Verisante Technology, Inc.

Verisante Technology, Inc.

July 09, 2015 09:30 ET

Verisante Enters Amended Licensing Agreement With the BC Cancer Agency

Hires Fulltime Scientist from BCCA

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 9, 2015) - Verisante Technology, Inc. (TSX VENTURE:VRS)(OTCQX:VRSEF) (the "Company" or "Verisante"), a leader in skin cancer detection technology, announced today that it has entered into an agreement that amends the licensing agreement (the "Agreement") originally entered into with the BC Cancer Agency ("BCCA") in July 2010.

Under the more favorable terms of the Agreement, the Company continues to hold exclusive rights to use and sublicense BCCA's patented Raman technology, and to manufacture and sell Aura™, a device for the detection of skin cancer, and Core™, a device for the detection of certain internal cancers in specified territories.

"The amended terms of our licensing agreement puts Verisante on a much stronger business footing," said Thomas Braun, President & CEO. "We are looking forward to continuing our close collaboration with the BC Cancer Agency as we move ahead in bringing this game changing technology through the commercialization process."

"The BC Cancer Agency is committed to the success of this exciting cancer detection methodology," said Sam Abraham, Vice President of Research for the BC Cancer Agency. "The BC Cancer Agency has contributed many years of research and development into this technology, and we will work with Verisante as needed to enable success of this technology."

In addition, the Company announced it has hired Dr. Michael Short, Ph.D. as a fulltime senior scientist. Dr. Short's specialization includes the use of Raman spectroscopy for early cancer diagnosis, the optical detection of organic compounds in breath for disease screening, in addition to phosphorescence and fluorescence of materials and interaction of ionizing radiation with matter. He is also the co-author of numerous peer reviewed publications in the field of cancer imaging. After working for ten years at the BC Cancer Agency Research Centre, Dr. Short will lead the Company's continuing research and development efforts in the Raman field. He recently played a major role in a previously announced ground-breaking brain cancer study in London, UK.

Verisante also announced today that the Company has closed a non-brokered private placement of 916,745 common shares at a price of $0.11 per share for gross proceeds of $100,842. The Company is also negotiating debt for shares settlements to decrease the accounts payable and preserve the current cash on hand. Currently the Company has agreements to issue a total of 552,137 common shares at a price of $0.10-0.17 per share, for total debt settlement of $76,664, and continues to negotiate debt for shares settlement agreements with other creditors.

About Verisante Technology, Inc.

Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the Verisante Core™ series for lung, colon and cervical 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 Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians immediate results for many of the most common cancers. Aura™ has been approved for sale in Canada, Europe and Australia. The Core™ has not yet been approved for sale.

Verisante Aura™ was awarded the 2014 North American Technology Innovation of the Year Award for In Vivo Cancer Detection by Frost & Sullivan, Popular Science Magazine's "Best of What's New Award" for 2011, awarded a 2013 Prism Award for Innovation in Photonics and an Edison Award for Excellence in Innovation in 2013. Verisante Core™ was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society.

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.

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.

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