Toronto, Ontario – TheNewswire – September 28, 2020 – Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Company“), (TSXV:VPT) (OTC:VPTDF) is pleased to announce that it has remotely installed the latest version of its whole-heart analysis system (VMS+3.0) in a Erasmus-Sophia University Medical Center (Erasmus MC) in Rotterdam. This is the first time in the Company’s history, a system has become operational without an installation team going to the hospital to integrate it into hospital’s infrastructure. It is also the first VMS+3.0 unit which has been placed in Europe.
“We have spent many months on a key initiative of adapting the VMS+3.0 to be an out-of-the-box product with immediate activation and minimal customer requirements to lower the barrier for adoption and accelerate the sales cycle,” stated Dr. George Adams, CEO and Executive Chairman of Ventripoint. “The installation went smoothly and only took a couple of hours with minimal hospital assistance.”
A key modification of the VMS+3.0 was to make it self-contained system to eliminate need for internet connection and improve security. Healthcare providers are becoming more and more concerned about internet connections and cybersecurity. The previous model had a centralized server, which received the data (coordinates of the anatomical landmarks) over the internet and performed the analysis and sent back the result. This model was becoming a significant barrier to adoption in this era of heightened cyber-risks. Accordingly, the Company elected to encrypt the catalogues and analysis software into the VMS+3.0. This change allowed the devices to be self-contained and function completely inside the hospital using the internal PACS (archive) to store and retrieve echocardiograms and the resultant analysis. This change has reduced the time to have the IT departments approve the purchase of the VMS+3.0 as well as greatly simplified the installation procedure, such that it can now be done remotely with little assistance from the hospital staff.
An added benefit is the cost and time savings for the Company, which now has shut down its analysis server and transitioned users to the new stand-alone system. This will also allow sales in areas where the internet is not available or unreliable, such as much of the developing countries, where ultrasound machines are the only available imaging modality for cardiac diagnosis.
Europe is expected to command the largest share of the ultrasound market in future years according to a leading market research group with 2D ultrasound continuing to be the largest segment (https://www.marketsandmarkets.com/Market-Reports/ultrasound-market-467.html).
The Company estimates that 40,000 VMS+3.0 units would be required to diagnose and monitor patients with hearts conditions due to congenital heart disease, pulmonary hypertension and cancer in North America and Europe. Additional units would be required for the rest of the world and for other patient populations such as COVID.
About Erasmus-Sophia University Medical Centre
The Erasmus MC ranks #1 of the top European institution in clinical medicine and #20 in the world according to the Times Higher Education rankings. The cardiology department is involved in teaching, research and treatment of cardiovascular diseases with 5 focus areas: ischemic cardiovascular disease, congenital or acquired structural heart defects, arrhythmias and heart failure.
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 of 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.
For further information, please contact:
Mr. Peter Weichler, Director
Mr. Clay Chase
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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 a number of 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 as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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