LED Medical Diagnostics Inc.

November 24, 2011 09:34 ET

LED Medical Diagnostics Begins Trading on TSX-V Under Symbol LMD

Company's VELscope® Vx System Helps Detect Oral Cancer and Other Diseases

BURNABY, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2011) - LED Medical Diagnostics Inc. (TSX VENTURE:LMD), whose VELscope Vx oral cancer screening system is manufactured by its LED Dental subsidiary and distributed exclusively in the United States and Canada by Henry Schein, Inc. (NASDAQ:HSIC), announced today that it has begun trading on the TSX Venture Exchange (TSX-V) under the symbol LMD. Dental practices are increasing their focus on oral cancer detection in light of the continuing growth in the incidence of oral cancer, which is increasingly caused by the human papillomavirus, or HPV. Dental practitioners are trained in dental and hygiene school to conduct conventional oral cancer exams using visual inspection and palpation, and many are now also complementing these exams with adjunctive screening devices. LED's VELscope Vx is the largest-selling adjunctive oral cancer screening device in the world.

LED Medical Diagnostics was founded in 2003 to develop and commercialize detection and diagnostic technologies that improve oral and systemic health. Its first product, the VELscope oral cancer screening system, was launched in 2006 by LED Dental Inc., a wholly-owned subsidiary of LED Medical Diagnostics. The VELscope's tissue fluorescence visualization technology is the first to be cleared by the FDA and Health Canada to help detect cancerous and precancerous lesions that might be invisible to the naked eye, and to help surgeons determine the appropriate surgical margin when excision is warranted. The technology can also detect non-cancerous types of oral disease, such as viral, bacterial and fungal infections.

Through 2010, approximately 5,000 units of the first two generations of VELscope devices were sold worldwide and used to conduct an estimated 7 million oral cancer exams. In early 2011, LED Dental introduced a lightweight, cordless version of VELscope technology called the VELscope Vx. The company sold almost as many units of the VELscope Vx through the first ten months of 2011 as it sold of the first two models combined from 2006 through 2010. The vast majority of VELscope Vx sales were achieved in the U.S. and Canadian markets.

These milestones are the culmination of over $70 million of investment in the research and commercialization of tissue fluorescence visualization technology made by a combination of public institutions--including the National Institutes of Health, the BC Cancer Agency and the University of British Columbia--and the then-privately-owned LED Medical Diagnostics.

"We are extremely proud of the success we have achieved as a private company, going public will open numerous doors for accelerated growth," said Peter Whitehead, LED Medical Diagnostics founder and President. "The funds we have raised will be used to finance increased international expansion, the business development of a pathology laboratory focused on diagnosing suspicious oral tissue detected by the VELscope Vx, and expansion of our fluorescence visualization technology into the arena of skin cancer detection."

"While oral cancer awareness is on the rise, many people are unaware of some of the more startling trends that are taking place," added Whitehead. "Over 625,000 individuals were diagnosed with oral cancer in 2010. Ominously, this marked the fifth straight year in which there has been an increase in the rate of occurrence of oral cancers, and the news isn't getting any better. Scientists from the World Health Organization are predicting an increase of more than 60% over the next 20 years."

About LED Medical Diagnostics Inc.

LED Medical Diagnostics Inc. was founded in 2003 and is headquartered in Burnaby, British Columbia, Canada. Its wholly-owned subsidiary, LED Dental Inc., is the manufacturer of the VELscope Vx oral cancer screening system. VELscope devices, the first to apply tissue fluorescence visualization technology to the oral cavity, are used to conduct more screenings for oral cancer and other oral diseases than any adjunctive device in the world. For more information, call +1 (604) 434-4614, or visit www.VELscope.com.

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