RJP Capital Limited has been engaged by Heart Test Laboratories (“HTL”) to assist in raising up to $12 million for the production, marketing and distribution of the ‘MyoVista’™ heart screening device.
The ‘MyoVista’™ device (shown below) incorporates patented technology, which enables effective, affordable and non-invasive testing for heart disease.
It is particularly suitable for the detection of previously unidentified myocardial abnormalities – Silent Heart Disease – and early stage heart disease before it becomes fatal. Some statistics and comments relating to heart-disease related deaths are shown below:
Each year cardiovascular disease (CVD) causes over 4 million deaths in Europe and over 1.9 million deaths in the European Union (EU).
– European Heart Network, 2012 Statistics
In the UK, coronary heart disease CHD accounts for more than 161,000 deaths each year. That’s over 440 each day!
– British Heart Foundation
About 600,000 people die of Coronary heart disease (CHD) in the United States every year – that’s 1 in every 4 deaths.
– Centers for Disease Control and Prevention (CDC)
Approximately 130 heart attacks occur daily in South Africa. This means that five people will have a heart attack every hour.
– The Heart and Stroke Foundation South Africa
A quarter million Americans experience sudden cardiac death each year,” says Dr. Michael Miller, director of the University of Maryland Medical Center’s Center for Preventive Cardiology. “Half of them experience sudden death as the initial symptom. In other words – there were no symptoms, no warning.”
The standard electro-cardiogram (ECG/EKG) test was invented over 100 years ago. Despite huge gains in the rest of the medical world, the basic test results delivered by the ECG then, to present day have remained relatively unchanged! HTL has applied advanced technology to the long established field of electrophysiology to produce breakthrough information allowing the early non-invasive detection of Heart Disease.
The global ECG devices market is forecast to reach at US $4.1 billion by 2015 and grow at a compound annual growth rate of 9.7% between 2009-2015 (Source: Research and Markets 2013). It is estimated that there are approximately 75 million resting ECG tests performed in the U.S. alone each year with a reimbursement cost of c. $20 per test.
HTL believes the introduction of effective low cost heart screening devices will result in a rapid increase in the scale of the world ECG market. Its introduction fits very neatly with the drive in American and Western European markets to try to significantly reduce the overall costs of healthcare through identification of pre-symptomatic patients and preventative care.
HTL was established in 2007 and has to date raised near $10 million to:
• Continuing to develop the MyoVista™ device and incorporate the most mode;
• Ensure that the appropriate intellectual property (IP) is in place;
• Establish ‘proof-of-concept’ and conduct various clinical field trials.
The field trials to date have been extremely encouraging. The results show an 89% correlation to invasive testing, which compares extremely favourably to the current standard non-invasive technologies (ECG and Stress-ECG), which have a 35% correlation and 45% correlation respectively.
HTL is now at the point where it is ready to produce and sell the latest version of the MyoVista™ device. Initially, efforts will be focused through its Middle Eastern distributors, which will allow its statistical clinical data-base to be expanded. FDA approval has been applied for as next, it is HTL’s intention to expand into the American as well as the Western European markets.