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VentriPoint Diagnostics $3.36mln financing allows it to commercialise VMS-Plus

Friday, March 24, 2017 9:01
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Heart analysis tech specialist VentriPoint Diagnostics (CVE:VPT) said it had closed its placing and raised $3.36mln in the process to be used for marketing its VMS-Plus product.

The firm issued over 10.4mln units at 32 cents each for total gross proceeds of $3,359,020, it said in a statement.

Existing shareholders subscribed for $1.9 million worth of units and new shareholders subscribed for $1.4million.

Around $1.15mln was raised from Alberta, $1.05mln from Ontario, $.66mln from Quebec and $.46 from British Columbia, Dr George Adams, chief executive of the company, told Proactive Investors.

“All of us at Ventripoint are thankful to our existing and new shareholders for providing the funding we needed to fully commercialize the VMS-Plus heart analysis system,” he said.

“With these resources, we can market the VMS-Plus and begin to improve the examination of patients with suspected or known heart disease.”

Earlier this month, the group revealed it had received a license from Health Canada for its new VMS-PLUS machine, which has a 4-chamber (4C) heart analysis system.

This expanded the firm’s previous VMS heart analysis product to include right atrium (RA), left atrium (LA) and left ventricle (LV) chambers.

The VMS was already licensed in Canada for use for the right ventricle (RV).   It allows medics to assess volume and function for all four chambers of theheart using conventional 2D ultrasound, which could only be done previously by an MRI.

Adams added that the group’s market cap had now gone to $25mln from around $3mln, which he said was  “still low” for a company with approved products in a multi-billon dollar market

Story by ProactiveInvestors


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