Tickers: XTSX:VPT, PINX:VPTDF
Tags: Heathcare, Technology
Toronto, Ontario / TheNewswire / November 14, 2018 - Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Company", TSXV:VPT) is pleased to announce that it has entered into a Contribution Agreement with the Government of Canada. The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) will provide both advisory support and conditional funding to share the costs of a project designed to accelerate the further development of the Ventripoint VMS+ system's next-generation products.
The goal of the project is to extend the current technology for advanced visualization extracted from 2D ultrasound images of the heart to construct and visualize 4D from 2D ultrasound images. 4D is the real time display of the beating heart in a 3-dimensional view, with quantification of the movements as well as 2D measurements. The project also aims to include the addition of advanced measurements for Wall Motion Velocity and Left Ventricle Mass, to further aid the clinician in assessing the cardiac disease state.
Currently, 4D products are available in the marketplace and while they have improved significantly, they still are only able to get useable images in 60% of people for the basic heart analysis and, therefore, are only used for research purposes. The VMS+ system's accuracy matches that of the MRI, the gold standard, providing a significant opportunity for the unique 4D VMS+ system in the market.
For the clinician, the Ventripoint solution of 4D display will provide additional information about the motion of the different chambers of the heart throughout the cardiac cycle, quickly and reliably. The provision of both quantitative and qualitative information essential for complete assessment of the cardiac condition is the major goal of this project.
In other news, Ventripoint announces that it has entered into a business development contract for a term of six months. Under the contract, and subject to the approval of the TSX Venture Exchange, the Company will pay the consulting fee of US$150,000 with common shares at the end of the contract term, with the number of common shares being determined with reference to the market price at the time of issuance.
About Ventripoint Diagnostics Ltd.
Ventripoint's technology is a leading Artificial Intelligence (AI) approach known as Knowledge-Based Reconstruction (KBR), used to create applications to monitor heart disease, a leading cause of death worldwide. The VMS+ is the first cost-effective and accurate AI tool for measuring whole heart function using conventional ultrasound. The Company has developed a suite of applications for all major heart diseases and is actively commercializing the approach to improve cardiac care.
For further information please contact:
Dr. George Adams, CEO, Telephone: (519) 803-6937
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.
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