10:07:03 EDT Mon 15 Apr 2024
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Ventripoint Diagnostics Ltd (2)
Symbol VPT
Shares Issued 157,023,905
Close 2024-02-02 C$ 0.26
Market Cap C$ 40,826,215
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Ventripoint names MacNaught as interim CEO, president

2024-02-05 12:10 ET - News Release

Dr. George Adams reports

VENTRIPOINT BEGINS 2024 WITH LEADERSHIP CHANGE

Ventripoint Diagnostics Ltd. has appointed a new interim chief executive officer and president -- Hugh MacNaught, who has been serving on the Ventripoint board of directors since 2020 and is a proven leader in biotech commercialization.

As the company enters its next phase of customer adoption and commercialization of Ventripoint's groundbreaking AI (artificial intelligence) technology, Mr. MacNaught brings 30 years of experience in developing and commercializing medical technologies. He will be dealing directly with the company's partners as well as potential and current customers that are now using Ventripoint's AI-powered technology to turn ultrasound images into MRI-quality (magnetic resonance imaging) images of the heart.

The company wishes to thank Dr. Alvira Macanovic, who has served as Ventripoint's chief executive officer and president over the last 13 months and has been instrumental in advancing the technology and current partnerships.

"Ventripoint is now poised to focus on driving clinical awareness and adoption of our AI technology by the world's health care providers," said Mr. MacNaught, interim chief executive officer and president. "I look forward to bringing this innovation in AI health care to hospitals and patients around the world."

Ventripoint's patented AI-powered technology turns ultrasound scans of the heart into MRI-quality images. The technology allows AI heart scans to be taken in minutes, at a fraction of the cost of an MRI, alleviating waiting lines and capital costs in the health care system.

Aside from being an inexpensive alternative, Ventripoint technology is also ideal for use with infants and children, who often cannot be given an MRI because of the need for sedation or contrast media as well as the requirement to remain motionless. Also, VMS+ may be a suitable alternative for adult patients with pacemakers since many of these devices are not MRI compatible.

"I want to thank the entire Ventripoint team, who have spent many years helping us bring our AI technology to major hospitals and heart care teams in Canada, Europe and the United States," said Ventripoint board chair Dr. George Adams. "As Hugh moves into the interim CEO and president role and continues building new partnerships and sales, the board will start a search for a permanent CEO and president."

Mr. MacNaught added: "I'm excited about the months ahead. We expect to launch our next version of Ventripoint's AI heart imaging technology in the spring, following FDA [U.S. Food and Drug Administration] clearance. This next version is even simpler to use and integrates easily into the diagnostic workflow of hospitals and clinics."

Mr. MacNaught is a seasoned entrepreneur with over 30 years of experience founding, building and managing medical product companies.

His career includes roles within multinational corporations, including Nordion Healthcare Solutions LLC (Atomic Energy of Canada Ltd.), Eastman Kodak Company, Boehringer Mannheim GmbH (Roche) and Philips Corporate Technologies, and the venture capital industry. A serial entrepreneur, he has founded, financed and led several ventures and is a mentor in the entrepreneurship programs at Simon Fraser University and the University of British Columbia.

He brings direct experience with diagnostics and medical AI technologies and looks forward to leveraging his broad commercial experience and leadership in the medical technology sector to drive growth for the company.

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 Ventripoint's products that guide the company's 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 United States, Europe and Canada.

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