Toronto, Canada — TheNewswire –-- January 23, 2025 — Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Company"), (TSXV:VPT; OTC:VPTDF), a leading provider of innovative cardiac diagnostic solutions, is pleased to provide a shareholder update.

 

Dear Shareholders,

 

Further to the update that was provided in December I am pleased to share our outlook and objectives for 2025.  

 

Technology and Product Development

 

Last year represented significant advances with the development of VMS+3.2 and VMS+4.0, and the granting of CE mark and Health Canada Medical Device License for VMS+4.0. This morning we announced the provision of supplemental information to FDA to support our submission for 510(k) clearance and anticipate a response prior to the end of February.

 

Looking forward we will continue to refine and enhance VMS+, but the fundamental development activities are completed and our focus is turning to additional cardiac indications and improving the integration of VMS+ into clinical workflows. With regards to the latter our evolving relationship with ASCEND Cardiovascular is leading to actively collaborating on enabling VMS+ to become an essential functionality within their technology stack.

 

We are developing training modules and support resources for clinicians to fully leverage VMS+ for optimal patient care. By placing a stronger focus on training, installation, and support, particularly with regards to connectivity and clinical integration our customers will enjoy more positive experiences with the technology.

 

Our team is now actively engaged with our users to develop stronger insights and incorporating these into product planning and budgeting. This discipline will ensure that R&D expenditures are based on clear understanding of market need.

   

Business Development and Partnerships

 

Ascend Cardiovascular: We are progressing to a license agreement for the integration of VMS+ 3D capabilities directly into the Ascend technology stack.  This will be structured to start with the current product and form factor and support the evolution to a more seamless integration of our software and technology.

 

Ollie Hinkle Foundation: We continue to collaborate with OHF and are pleased to have received two very good referrals by the Foundation in late Q4 of last year.

 

South Asia: Our continuing engagement with an Asian family office is leading to discussions concerning distribution, joint ventures, manufacturing, and financial opportunities in the region.  With its large population, improving living standards, and growing healthcare needs, this region is an ideal fit for VMS+.

 

Valvular Disease: We will be announcing the recruitment of an industry advisor from a leading structural heart business to provide guidance to the development of our plans for this indication. The heart valve repair and replacement market is estimated to be approximately $9B in 2024 with a CAGR of 10% through 2034.  A successful proposition in this specialty would be transformative for Ventripoint.

 

Sales and Marketing

 

With the advancements in our technology and regulatory approvals the Company is more directly focused on sales in 2025.  Our new business plan is based on achieving commercial traction, creating recurring revenues, and scaling the user base.

 

We will continue to work with our distribution partners in the UK and EU.  There were several qualified leads that we hoped to close in Q4 last year that we are continuing to pursue. Beyond these there are a substantial number of on-site demos are being arranged for 2025 and that will be initiated once additional growth capital is secured.  

 

This month we will be completing the installation and training at a prestigious institution in the US mid-west. Our team is working to develop a strong relationship with this site and hope to leverage that into additional orders.

 

Because of the importance of the American market we are implementing a new sales program that more directly addresses the needs of these customers. The objectives of this program are to clearly demonstrate a repeatable sales model. The program will be supported with stronger product propositions and refined product positioning to more effectively communicate the benefits of more timely monitoring of heart conditions, improved patient outcomes, and reduced healthcare costs.  The pricing of VMS+ will be updated upon 510(k) clearance and financing options introduced to make VMS+ more accessible to healthcare providers of all sizes.

 

Upon securing growth capital we will expand the sales team to engage directly with healthcare providers to validate the sales model and process prior to expansion through specialty distributors.  The team will work with customers to guide them through the implementation and integration of Ventripoint’s VMS+ AI echocardiography solutions.

 

We are continuing the roll-out of our Reference Centre Program, which will enhance Ventripoint’s visibility and highlight the impact of VMS+.  The goal of the program is to actively collaborate with select clinical partners to identify unmet clinical needs, validate new VMS+ features and capabilities in real world settings, and enable prospective customers the opportunity to see the system being used by their peers.

 

Finance

 

In 2024 we pursued several financing initiatives to support our growth and commercialization efforts. These initiatives were designed to leverage commitments from our team and insiders while avoiding unnecessary dilution and enabled the Company to continue its essential work.  Looking forward it is essential that the company secures sufficient capital to execute our ambitious plans.  There is a sense that financial markets are improving in 2025 but Ventripoint has near term capital requirements which must be addressed to achieve its milestones and exploit its window of opportunity.

 

We recently announced a second closing for the current convertible debenture offering which provides attractive terms. The proceeds from this financing will be deployed to support commercialization activities, manufacturing, regulatory submissions and operations. Thank you to those who responded to our last update with participation in this round.  The offering is being extended, we have already received additional enquiries regarding investment in the round, and have the ability to include those of you who were unable to participate prior to year end.

 

Since the last update I’ve had the opportunity to speaking with a growing number of shareholders and continue to value your vision and support as we continue to advance VMS+.  For some it has been a long journey, but we are now at the point of offering a greatly improved product that will contribute to better healthcare outcomes for the millions of people suffering heart defects, diseases and disorders.

 

Closing Comments

 

Our ability to maintain progress is a direct result of your invaluable support. VMS+ has evolved considerably since VMS+1.0 and is now a much more sophisticated and refined product. In the coming weeks and months we will be providing regular updates on our progress, particularly with regards to commercial achievements. Thank you for your continued interest and for taking the time to read this update.

 

Sincerely,

 

Hugh MacNaught

President and CEO

hmacnaught@ventripoint.com

(604) 671-4201

  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 

About Ventripoint Diagnostics Ltd.

 

Ventripoint has become an industry leader in the application of AI (Artificial Intelligence) to echocardiography. Ventripoint's VMS products are powered by its proprietary KBR technology, which is the result of a decade of development and provides accurate volumetric cardiac measurements equivalent to MRI. This affordable, gold-standard alternative allows cardiologists greater confidence in the management of their patients. Providing better care to patients serves as a springboard and basic standard for all Ventripoint's products that guide our future developments. In addition, VMS+ is versatile and can be used with all ultrasound systems from any vendor supported by regulatory market approvals in the U.S., Europe, and Canada.

  

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 Company. Although the Company 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 Company 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 several factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company'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 Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise, unless so required by applicable securities laws.