VentriPoint Diagnostics Ltd (CVE:VPT) unveiled another boost for its technology - an agreement with the Government of Canada to develop further its heart monitoring system.
The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) will provide advisory support and conditional funding to share costs of a project designed to accelerate the company's VMS+ system's next-generation product.
READ: VentriPoint Diagnostics receives order for its VMS Plus - from leading cardiac hospital in Toronto
The goal is to extend the visualization extracted from 2D ultrasound images of the heart to construct and visualize 4D images.
"Currently, 4D products are available in the marketplace and while they have improved significantly, they still are only able to get useable images in 60% of people for the basic heart analysis and, therefore, are only used for research purposes," said Ventripoint in a statement.
Ventripoint's heart analysis machine provides medics with a more efficient and cost-effective method for evaluating cardiac volumes and ejection fractions.
Its accuracy already matches that of the MRI (Magnetic resonance imaging (MRI) scan), the gold standard, so there is a significant opportunity for the unique 4D VMS+ system in the market, the firm reckons.
Also in today' statement, Ventripoint revealed it had entered into a business development contract for a term of six months.
Under the deal, which is subject to the approval of the TSX venture exchange, Ventripoint will pay the consulting fee of US$150,000 via shares at the end of the term, with the number of shares being determined by the market price at the time of issue.
On Monday, the company said that St. Michael's Hospital in Toronto had ordered its VMS Plus system to use it to assess cardiac patients
Dr Howard Leong-Poi and Dr Chi-Ming Chow are spearheading the VMS+ acquisition.
Leong-Poi is the head of the cardiology division at St. Michael's Hospital and a clinician-scientist in the Keenan Research Centre for biomedical science.
"We are very pleased to have the interest and commitment from such a high profile cardiac institution in our own backyard," said Desmond Hirson, the president of VentriPoint.
"We believe that our AI technology and product in the hands of Drs. Leong-Poi and Chow will make a valuable difference to patient outcomes."
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