Sydney, June 5, 2007 AEST (ABN Newswire) - Ventracor (ASX: VCR)(ADR: VTCRY) yesterday confirmed growing momentum in Europe and the USA, with increases in the number of VentrAssist(tm) Left Ventricular Assist Device (LVAD) implants, resulting in record monthly sales revenue.
Ventracor expects that after recent strong sales in May, the Company will report total revenue for the year ended 30 June 2007 of approximately $5 million. Sales revenue for May exceeded $1 million following eleven implants.
There have now been 119 patients implanted with the VentrAssist world wide who have collectively enjoyed approximately 55 patient years of support, with the longest duration of support two years and eight months.
Ventracor Chief Financial Officer, Graeme Fallet, said: "This growing momentum follows the Company's successful capital raising last month to institutional and sophisticated investors in Europe, US and Australia, and sets a positive tone for the completion of our current share purchase plan."
The VentrAssist is the only third generation LVAD and the only centrifugal LVAD in clinical trials in the United States, and has the greatest clinical experience of all third generation centrifugal devices. There are now 17 centres worldwide actively implanting the VentrAssist, with more centres trained and ready to start in the coming months.
In the United States, the Company has received FDA approval to start the Bridge To Transplant (BTT) and Destination Therapy (DT) clinical trials, and expects the Institutional Review Board (Ethics Committees) requirements to be finalised shortly, allowing the first patients to be enrolled.
Share Purchase Plan
As announced on 16 May 2007, Ventracor shareholders who are Australian or New Zealand residents registered as at 17 May 2007, have the opportunity to participate in a Share Purchase Plan (SPP). Eligible Shareholders may apply for up to 6,250 ordinary shares in Ventracor at an issue price of $0.80 per share.
The offer price is the same paid by institutional investors in the UK, Australia and USA in a placement earlier this month and represents a 12.3% discount to the volume weighted average share price 14 days prior to the day on which the offer was announced.
Funds raised will be used to expedite Ventracor's trial program in the USA and continue development of the company's advanced product pipeline. The closing date for receipt of applications is Thursday, 14 June 2007.
Contact
Graeme Fallet
Chief Financial Officer
Andrew Geddes
Manager, Investor Relations
Ventracor Tel: 02 9406 3100
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