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Development Highlights
In its MD&A, VentriPoint describes that because of the recentaccomplishments by its development team, the commercial product release of theVentriPoint Diagnostic System is now anticipated to commence in January 2009instead of March 2009 as previously expected. Other recent milestones includethe approval and commencement of alpha testing, transition of the KnowledgeReconstruction Database to its commercial and secure off-site facility, andinitiation of the design and production of the product training guide anduser's manual.
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"Our team has been working diligently to bring the VentriPoint DiagnosticSystem to market to offer accurate heart measurements in a rapid andinexpensive manner that is not currently available," said Joseph Ashley, CEOof VentriPoint Diagnostics. "We have commenced in-house alpha testing, and welook forward to shipping our units for beta testing in October."
Financial Highlights
In its unaudited financial results, VentriPoint reported a consolidatednet loss of $1,062,182 for the three months ended June 30, 2008, or $0.03 pershare, compared to a net loss of $193,038, or $0.02 per share for the threemonths ended June 30, 2007. The increase in net loss is attributed to plannedexpenditures to accelerate the development of the VentriPoint DiagnosticSystem.
For the three months ended June 30, 2008, research and developmentexpenses totaled $651,276, compared to $143,563 for the three months endedJune 30, 2007. The largest research and development expense for the threemonths ended June 30, 2008 was payroll costs to build a highly qualifiedresearch and development team.
VentriPoint reported a foreign exchange loss of $99,568 as the result of achange in the currency exchange rate used to translate Canadian monetary itemsinto the US dollar on the date of translation of June 30, 2008.
About VentriPoint Diagnostics
VentriPoint creates diagnostic tools to monitor patients with heartdisease -- the number one cause of death in developed countries. By usingimages produced from existing medical imaging systems, the VentriPointDiagnostic System generates accurate heart measurements in a rapid andinexpensive manner not currently available. This breakthrough diagnostic toolis based upon patented technology received by VentriPoint through itsexclusive technology license with the University of Washington. TheVentriPoint Diagnostic System, together with its associated online service, isbeing developed for a variety of heart related disease states, includingcongenital heart disease.
The TSX Venture Exchange has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this release.For further information, please contact: Edward Garth, Chief Financial Officer VentriPoint Diagnostics Ltd. Telephone: (206) 283-0221, ext. 402 Facsimile: (206) 283-2309
SOURCE VentriPoint Diagnostics
