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Home » Ventripoint inks $2.7m deal with Chinese JV partner

Ventripoint inks $2.7m deal with Chinese JV partner

November 3, 2015 By Fink Densford

Ventripoint Diagnostics

Ventripoint said today it signed a deal with Chinese firm Shanghai YuTian Medical Investment, also known as Ventrisound, to sell 9.1 million units of stock for 5.5¢ per share, bringing in $500,000 with a possible extra $2.25 million upon reaching certain milestones.

Each unit in the deal will consist of 1 common share of Ventripoint and 1 quarter of 1 common share warrant which will entitled the holder to 1 additional common share at 11¢ per common share for 2 years after warrant issuance. The deal is expected to close on November 6.

As part of the deal, a finders fee of 8% of the gross proceeds will be paid to Lishman Global, the company said.

“With 14,000 hospitals and 10,000 clinics in China and a growing cardiac healthcare need, this represents one of the largest markets for medical equipment in the world. Ventrisound has already shown its commitment to the project by investing in Ventripoint and we look forward to the establishment of the joint venture to advance the development and use of VMS in China,” CEO Dr. George Adams said in prepared remarks.

A subsequent investment of $2.25 million will be paid upon completion of “certain steps within the next 90 days,” the company said. The future investment will include an exclusive license to develop, manufacture and distribute Ventripoint’s KBR products.

“We are very pleased to set up Ventrisound as a technology and distribution platform to accelerate and secure the cooperation with Chinese companies in order to introduce the VMS family of heart analysis equipment to China. The existing VMS products and next generation of cardiac diagnostics systems made in China will provide doctors with a safe and efficient tool to improve the healthcare service to the people in China,” Lishman Global managing director XiuLin Li said in a press release.

Funds from the placement will be used for development, commercialization and general working capital, the company said.

Filed Under: Business/Financial News, Diagnostics Tagged With: VentriPoint Diagnostics

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