VPT:CC - Ventripoint Diagnostics Provides Corporate Update and Announces Conference Call
(TheNewswire)
Toronto, Ontario – TheNewswire –March 28, 2024 - Ventripoint Diagnostics Ltd.(" Ventripoint " or the " Company "), (TSXV:VPT ) ; ( OTC:VPTDF) is pleased to provide a corporate update on theCompany’s current status and the outlook for 2024.
The Company entered 2024 continuing the refinement ofits foundational technology and is currently strengthening itsoperations to enable more effective marketing, sales and customersupport. Hugh MacNaught assumed the role of Interim President andCEO in early February.
“ During thepast six weeks I have had the opportunity to more fully assess thetechnology, team and market opportunity and have identified key areasof focus for the company as it progresses towards the growth phase ofits development,” commented Mr. MacNaught. “The enhancements toechocardiography enabled by VMS+ provide greater efficiency andreduced cost to healthcare providers while improving accessibility andcomfort to patients. The Company has no debt, a dedicated andmotivated team, and a well-differentiated product. Our highestpriority is to drive clinical awareness and adoption of our AItechnology by healthcare providers in 2024” .
Sales, Marketing, andDistribution
Ventripoint’s highest priority for 2024 is todemonstrate its ability to establish commercial traction with productthat has obtained regulatory clearance in key markets such as theU.S., E.U., U.K., and Canada.
During the current quarter key activitiesinclude:
1. Recruitment and on-boardingof a Strategic Partnerships Executive, Bart Hendriks, whose principalfocus is on the E.U and U.K markets;
2. Communicating with theexisting customer base to assess the use of VMS+ in real life clinicalsettings and develop deeper insights into clinical indications andprocedure volumes;
3. Meeting with E.U. and U.K.distributors to review 2023 performance and 2024 objectives. We areworking to improve the efficiency of installation, training andacceptance at customer sites to enable faster implementation of VMS+products;
4. Releasing VMS+3.2 withenhanced ease of use and 3D visualization features, for sale;
5. Conducted an advancedtraining workshop in Germany led by Dr. med. Kai ThorstenLaser,
Deputy Director and Senior Physician of the Clinic forPaediatric Cardiology and Congenital Heart Defects at the Heart andDiabetes Center North Rhine-Westphalia, Germany.
6. Identifying the conferencesin 2024 that align most closely with Ventripoint’s commercialobjectives. Ventripoint is a Silver Sponsor for the 2024 AEPCmeeting in May, where Ventripoint is a Silver Sponsor and will beproviding demonstrations and a product workshop at theconference;
7. Engaging the Visual Fridayagency to perform a refresh of the Ventripoint brand. Style elementswill be introduced in the next quarter;
8. Initiating an update to thecorporate website. This includes moving the site to a more flexibleand robust platform and will include incorporation of style elementsgenerated by the brand refresh;
9. Initiating adoption of aCRM. This will integrate input from distributors, facilitate effectiveforecasting, and enable efficient manufacturing and supply chainmanagement;
10. Initiate recruitment of anMBA intern to develop market insights and intelligence. This is animportant first step in evolving the corporate culture to addressingunmet clinical needs and ensuring optimal product/market fit.
11. Closing the sale of aVMS+3.2 system to a top 10 U.S. cardiology centre;
12. Engaging in ongoingdiscussions with partner Ascend regarding marketing, sales anddevelopment opportunities;
13. Continuing to work with theOllie Hinkle Heart Foundation to introduce VMS+ to paediatriccardiology centres.
Product Development andManufacturing
During the current quarter key activitiesinclude:
1. Release of VMS+3.2 for sale. The key benefits to this update are related to the removal ofmagnets from the sensors, eliminating a calibration step andsimplifying clinical workflow;
2, Moving towards completion ofvalidation and verification testing for VMS+4.0;
3. Engaging service provider toperform Medical EMC Testing for Professional Healthcare Environment tocomply with updated IEC 60601 standard;
4. Preparation for submissionof VMS+4.0 to FDA for 510(k) clearance;
5. Passing the semi-annualfactory inspection for NRTL certification;
6. Initiating creation of atechnology roadmap;
7. Review of project managementprocess and procedures;
8. Review of supply chain,inventory and manufacturing.
Finance
During the current quarter key activitiesinclude:
1. Working with auditors tocomplete the annual audit;
2. Reviewing capitalrequirements for the current year.
After review and discussion, the Board of Directors hasidentified the need to secure off-the-market financing to support thecompany’s operations in 2024. An announcement will be made shortlyconcerning this matter.
Added Mr. MacNaught “Over the nextmonth we will continue to focus on closing sales for VMS+3.2,preparing for the AEPC conference in May, submitting VMS+4.0 to FDAfor 510(k) clearance and optimizing our internal processes to supportgrowth. During this time, I will be devoting more time and attentionto the U.S. market to ensure that Ventripoint achieves a high rate ofsuccess.”
ConferenceCall
The Company willhold a conference call to discuss this update.
Wednesday April 3 rd , 2024 11.00 am Eastern Time
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Participants can access the call by dialing 1-844-763-8274 or +1-647-484-8814 . It is recommended that youcall 10 minutes before the scheduled start time to avoid thequeue.
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After the call, an audio recording will be madeavailable via telephone for one month, until end of day May 3rd. Therecording can be accessed by dialing 1-855-669-9658 or +1-604-674-8052 and using the access code 5078# .
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A written transcript of the call will be available onVentripoint’s website shortly after its conclusion.
About Ventripoint DiagnosticsLtd.
Ventripoint has become anindustry leader in the application of AI (Artificial Intelligence) toechocardiography. Ventripoint's VMS products are powered by itsproprietary knowledge-based reconstruction technology, which is theresult of a decade of development and provides accurate volumetriccardiac measurements equivalent to MRI. This affordable, gold-standardalternative allows cardiologists greater confidence in the managementof their patients. Providing better care to patients serves as aspringboard and basic standard for all of Ventripoint's products thatguide our future developments. In addition, VMS+ is versatile and canbe used with all ultrasound systems from any vendor supported byregulatory market approvals in the U.S., Europe and Canada.
For further information, pleasecontact:
Jonathan Robinson
416-669-1001
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release.
Forward Looking Statements
This news release contains forward-looking statementsand forward-looking information within the meaning of applicablesecurities laws. The use of any of the words "expect","anticipate", "continue", "estimate","objective", "ongoing", "may","will", "project", "should","believe", "plans", "intends'' and similarexpressions are intended to identify forward-looking information orstatements. The forward-looking statements and information are basedon certain key expectations and assumptions made by the Company.Although the Company believes that the expectations and assumptions onwhich such forward-looking statements and information are based are reasonable, undue reliance should not be placed onthe forward-looking statements and information because the Company cangive no assurance that they will prove to be correct.
Since forward-looking statements and informationaddress future events and conditions, by their very nature theyinvolve inherent risks and uncertainties. Actual results could differmaterially from those currently anticipated due to a number of factorsand risks. Factors which could materially affect such forward-lookinginformation are described in the risk factors in the Company's mostrecent annual management's discussion and analysis that is availableon the Company's profile on SEDAR at www.sedar.com. Readers arecautioned that the foregoing list of factors is not exhaustive. Theforward-looking statements included in this news release are expresslyqualified by this cautionary statement. The forward-looking statementsand information contained in this news release are made as of the datehereof and the Company undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as aresult of new information, future events or otherwise, unless sorequired by applicable securities laws.
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