RE:New Press Release - ASCEND Cardiovascular to Market and Distribute Ventripoint's AI-powered Heart-Scanning Technology to North American Hospitals and Clinics From George Adams:
The following is the background on today's press release:
1. The Company initially signed a letter of intent with Ascend Cardiovascular to explore joint research development initiatives, knowledge sharing and combining efforts to bring innovative AI-based solutions to the market.
2. This is a synergistic partnership where we are pairing each company's superior products: Ascend's high performance cardiovascular viewer, “InView", Ascend's reporting application, "Cardiovascular Structured Report", and Ventripoint's vendor-neutral and highly-accurate "VMS+ 3.0 for 3D" echo imaging.
3. This collaboration culminated in the development of a prototype of a new integrated product that was unveiled at the World Congress in August. It was very well received by clinicians and so both companies committed to complete the development. This end-to-end solution demonstrated the efficiencies and better workflows that can be achieved.
4. The announcement today is a global distribution and marketing agreement for the integrated product with commercial terms has been signed.
5. Ascend will start initially with the United States market in which they have a large installed base of 50,000 customers. The aim is to go global once the U.S. market for this product and reference centers have been established.
6. The launch date of the new product will be announced when ready for commercial distribution. We have successfully integrated the products, however, there is a bit more work required before we can launch an official product at a major conference.
7. When we have VMS+ 4.0 regulatory approvals, it will new a straightforward process to upgrade the integrated product which will be even more efficient and powerful.
8. Both companies are excited about what the two companies will accomplish together. We are stronger together.
9. Ventripoint will continue to market the VMS+ 3.0 for 2D echocardiography through direct sales and its distributor networks.
Thank you for your support and interest as we continue to improve cardiac diagnostics for everyone everywhere, and especially for children.
Regards,
Dr. George Adams ICD.D
Executive-Chairman
Ventripoint Diagnostics Ltd.
TSXV-VPT"
www.ventripoint.com 519-803-6937
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