next week. These sales calls will further validate the sales materials and are expected to generate sales.
“It is wonderful to be working with a marketing and development team, who have worked together before and been successful deploying ultrasound equipment worldwide”, stated Dr. George Adams, President and CEO. “We are focused on sales and building value for our shareholders.”
The marketing team has been prioritizing markets by size and ease of entry from a regulatory perspective. Asia and regions in the Middle East are the current foci. Presentations and discussions have been held in both regions. Interest in the Ventripoint products is strong from Iran, Singapore, Thailand, U.A.E. and Saudi Arabia. Regional distributors are verifying the local pathway to regulatory approval and market size. While in some cases they can initiate local product registration based on Health Canada approval, in other regions a longer process is required and it may be best to wait until CE Mark or FDA approval for the 4-chamber VMS™ have been secured. The Company expects to have clear channel partners identified for multiple countries within these 2 regions by end of November and distribution agreements formally executed. This will secure purchase orders from the official distributors for both demo stock and revenue inventory for sale within each market by year end.
Upon approval of the CE Mark, we will advance the European markets and other regions, which require CE Mark. The Company is aiming to launch distributor and direct sales discussions in early December at the EuroEcho Conference, which is attended by most distributors. This is an excellent platform for phase 2 of our channel expansion.
The third phase will be the United States markets. We are expecting marketing clearance for the 4-chamber VMS sometime in early 2018. At that time, we will implement our launch strategy regarding representatives, locations and defining regional initiatives.
The Company has also been interviewing leading cardiologists to identify specific cardiac conditions where clinical studies would verify the need for the VMS. These experts have identified, uncontrolled hypertension (30 million people in the USA), normal and high-risk pregnancies, cancer chemotherapy, congenital heart disease and technically-difficult imaging (20-30% of all echocardiograms) as highest-value applications.
The Company has identified enthusiastic cardiologists in Canada, Europe and the Middle East, who wish to conduct clinical trials to verify the importance of chamber volumes in all these clinical settings and is working with them to develop protocols and begin the studies.
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 heart function. The Corporation has developed 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.
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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.