Ventripoint’s VMS System Approved for Sale and Clinical Use in China

Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Company”, TSXV:VPT, OTCQB:VPTDF) is pleased to announce that its Partner,  Ma’anshan YuTian Medical Technology Co. Ltd (“YuTian Technology”), has received CFDA approval and a Certificate of Production (CoP) from the FDA in the People’s Republic of China for the VMS (QAS-R in China) system to be clinically used to analyze the right ventricle (RV) of the heart.
 
“We commend our Chinese partners for their diligence in achieving approval for the VMS,” lauded Dr. George Adams, CEO.  “Now all 32,000 hospitals in China and its territories have access to a 2D ultrasound analytical system to accurately assess right-heart function.”

“We are looking forward to the rapid rollout of the VMS as we have a number of key leading hospitals which have been preparing to acquire the system,” stated Kevin Li, CEO of Yutian Technology.

The company had previously received GMP certification for the manufacturing facility in Ma’anshan.  The factory is fully functioning and scaled to produce the VMS at a significant rate to address the Chinese market.  Yutian Technology has also received the Chinese equivalent of ISO60601 for the VMS, which allows it to be used in hospitals in China. 
 
Marketing efforts are well underway in the Chinese market with the creation of a multi-channel distribution network. The medical-device market in China was estimated at over US$58 billion in 2017 and experienced 20% growth from 2015 to 2016. There are over 2,500 Tier 1 hospitals and a total of 32,000 hospitals, with over 1,000 new hospitals currently under construction.
 
Heart disease is the number one healthcare issue in China with 23% of hospital admission for cardiovascular conditions.  This is almost twice the 13% rate in North America.  In addition, it is common to have an echocardiogram prior to any surgery and so the rate of exams is much higher than the rate in the USA.  China represents a large and rapidly growing market for the VMS.
 
As reported previously (NR November 3, 2015), the Company entered into an agreement to allow Shanghai YuTian Medical Investment Management Co. Ltd (“Shanghai YuTian”), an investment company in China, to establish a joint venture (“JV”) in China.  As previously reported (NR, Sept 22, 2016), the JV, Ma’anshan YuTian Medical Technology Co. Ltd (“YuTian Technology”) was established in the city of Ma’anshan in Anhui Province. Shanghai YuTian is the largest shareholder in YuTian Technology. The joint venture partners include Shanghai YuTian, Anhui Province Hi-tech Venture Capital Investment Co. Ltd., and Ma’anshan Economic and Development Zone Venture Capital Investment Co. Ltd.

As previously reported (NR May 7, 2017), YuTian Technology made a submission to the Chinese FDA for approval to sell the VMS in China and to certify the factory to build VMS product.  As stated above this has now been achieved.​

About Ventripoint Diagnostics Ltd.
 
Ventripoint’s technology is a leading Artificial Intelligence (AI) approach known as Knowledge-Based Reconstruction (KBR), used to create applications to monitor heart disease, a leading cause of death worldwide. The VMS+ is the first cost-effective and accurate AI tool for measuring whole heart function using conventional ultrasound.  The Company has developed a suite of applications for all major heart diseases and is actively commercializing the approach to improve cardiac care. 

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

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 Corporation. Although the Corporation 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 Corporation 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. Other factors, which could materially affect such forward-looking information are described in the risk factors in the Corporation’s most recent annual management’s discussion and analysis that is available on the Corporation’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 Corporation 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.