Shareholders back MicroMedical name change

A proposed name change for artificial heart developer MicroMedical Industries (ASX:MMD) has gained the backing of nearly all its shareholders.

At a general meeting held in Brisbane today, almost 95 per cent of stakeholders supported the move to rename the company Ventracor.

Managing director and CEO Michael Spooner said the new name was intended to better represent the company's core focus, and would also prevent some existing confusion between the Australian company and similarly named international businesses.

"As the company continues to make significant advances towards the commencement of global clinical trials, there is increasing awareness nationally and internationally of our endeavours and the impact that the VentrAssist Left Ventricular Assist Device (LVAD) will deliver," he said in a letter to investors.

"The board and management of the company are keenly aware of the media attention we are likely to receive as we undertake the first of our human implants. It is timely, therefore, that we clearly establish our vision for the company and take those steps that will create a unique and lasting corporate name and logo."

He said Ventracor was selected because of its link to the VentrAssist brand, a core business for the company and one that was gaining global recognition.

"Our unique identity must be recognised so Ventracor can capitalise on the imminent public attention," Spooner said.

Of the company's voting 44,716,767 shareholders, just over 560,000 voted against the proposed change.

The company's cardiac e-health division, based on the Gold Coast, will retain the name MicroMedical Industries in order to preserve its identity.

Ventracor reported that it remained on track to gain approval for the first human implant trials later this year, having already successfully completed human placement trials and implanted the device in more than 30 sheep.

The first 10 human implants are to be conducted at Melbourne's Alfred hospital, before moving into European and US clinics for a series of so-called pivotal trials on a total of 100 implanted patients and controls.

It is hoped that the results of these trials will give the company sufficient information to gain international regulatory approval to sell the device.

The VentrAssist, intended as an alternative to heart transplants, will ultimately be used to treat intractable, end-stage heart failure, which affects about 800,0000 people around the world.

At the time of writing, the company's stock has shed 4.2 per cent, or 3 cents, to trade at 68 cents.

Ventracor's new website www.ventracor.com is expected to be live from Monday, July 8.