VANCOUVER, BC and BOSTON, MA--(Marketwired - September 15, 2016) - Imagin Medical (CSE: IME) (OTC PINK: IMEXF) (FRANKFURT: DPD2) (the "Company") As a follow up to Imagin's announcement of an $800,000 private placement Tuesday, September 13, 2016, the Company announces it is making significant progress not only in the capital raise, but also in developing its disruptive technology, the i/Blue Imaging System. Imagin's goal is to establish a new standard of care in detecting cancer and reducing its recurrence through the use of endoscopes.
Imagin's initial target is bladder cancer which has a greater than 50% recurrence rate and, although the 6th most prevalent cancer in the U.S., is the most expensive cancer to treat.
Imagin's Winning Technology
- Based on combination of improved optical designs, components and advanced light sensors expected to be 100,000 times more sensitive
- Employs Simultaneous Acquisition of Differing Images, patented technology that automatically blends white light and fluorescence images into one, putting the cancer into context
- Improves visualization to help reduce chances of recurrence by enabling physicians to more accurately visualize, assess and remove cancerous cells
- Time savings will increase efficiency in the operating room and potentially enable procedures to be performed in less-expensive physician's office for follow-up examinations
Dr. Stavros Demos invented the i/Blue Imaging System while at Lawrence Livermore National Lab and recently accepted the position of "Senior Scientist and Group Leader of the Optical Materials Group" at the University of Rochester Laboratory for Laser Energetics (LLE) in New York. Imagin has signed a Collaborative Research Agreement with The University of Rochester LLE, as well as a loan agreement with the U.S. Department of Energy (D.O.E.), and expects that both agreements will significantly facilitate the development of the i/Blue Imagining System.
As Imagin's Technical Scientific Advisor, Dr. Demos, will continue to provide support to Imagin's engineering team as it continues to build on the initial prototype. The steps include refining the product's design, requalifying the system's optical model, components and advanced light sensors, and helping create the controls needed for optimized operation and patient safety. "I've worked on developing many medical device technologies over the last twenty years. What makes i/Blue especially exciting is working with Dr. Demos and the rest of the team on such innovative technology that holds so much potential for the future of healthcare," said Mike Vergano, Imagin's Director of Engineering and Operations.
The Company's immediate goal is to complete the retrofitting of the Alpha prototype by year end. Bench testing and clinical studies will begin in the 1st quarter of 2017. These next generation prototypes will be used as the basis for regulatory submission and eventual commercial distribution.
About Imagin Medical
Imagin Medical is developing imaging solutions for the early detection of cancer through the use of endoscopes. The Company believes it will radically improve the way physicians detect cancer. 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.imaginmedical.com.
ON BEHALF OF THE BOARD:
President & CEO
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.