Ventripoint Diagnostics (TSXV: VPT) this morning provided an update on its sales and marketing activities within China, where the firm operates under a joint venture with Yutian Medical Shanghai. The venture has managed to install their technology in multiple leading medical universities within Anhui Province.
The venture reportedly hit a number of milestones recently as it moves from development to commercialization. The technology being developed in this market is based on Ventripoints knowledge-based reconstruction technology, with the tech being commercialized under the banner QAS.
Thus far, the joint venture has constructed and licensed a manufacturing facility for the production of the proprietary technology, following which the tech received Chinese FDA approval. Subsequently, the QAS analysis procedure, which focuses on the right ventricle of the heart, was added to provincial medical billing catalogs in Anhui Province, a province in China with a population of 62 million people.
Furthermore, strong early success has been seen for the device, with the tech having been installed in three of the top medical universities in the province, including in the cities of Shanghai, Hangzhou, Wenzhou, and Zhengzhou. A total of eight devices are currently operational across China currently.
Yutian has also appointed tier-1 distributors across major regions within China, with sales targets being set for 2021 currently. Ventripoint continues to support the venture with advanced training and regulatory support, engineer and development expertise, and is currently in the process of upgrading approvals to 4-chamber analysis of the heart and other features that are currently available in the VMS+ 3.0 technology used globally.
“China continues to have the most deaths due to cardiovascular disease with a doubling in the last 30 years. An international group of world-renown cardiologists has recently recommended an increase in non-invasive screening as well as risk-factor reduction as the only viable way to deal with this healthcare crisis.”
Dr George Adams, Executive-Chairman of Ventripoint Diagnostics
China saw the highest number of heart-disease related deaths globally in 2019, a function of a rapidly aging population, with over 16% of the population over the age of 60. Another 3.4 million deaths over the next two decades is expected to be a result of cardiovascular disease within the country, with the country having twice the rate of hypertension and cardiac mortality as the US due to known risk factors. This presents significant opportunity for firms focused on treating cardiovascular disease.
The announcement follows the development earlier this month, wherein the firm removed all debt from its balance sheet, while also noting positive cash inflows from warrant exercises.
Ventripoint Diagnostics last traded at $0.45 on the TSX Venture.
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