Vancouver, B.C. and Boston, MA, June 28, 2017 – Imagin Medical (CSE: IME) (OTC PINK: IMEXF) (Frankfurt/Stuttgart Stock Exchanges: DPD2) (the “Company”) released today a mid-year report to keep investors and interested parties informed of the company’s progress.
Overview
As previously reported, it is anticipated that the Internal Review Board (IRB) at the University of Rochester will soon consider the proposal for the first in-human Research Study using the i/Blue Imaging System to be conducted at its affiliated Medical Center. Approval is expected early in third quarter. Based on previous bench testing, the company expects that results from the study will be positive and will accelerate the momentum of Imagin’s progress to-date.
The company has completed the prototype to be used in the study and, as a result, has significantly reduced its monthly cash requirements. Further optimization of the prototype will continue after the human trials have been completed.
Recent industry discussions concerning the limitations of today’s bladder cancer detection systems have reinforced Imagin’s confidence that the timing of the i/Blue system is ideal and the technology will significantly enhance the current methodology. The company predicts the medical marketplace will enthusiastically embrace its introduction and that Imagin will build a valuable company with multiple exit strategies.
UNIVERSITY OF ROCHESTER INTERNAL REVIEW BOARD APPROVAL (IRB) – CLINICAL RESEARCH STUDY
Obtaining an IRB approval at a major academic medical center is a complex process. While typical scheduling procedures have delayed the final IRB approval for the i/Blue Imaging System research study, protocols to direct the study are in place and ready to be implemented when approval is received. The University of Rochester IRB boards are guided by the ethical principles described in the Belmont Report and by the regulations of the U.S. Food and Drug Administration and the U.S. Department of Health and Human Services. The University of Rochester reviews, approves the initiation of, and conducts periodic reviews of research involving human subjects. These steps will assure the appropriate credibility for Imagin Medical’s “first in-human” study, which is anticipated in the very near future. Imagin is confident that the 10-patient study will validate the bench-testing results that have shown 1) physicians will be able to “see” the cancer in 10 minutes vs. one hour required by today’s technology and 2) the white and florescence images will blend into one to put the cancer into context within the bladder.
AMERICAN UROLOGICAL ASSOCIATION MEETING (AUA)
This year’s AUA Annual Meeting was held in Boston, May 11-15, with over 10,000 urologists in attendance. Imagin executives met with members of the company’s Scientific Advisory Board, all of whom were very encouraged by conference presentations and discussions which confirmed their belief that the company’s technology and strategy are well timed to bring new standard of care in bladder cancer. Imagin executives also met with several physicians from high-profile medical institutions who expressed interest in the i/Blue system and in working with the company during its testing period and beyond.
SUMMARY
Imagin Medical believes their innovative and timely technology will disrupt large markets for not only bladder cancer detection, but also other minimally invasive surgeries where endoscopes are used. With additional funding going forward and the support of a major university and medical center for further development and evaluation, the company believes it is well positioned to launch the i/Blue Imaging System on schedule. The company also believes the current stock price presents an opportunity for significant value and multiple liquidity options. Management looks forward to building Imagin into a profitable company that will provide the medical community with tools to advance cancer detection and reduce recurrence rates.
About Imagin Medical
Imagin Medical is developing imaging solutions for the early detection of cancer and improved visualization through the use of endoscopes. The Company believes it will radically improve the way physicians detect cancer and view the surgical field. 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.imagindev.wpengine.com.
ON BEHALF OF THE BOARD:
Jim Hutchens,
President & CEO
For further information, contact:
Jim Hutchens
Telephone: (617) 571-6006
Email: [email protected]
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. 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.
