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VentriPoint Diagnostics upbeat on potential of new invention, which boosts its heart monitoring device

In a letter to stakeholders, George Adams, the president and chief executive, highlighted that the device would "reduce the cost of its equipment significantly"
VentriPoint Diagnostics upbeat on potential of new invention, which boosts its heart monitoring device
VentriPoint's technology is aimed at identifying heart problems early on

Heart monitoring group VentriPoint Diagnostics Ltd (CVE:VPT) saw shares advance on Monday as it told investors it had invented a device, which has positive implications for its VMS-Plus device.

The group has been enjoying a positive run of news on progress of late.

The latest is a filed patent to claim the invention of a small, low-cost device that attaches or is encased in any hand-held probe or ultrasound transducer, which it says will reduce the future cost of VMS-Plus.

In a letter to stakeholders, George Adams, the president and chief executive, highlighted that the device would "reduce the cost of its equipment significantly" and allow a “per-use” sales model as the firm will be able to supply multiple machines for the same price and then charge per use.

It includes a disposable component, which will be an additional revenue stream for the company, as it will receive revenue from the procedure as well as supplies.

Examinations will also be sped up as the firm will no longer be so concerned about patient movement between image captures, he added.

"We are confident we can integrate the new device into the VMS-PLUS and are working on getting it down and tested as quickly as we can."

So what is the VMS Plus?

This is a technology, which will potentially revolutionize the way doctors treat heart patients as it can give accurate and rapid volumetric information about all four chambers of the heart.

It is the only technology in the world that can perform such an analysis of all four chambers using data from a conventional 2D (two dimensional) eco-cardiogram (in other words an ultrasound test).

The heart is a pump so when there is a problem it is not always easy to know where exactly the fault lies, so analysis of each chamber is essential.

Accuracy and precision...

"This is going to revolutionize the way people get treated because of its high accuracy and precision - equivalent to an MRI," Adams has said previously.

So rather than the doctor trying to decipher the 2D ultrasound image, the VMS Plus gives hard data about the pump's function and deterioration rates, or improvements, which means the treatment can be much more accurate and appropriate.

Expansion plans in place...

Earlier this month, the group revealed it was putting expansion plans in the Middle East in place.

It struck a partnership with the SEED Group, which is a group of firms owned The Private Office of Sheikh Saeed Bin Ahmed Al Maktoum of Dubai, United Arab Emirates.

"The SEED Group has already introduced us to leading cardiologists and hospitals in the region, who have expressed their interest in acquiring the VMS-PLUS and demonstrating its application within the healthcare environment," said Dr Adams.

"We see Dubai as an excellent starting place for our expansion plans into the Middle East."

And in July this year, the medtech company hired seasoned executive Desmond Hirson as vice-president of development and operations as the company continues to assess the global marketing opportunity.

The month before, it said it had hired two experiences sales executives - Brian Leck was appointed vice-president of direct worldwide sales, while Mehran Mehrtash became vice-president, worldwide distributor sales.

In September, the firm said that interest in Ventripoint products is strong from Iran, Singapore, Thailand, UAE and Saudi Arabia, and that regional distributors were verifying the local pathway to regulatory approval.

The firm has also said that once it has the key CE mark for Europe in place, it will advance in those markets.

US markets to come...

A third phase will be US markets, it added.

"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."

Shares today added 5.26% to C$0.30 each.

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