Imagin Medical Builds Momentum for 2018
VANCOUVER, BC and BOSTON, MA–(Marketwired – January 09, 2018) – Imagin Medical (CSE: IME) (CSE: IME.CN) (CNSX: IME) (OTC PINK: IMEXF) (FRANKFURT: DPD2) (STUT: DPD2) (the “Company”) announced that critical milestones were met in the second half of 2017 that will support the Company achieving its 2018 goals.
In September of 2017, after receiving approval from the Research Study Review Board (RSRB) at the University of Rochester, a 10-patient study using the i/Blue Imaging System was initiated at the University’s Medical Center. The pilot study entitled, Near Infrared Fluorescence Imaging for Bladder Cancer Detection, was registered on www.clinicaltrials.gov and proposes that Imagin’s technology will detect cancerous cells in less than 15 minutes vs. the full hour required by current methods. Enrollment has been opened and patients are being recruited and scheduled for procedures.
“We moved the needle in 2017 by hitting key milestones and we’re looking forward to keeping the momentum going in 2018,” commented Jim Hutchens, President and CEO. “The fact that market data continues to emphasize the significance of enhanced cystoscopy, and urological organizations around the world call for these procedures, we are more confident than ever in the viability of Imagin’s technology.”
Research Study approval was a major milestone for the Company and response in the marketplace was immediate, generating significant investor interest in the Company. Through a Private Placement and the exercising of warrants, Imagin raised over $2M during 2017. The capital raised positions Imagin to support future clinical trials, prototype optimization and redesign, as well as the addressing the FDA approval process and promotional activities. Furthermore, Imagin plans to expand its Investor Relations Awareness Campaign in 2018.
A major goal for Imagin in 2018 is the refinement of the i/Blue prototype to a market-ready product. Data collected from the active research study will be used to refine the components of the system as required. Imagin has contracted all product design and manufacturing to Optel, Inc. of Rochester, NY, a leading manufacturer of medical devices. Optel Inc. recently added staff specifically for Imagin’s project and will continue the re-design of the prototype for manufacturability.
Imagin’s initial target market is bladder cancer, the sixth most common cancer in the U.S. and the third most common cancer in men. Worldwide, there are over 380,000 new cases diagnosed each year. With treatment costs of $4B per year in the U.S. alone, bladder cancer is the most expensive cancer to treat during the lifetime of a patient, with approximately 60% of these costs attributable to recurrence. New cases, as well as over 500,000 patients in the U.S. living in fear of their bladder cancer returning, represent a large market that can benefit from the Company’s technology.
About Imagin Medical
Imagin Medical is developing imaging solutions for the early detection of cancer during minimally invasive surgeries. The Company believes it will radically improve the way physicians detect cancer. Imagin’s initial target market is bladder cancer, a major cancer worldwide, the sixth most prevalent in the U.S., and the most costly cancer to treat due to a greater than 50% recurrence rate. Developed at the Lawrence Livermore National Laboratory, this advanced, ultrasensitive imaging technology is based upon improved optical designs and advanced light sensors. Learn more at www.imaginmedical.com.
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Specifically, there is no assurance the Company’s imaging system will work in the manner expected, except as required under applicable securities legislation; the Company undertakes no obligation to publicly update or revise forward-looking information. The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
For further information, contact:
Jim Hutchens, President & CEO
890 West Pender Street, Suite 600
Vancouver, British Columbia
Canada, V6C 1J9
778-998-5000; 604-687-1327 (fax)
69 Longwood Avenue
Hyannis Port, MA 02647, U.S.A.