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VentriPoint Diagnostics Announces Private Placement of Equity Financing


9/11/2008 6:56:41 AM

SEATTLE, Sept. 10 /PRNewswire-FirstCall/ -- VentriPoint Diagnostics Ltd. ("VentriPoint") is pleased to announce that it intends to complete, subject to TSX Venture Exchange approval, a private placement of up to 8,000,000 units (the "Units") of VentriPoint to be issued at a price of $0.25 per Unit for aggregate proceeds of $2,000,000.

Each Unit will consist of one common share in the capital of VentriPoint (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase a Common Share at an exercise price of $0.25 at the option of the holder at any time until the second anniversary of its issue date. Certain finders may also be entitled to compensation in relation to investors, which they have introduced to VentriPoint. Such compensation will include a cash commission and agents options and/or warrants, subject to receipt of approval from the TSX Venture Exchange.

The proceeds of this transaction will be used to complete the development and external testing of VentriPoint's initial release of its VentriPoint Diagnostic system, and support the company through the approval process and the commencement of marketing and selling of the VentriPoint Diagnostic system in Canada and Europe.

The private placement, including any applicable finder's fees, are subject to regulatory acceptance, and the Common Shares and the Warrants to be issued will be subject to a hold period of four months and a day from the date of issuance, pursuant to applicable securities laws and the policies of the TSX Venture Exchange.

About VentriPoint Diagnostics

VentriPoint creates diagnostic tools to monitor patients with heart disease -- the number one cause of death in developed countries. By using data produced from existing two- or three-dimensional medical imaging systems, the VentriPoint Diagnostic System creates a three-dimensional model of the right and left ventricles and generates critical heart measurements in a rapid and inexpensive manner not currently available. This breakthrough diagnostic tool is based upon technology received by VentriPoint through its technology license with the University of Washington. The VentriPoint Diagnostic System, together with its associated online service, is being developed for a variety of heart related disease states, including congenital heart disease.

Forward-Looking Statements

This news release may contain forward-looking statements that are based on VentriPoint's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and VentriPoint undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances other than in compliance with securities law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

CONTACT: Media Contacts: Ian Stone, +1-619-814-3510,
ian.stone@russopartnersllc.com of Russo Partners LLC for VentriPoint
Diagnostics Ltd.; or Edward Garth, Chief Financial Officer, VentriPoint
Diagnostics Ltd., +1-206-283-0221, ext. 402, Facsimile: +1-206-283-2309


Read at BioSpace.com

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