Ventripoint Diagnostics Ltd. (TSX-V: VPT) today announced that it has closed its previously-announced non-brokered private placement of 10,496,938 units at $0.32 per Unit for total gross proceeds of $3,359,020. Existing shareholders subscribed for $1.9M and new shareholders subscribed for $1.4M of the private placement. Each Unit consists of one common share of Ventripoint and one common share warrant, with warrant entitling the holder thereof to acquire one common share at a price of $0.50 per common share for a period of two years after the issuance of the warrant. Ventripoint intends to use the proceeds of the private placement for product development, sales and marketing and general working capital purposes. "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. With these resources, we can market the VMS-PLUS and begin to improve the examination of patients with suspected or known heart disease." - Dr. George Adams, Chief Executive Officer. Dr. George Adams, the Chief Executive Officer and a Director of the Corporation, subscribed for 312,000 units in the private placement. Such subscription constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 - Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange. The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. A material change report in respect of the Related Party Transaction will be filed by the Corporation but could not be filed earlier than 21 days prior to its completion due to the fact that the transaction is still subject to confirmation by the TSX Venture Exchange of the suitability of the acquirer of the insider units. For further details, read the Company's full news release here.
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Ventripoint Announces Closing of Shares for Debt and New Closing Date for Private Placement3/22/2017 Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX-V: VPT) is pleased to announce that it has completed its previously-announced, shares-for-debt transaction (the "Shares for Debt") with holders of debentures previously issued by the Corporation (the "Debentures"). The Corporation issued to the holders of Debentures a total of 1,575,000 units of the Corporation ("Units") as payment of $504,000, being the aggregate of all amounts due under such Debentures. Each Unit consists of one common share of Ventripoint ("Common Share") and one Common Share purchase Warrant ("Warrant"), with each Warrant entitling the holder to acquire one Common Share at a price of $0.50 for a period of 2 years after the issuance of the Warrant.
The Corporation also announces that the previously-announced private placement of Units (the "Private Placement") has over 80 subscribers and the Corporation is working to complete all the paperwork to close on or before March 24, 2017. The Private Placement is subject to the final approval of the TSXV. For further details of the Private Placement, please see the Corporation's news releases of March 9, 2017 and March 15, 2017. Dr. George Adams, the Chief Executive Officer and a Director of the Corporation, received 312,500 Units pursuant to the Shares for Debt. Such participation in the Shares for Debt constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 - Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange (the "TSXV"). The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. A material change report in respect of the Related Party Transaction will be filed by the Corporation but could not be filed earlier than 21 days prior to its completion due to the fact that the transaction was subject to approval by the TSXV. Ventripoint announced earlier this month that it had received a license from Health Canada for the new VMS-PLUS™ machine and the 4-chamber (4C) heart analysis system. The VMS is already licensed in Canada for use for the right ventricle (RV). This expansion allows the determination of volume and function for all four chambers of the heart using conventional 2D ultrasound. Today, Ventripoint Diagnostics Ltd. (TSX VENTURE: VPT) announced that it had received a license from Health Canada for the new VMS-PLUS™ machine and the 4-chamber (4C) heart analysis system. This is an expansion of the VMS heart analysis product to include right atrium (RA), left atrium (LA) and left ventricle (LV) chambers of the heart. The VMS was already licensed in Canada for use for the right ventricle (RV). This expansion allows for the determination of volume and function for all four chambers of the heart using conventional 2D ultrasound, which could only be provided by MRI until now. "Ventripoint has achieved a "world first" with the approval of a whole-heart analysis system for 2D ultrasound exams, which provides accurate and reliable measurements equivalent to MRI," stated Dr. George Adams, CEO of Ventripoint. "I am excited to begin to market our 4C machine and generate value for our shareholders. With the license in Canada, Ventripoint now has "home-country approval", which simplifies the registration process for VMS products in many countries. This is exactly what we've been striving for." The size and function of all four chambers of the heart is increasingly recognized as critically important in monitoring patients' responses to cardiac medications and procedures and predicting outcomes This information is often unavailable as access to cardiac MRI is very limited in many countries, including Canada. 2D cardiac ultrasound is universally available worldwide and with the VMS-PLUS generates measurements equivalent to MRI. This simple combination makes it possible to obtain this valuable information at every cardiology appointment in a few minutes.
Earlier this month, Ventripoint Diagnostics Ltd. (TSX-V: VPT) announced that it had filed an application with Health Canada for approval of the expansion of the VMS™ heart analysis product to include right atrium (RA), left atrium (LA) and left ventricle (LV) chambers of the heart. The VMS is already licensed in Canada for use for the right ventricle (RV). This expansion allows the determination of volume and function for all four chambers of the heart using conventional 2D ultrasound and reduces the need for costly and delayed MRI exams, which is the only other way to get accurate and reliable measurements. "I am pleased to report we have successfully built and tested the KBR databases for the RA, LA and LV to yield results substantially equivalent to gold-standard MRI," stated Dr. George Adams, CEO of Ventripoint. "This will enable patients to be fully evaluated using 2D ultrasound on each visit and allow for better monitoring of changes in the anatomy and function of the heart." Each chamber of the heart is important in understanding how the heart is functioning in the numerous different types of heart disease. For example, it has been shown that changes in LA function are important in predicting outcomes, which are needed to properly perform patient monitoring in ischemic heart disease, heart failure, non-ischemic cardiomyopathies, aortic stenosis, hypertension and atrial fibrillation. The LA size is affected by heart adaptations in a variety of cardiovascular diseases and a strong predictor of cardiovascular severity and death. The complex shape of the RA makes it difficult to calculate volumes accurately even using MRI, where a high heart rate causes clinically-relevant errors. Measurement of left and right atrial size is also important for the management of arrhythmias, valvular and congenital heart disease. The LV is the major pumping chamber of the heart and is associated with all types of heart disease. The importance of the RV in right-heart diseases has been well described and the medical literature is increasingly documenting the need for RV analysis in left heart disease as well. Health Canada usually approves such applications in 30 to 60 days and the Company will begin marketing the product as soon as it receives the medical device license to do so in Canada. The Company is preparing submissions for other jurisdictions and will announce when they are submitted. |
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