A new name for MicroMedical

Artificial heart developer MicroMedical Industries has announced it plans to change its name to Ventracor.

The new moniker, if approved by shareholders, would be more in keeping with the Sydney-based company's key project - the Ventrassist artificial heart.

In an announcement to the market today, the company called a meeting of shareholders on July 5 to vote on the proposed change.

"In considering our existing name, the board has taken into account the fact that MicroMedical is a name that is not internationally unique to our company," the statement said.

"Indeed, we are aware of other companies with a similar name, including one which is a potential competitor in the United States.

"Furthermore, the current name fails to extend our flagship product the Ventrassist 'artificial heart' and is not capable of extended use as a brand in the future."

The statement said the company's board had decided it was in its best interests to change the company's name to Ventracor, which it described as a unique name that identified directly with its core device.

Having accomplished major milestones in the progress of the Ventrassist device, including human placement trials and fund raising for commercialisation of the product, the company said it was now focused on human implants, which were set to begin late this year.

"Your directors expect that the first series of human implants will attract significant national and international attention," the statement said.

"Accordingly, it will be important that your company takes advantage of this attention so as to create a clear and unique identity and brand internationally."