UPDATE 1-Victhom Human Bionics raises going concern doubts on JV

* JV partner voluntarily funds project

* Q2 rev down 94 percent

Aug 27 (BestGrowthStock) – Victhom Human Bionics Inc (VHB.V: ) raised
doubts about the ability of its joint venture with Otto Bock
HealthCare GmbH to continue as a going concern, citing delays
in its investigational device that helps stimulate ankle
muscles in people with walking difficulty.

The joint venture Neurostream Technologies, in which
Victhom has a 44.4 percent stake, is developing Neurostep — an
implantable device for people suffering from foot drop.

“The overall Neurostep project is taking longer than
anticipated and Neurostream is late on a partnership milestone
on the product registration in Europe that was due on May 1,”
Victhom Chief Executive Normand Rivard said.

However, Victhom, which had cash of C$172,185 as on June
30, said its joint venture partner has continued to fund the
operations on a voluntary basis.

Shares of the company, which have lost 88 percent of their
value June 2009, were trading down 12 percent at 7.5 Canadian
cents Friday on the Toronto Venture Exchange.

The company also said its second-quarter revenue fell 94
percent to $27,901, hurt by a transfer of product support and
development activities to Ossur which was completed during the
first quarter.

Ossur has the rights to commercialize the Powerknee, a
motor-powered, artificially intelligent prosthesis for
above-knee amputees, developed by Victhom.
(Reporting by Aftab Ahmed in Bangalore; Editing by Roshni
([email protected]; within U.S. +1 646 223 8780;
outside U.S. +91 80 4135 5800; Reuters Messaging:
[email protected]))

UPDATE 1-Victhom Human Bionics raises going concern doubts on JV