Imagin Medical is the developer of the ultrasensitive i/Blue Imaging System that will establish a new standard of care in detecting cancers and visualizing the surgical field in minimally invasive surgery. The Company’s initial focus is bladder cancer.
Vancouver, B.C. and Boston, MA, October 18, 2017 – Imagin Medical, Inc. (CSE: IME) (OTC PINK: IMEXF) (Frankfurt/Stuttgart Stock Exchanges: DPD2) (the “Company”) announced today that, further to its press releases of September 26, October 4, and October 13, 2017 the Company has closed its non-brokered private placement with the issuance of 20,000,000 units (the “Units”) priced at $0.05 per Unit for gross proceeds of $1,000,000.
Each Unit of this private placement consists of one common share of the Company and one common share purchase warrant (“Warrant”), each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.10 within the 12 months from the date of issue.
Proceeds from this private placement will be used for working capital and to complete the upcoming pilot study entitled, Near Infrared Fluorescence Imaging for Bladder Cancer Detection, which is sponsored by Dr. Edward Messing, Chair of Urology at the University of Rochester Medical Center, and the study’s principal investigator. The primary purpose of the study is to determine the minimal dwell time needed for adequate detection of hexaminolevinulate HCL avid tumors using protoporphyrin IX (PpIX) near infrared fluorescence (NIRF).
The Company expects the 10-patient study will validate previous bench-testing results that have shown 1) physicians will be able to “see” the cancer in 10 minutes vs. the full 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.
“The closing of this $1,000,000 private placement is a major step in moving the i/Blue Imaging System to the market,” said Jim Hutchens, Imagin President and CEO.
About Imagin Medical
Imagin Medical is developing imaging solutions for minimally invasive surgical procedures where endoscopes are used. 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. The ultrasensitive imaging technology is based upon improved optical designs and advanced light sensors. Learn more at www.imagindev.wpengine.com
For further information, contact:
Jim Hutchens, President & CEO
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. 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.