DIAGNOS Inc.

TSX VENTURE : ADK


DIAGNOS Inc.

December 17, 2013 09:30 ET

DIAGNOS Announces the Signing of a Contract With a Major Pharma in India Following the Letter of Intent Announcement in September 2013

BROSSARD, QUEBEC--(Marketwired - Dec. 17, 2013) - Diagnos Inc. ("DIAGNOS" or "the Corporation") (TSX VENTURE:ADK), a leader in healthcare technical services including, screening, software and algorithm development, data analysis, and image processing, announces the signing, on Dec 3, 2013, of a 3 year agreement between its Indian Subsidiary, DIAGNOS HEALTHCARE (INDIA) PRIVATE LIMITED ("DIAGNOS India") and a major multinational pharmaceutical organization for the deployment of CARA in India.

Under the agreement, DIAGNOS India will provide its CARA screening services to its client as the first phase of a national eye screening program whose purpose is to help detect retinopathy among the diabetic population. The agreement covers the costs for the use of the CARA platform and the costs associated with support and logistics. Based on a price structure negotiated around an estimated volume of 90,000 screenings over three years and a stable exchange rate between the Indian rupee and the Canadian dollar, the value of the agreement could reach CAD $450,000.

"We are very pleased to have closed this deal and to be working with a leading multinational whose India team has a bold vision to make retinal screening available in dedicated vehicles covering two major metropolitan areas each with a radius of several hundred kilometers. The vehicles are equipped with digital retinal cameras operated by licensed eye care professionals and computer equipment with internet connections linking them to our CARA screening platform. Our local staff will be coordinating the screening program from our Navi Mumbai corporate office with local field personnel handling the operation of screening events. Our Canadian office will be providing remote support and managing our CARA platform deployment. On the first day of operation, our mobile screening team successfully screened 175 persons in 7 hours indicating our operational readiness. This agreement forms what we believe to be the beginning of a strong and mutually beneficial relationship, and we look forward to scaling up the program," said Peter Nowacki, DIAGNOS Vice-President, and Director of DIAGNOS India.

"We are truly excited with the signing of this contract as the culmination of a sourcing process formally begun with the execution of a Letter of Intent on September 4th 2013. India has a growing diabetic population with an estimated 73 million people affected. We have put in place resources and established local infrastructure required to handle this project effectively and we are now executing on our commitment, while vigorously pursuing additional volume-generating relationships," stated Andre Larente, DIAGNOS President.

About CARA

CARA is a tele-ophthalmology platform that integrates with ophthalmic imaging equipment (hardware and software) and processes at the point of care (POC) and comprises: image upload, image enhancement automated pre-screening, grading by a specialist, and referral to a specialist. CARA's image enhancement algorithms make standard retinal images sharper, clearer, and easier to read. CARA is accessible securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras, and is EMR compatible. CARA is a cost-effective tool for screening large numbers of patients, in real-time and has been approved by regulatory authorities including Health Canada, US Food and Drug Administration, and the European Union.

About DIAGNOS India

DIAGNOS HEALTHCARE (INDIA) PRIVATE LIMITED was incorporated in Mumbai, Maharashtra, India, under the Indian Companies Act to support and coordinate deployment and usage of CARA in India. It is owned at 99% by DIAGNOS Inc. Currently it has an office in Mumbai which serves as a coordination centre for Mumbai and New Delhi mobile screening units.

About DIAGNOS

Founded in 1998, DIAGNOS is a publicly traded Canadian corporation with a mission to commercialize technologies combining contextual imaging and traditional data mining thereby improving decision making processes. DIAGNOS offers products, services, and solutions to clients in a variety of fields including healthcare and natural resources.

Forward-looking information

This document contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information on DIAGNOS, please visit our website at www.diagnos.com or the SEDAR website at www.sedar.com.

Contact Information

  • Andre Larente
    President, DIAGNOS
    (450) 678-8882 ext. 224

    Louis Morin
    Bid Capital Markets
    (514) 845-1101