Diagnos Inc.
TSX VENTURE : ADK

Diagnos Inc.

September 04, 2013 08:30 ET

DIAGNOS Announces the Signing of a Letter of Intent With a Major Global Pharma in India

BROSSARD, QUEBEC--(Marketwired - Sept. 4, 2013) - DIAGNOS inc. ("DIAGNOS" or "the Corporation") (TSX VENTURE:ADK), leader in healthcare technical services including, screening, software and algorithm development, data analysis, and image processing, announces today the signing of a Letter of Intent ("LOI") with a major global pharmaceutical partner, for the joint deployment and usage of CARA in India.

As part of its mission to discover, develop and successfully market innovative products to prevent and cure diseases, to ease suffering and to enhance the quality of life, our partner organization supports various health organizations and health initiatives, including population screening, in India. The partner organisation views our CARA screening platform as an excellent tool within the context of their activities in India. Their lead ophthalmology product is indicated for a variety of ophthalmic complications including those associated with diabetes, and with our assistance they hope to slow or reverse vision impairment in a larger patient population.

"Recognizing the elevated rate of diabetes and its complications in the area, we have been involved in projects in the region for some time now, and are in a position to materially and constructively help local authorities with critical screening projects. Our Partner's leadership and support can make these initiatives feasible and can undoubtedly greatly benefit the local population. We are very excited with this important relationship. Under the terms of the present LOI, DIAGNOS would deploy mobile screening units comprising our CARA platform, screening van, licensed optometric screener, and driver. The teams would initially be located in Mumbai and New Delhi with coverage of 500km radius around the respective cities. The screening units would travel to cities, towns, and villages in the designated coverage areas to conduct mobile screening camps in association with participating primary and tertiary healthcare institutions." Said Peter Nowacki, Diagnos' Vice-President - Healthcare.

"We are excited to partner with our client, an important multinational organization, to offer screening services based on our CARA platform and screening processes we have developed and adapted internationally. The nature of the relationship offers the potential of scaling-up across the vast population and size of India. With an estimated diabetic population in India of over 73 million people the potential for DIAGNOS is very large and we are actively working on establishing required local infrastructure to handle this project, as well as pursuing additional volume-generating relationships. Under the terms of the present LOI, DIAGNOS would receive payments locally covering local costs leading to local profit margins, along with a royalty stream to DIAGNOS Inc. for the usage of the CARA Platform. We believe that the lower cost dynamics in India coupled with a large volume potential across the country to be strong drivers of value for DIAGNOS shareholders." Said 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

Founded in 1998, DIAGNOS is a publicly traded Canadian corporation (TSX VENTURE:ADK), 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.

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 Inc.
    450-678-8882, 224

    Louis Morin
    Bid Capital Markets
    514-845-1101