Vancouver, B.C., March 9, 2016 – Imagin Medical (CSE: IME) (the “Company”) is pleased to report it has begun development of its ultrasensitive i/Blue Imaging System. To be successful in the medical technology (MedTech) sector three characteristics are needed: sufficient capital, disruptive technology that solves a large clinical problem and an experienced management team capable of executing the company’s plan.
Capital – Imagin Medical, after completing its initial $1M financing on February 24, 2016, is well positioned to begin implementing its development strategy.
Disruptive technology – As previously reported, Imagin’s goal is to develop advanced imaging systems that will be used with most endoscopes to detect many different types of cancer. Imagin is initially targeting bladder cancer because it has a greater than 50% recurrence rate and, although it is the 6th most prevalent cancer in the U.S., it is the most expensive cancer to treat.
The inventor of the advanced technology, Dr. Stavros Demos, is leading Imagin’s development team and is now actively working with the Company’s engineering and quality managers to continue development of the second generation system. The optical designs and components, advanced light sensors and an array of additional components are being requalified. To our advantage, the company believes the assemblage of these components will be smaller (miniaturized), less expensive and more powerful than the components used in the Company’s original alpha prototype. Going forward, as the development of the project evolves, the potential to build enhanced systems may exist. Detailed project time lines and costs are being finalized. The company is targeting beta unit assembly by 1Q 2017.
Boston – based, Healthcare Management Team – Mike Vergano, Imagin’s head of operations and engineering, has more than twenty years experience in project management, product development, manufacturing engineering, and system/process design for start-ups as well as major medical corporations. His medical device experience includes designing instruments for laparoscopic surgery, GI endoscopy, urinary incontinence and orthobiologic regenerative technologies. Mr. Vergano is the holder of 11 medical device patents and has a B.S. in Mechanical Engineering from Tufts University.
Also working out of the Boston office, Steve Ruggles will manage Quality Assurance/Regulatory Affairs for Imagin. He has over 30 years experience in manufacturing quality assurance as well as domestic and international regulatory affairs for early stage companies and large multinationals. Mr. Ruggles has successfully managed the process to achieve and maintain ISO 13485 registration, CE Mark, and other FDA compliances. Mr. Ruggles holds a B.B.A. from the University of Massachusetts and an M.S. in Regulatory Affairs from The Massachusetts College of Pharmacy and Health Sciences.
Jim Hutchens, Imagin President and CEO, has over thirty years experience in the healthcare technology industry. Mr. Hutchens is the founder of a minimally invasive surgical instrument company and was the VP of Marketing and Sales for an early stage GI endoscopy company. This experience will provide a foundation for achieving Imagin’s goal to develop the ultrasensitive i/Blue Imaging System. Additionally, Mr. Hutchens has held executive positions with Boston Scientific and Smith & Nephew.
Supporting Imagin’s management are a team of advisors led by Dr. Stavros Demos, the technology’s inventor, and Dr. Ralph deVere White, Director of UC Davis Comprehensive Cancer Center where he is also a Professor of Urology. Dr. deVere White is one of the leading authorities on bladder cancer and the author of more than 300 peer-reviewed scientific articles.
About Imagin Medical
Imagin Medical is developing Imaging Solutions for early detection of cancer. The company is focused on advanced medical imaging to radically improve the way physicians detect cancer through the use of endoscopes. The company’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 by Dr. Stavros Demos from 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.
ON BEHALF OF THE BOARD:
President & CEO
For further information, contact:
Bill Galine, Investor Relations
Telephone: (775) 737-3292
Email: [email protected]
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This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the Canadian Securities Exchange and other risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.