VentriPoint Diagnostics, Ltd., formerly known as Luca Capital Inc., completed a $748,000 offering of 12% non-convertible secured debentures (debentures) due July 18, 2014 with one investor. This investor is most likely BluMont Innovation PE Strategy Fund I, a fund managed by BluMont Capital. The company is trading on the TSX Venture Exchange (Canada) and over the counter (OTC) in the US. The company trades under the symbols VPT and VPTDF, its last trading price was $0.09 on both exchanges which sets its market capitalization at around CAD$12.75 million. The stock traded between CAD$0.08 and 0.16 over the last fifty-two weeks. The debentures are secured by a general security agreement against substantially all of the assets of the company’s wholly-owned subsidiary, VentriPoint, Inc., including its intellectual property, as a first charge. All debentures rank equally with one another. Further details on the debentures can be found in the press release.
This non-brokered private placement is the first of two previously announced financing events. The company expects to place USD$1 million worth of units. Each unit will consist of USD$1,100 principal amount of 3 year non-convertible secured debentures and 2,000 common shares.
VentriPoint designed and markets diagnostic tools to monitor patients with heart disease. Its main product, Angelo VMS, is a 2D ultrasound diagnostic tool for measuring right ventricle heart function. The company has a suite of applications for all major heart diseases and imaging modalities including congenital heart disease, left or right heart failure and normal hearts. VMS has been cleared for clinical use in Canada and Europe, it is currently waiting for FDA clearance in the US.
The company had insignificant revenues amounting to $374,000 for the year ending on December 31st 2012. VentriPoint, founded by Florence H. Sheehan (CSO – Chief Scientist Officer), is registered in Canada with headquarters in Seattle, WA. The company is lead by George Adams (CEO), Ellen Briant (CFO), Amol Karnick (VP – Sales), Scott Ashley (VP – R&D) and Eyal Schwartz (Chief Architect).