Calgary-based Ventripoint Diagnostics (TSXV:VPT) today announced it had completed the final tranche of its previously announced non-brokered private placement. The company issued 18.75 million $.16 cents units that consist of a share and a one-half of one share purchase warrant, for proceeds of $3-million.
Ventripoint management says it will use the money in part to bring its Ventripoint Medical System to market.
The Ventripoint Medical System is a a three-dimensional diagnostic test system for examining the heart management says can offer a better alternative to traditional methods such as MRIs. Last August, Ventripoint began a research collaboration with Toronto’s Hospital for Sick Kids. Sick Kids was the first hospital in the world to use the company’s VMS 3D system to detect Tetralogy of Fallot, a congenital heart defect in children. The hospital compared the methods to traditional MRI results and were sufficiently impressed to enter into a ongoing research agreement.
Ventripoint management says the system can increase the speed of diagnosis by as much as twenty times, and does so using existing 2D or 3D imaging equipment already found in most hospitals. The patented methods in Ventripoint’s software and tracking systems sensor work by identifying anatomical sites, or dots, in the heart and then connect these dots to form an image of the heart that is more realistic and specific than existing MRIs.
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Today’s financing provides enough breathing room for investors to prevent heart failure, but little more. The company had $1.84-million in the bank as of last December 31st, but lost $3.97-million on revenue of just $148,600 in that fiscal year.
Ventripoint, however, says the feedback from cardiologists they have met through exhibiting and attending conferences has been overwhelmingly positive and the system has been well received in medical journals and presentations. Ventripoint is now installed at more than fifteen sites, and is already in clinical use in both Canada and Europe. Last November, the company hired a European sales director and says it is in discussions with potential distributors there.
Share of Ventripoint closed today up 3.7% to $.14 cents.
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