T-Ray Science, Inc.

T-Ray Science, Inc.

January 10, 2011 11:11 ET

T-Ray Science Announces Key Milestones Toward Commercialization

UBC Research Agreement, Health Canada Ruling and Lease for Manufacturing Space Secured for Innovative Cancer Detection Device

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2011) - T-Ray Science, Inc. (TSX VENTURE:THZ) (the "Company" or "T-Ray") announced a number of milestones today that will lead toward the commercialization of the Company's cancer detection technology for skin cancer.

T-Ray has signed a research agreement with the Skin Care Centre at Vancouver General Hospital and the University of British Columbia (UBC), received a Health Canada ruling that will simplify the approval process for the Verisānte™ Aura™ device for skin cancer detection, and signed a lease for a manufacturing facility in Richmond, B.C.

"These announcements are indicative of the strong progress we are making towards commercializing the Verisānte™ Aura™ and bringing its benefits to market, including better patient outcomes, system-wide cost savings and immediate diagnoses," said Thomas Braun, CEO, T-Ray.

Today's announcements include:

  • T-Ray has signed a collaborative research agreement with the Skin Care Centre at Vancouver General Hospital/Department of Dermatology and Skin Science, UBC. Pursuant to the agreement, T-Ray will fund the statistical analysis of the results of a six-year human clinical study in which the Verisante Aura technology was used to image approximately 1,000 suspicious skin lesions at Vancouver General Hospital's renowned Skin Care Centre. While the Verisānte™ Aura™ detects all types of skin cancers, published preliminary results of 274 lesions demonstrated exceptional sensitivity of 100% and specificity of 70% for the detection of melanoma, the most deadly form of skin cancer.

The Skin Care Centre is an international leader in research, developmental therapeutics, medical education, and patient care. The Centre is a partnership of Vancouver General Hospital and the UBC Department of Dermatology and Skin Science.

  • T-Ray has received a Health Canada ruling that the Verisānte™ Aura™ is a Class II device. This regulatory decision means that Health Canada considers the Verisānte™ Aura™ safe and will lead to a shortened approval process. T-Ray now expects to obtain approval to sell the Verisānte™ Aura™ in Canada and Europe in the third quarter of 2011.
  • T-Ray has signed a lease for a manufacturing and engineering space in Richmond, British Columbia. The Company has also started the process towards obtaining ISO 13485:2003 certification, which is required for medical device manufacturing in Canada and the European Union.

About T-Ray Science, Inc.

T-Ray Science, Inc. is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisānte™ Core™ series for lung cancer detection and the Verisānte™ Aura™ for skin cancer detection utilize a proprietary cancer detection platform while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined at the Skin Care Centre at VGH. This exclusive platform technology allows T-Ray to develop and offer a range of compact, non-invasive cancer detection devices that offer immediate results for many of the most common cancers, including gastro-intestinal, colorectal and cervical cancers.

About the BC Cancer Agency

The BC Cancer Agency, an agency of the Provincial Health Services Authority, is committed to reducing the incidence of cancer, reducing the mortality from cancer, and improving the quality of life of those living with cancer. It provides a comprehensive cancer control program for the people of British Columbia by working with community partners to deliver a range of oncology services, including prevention, early detection, diagnosis and treatment, research, education, supportive care, rehabilitation and palliative care. The BC Cancer Foundation raises funds to support research and enhancements to patient care at the BC Cancer Agency. www.bccancer.bc.ca

About The Skin Care Centre at Vancouver General Hospital

The Skin Care Centre at VGH is affiliated with the UBC Department of Dermatology and Skin Sciences. It is a national centre of excellence uniting clinical care, research, and education. The Centre sees over 20,000 patients annually in general and subspecialty dermatology clinics, and runs the country's busiest phototherapy centre. A critical component of the Skin Care Centre at VGH is its comprehensive and aggressive program dedicated to exploring all aspects of skin cancer, encompassing treatment, clinical, and basic science research. http://www.skincarecentre.ca/

Forward Looking Statements

This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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