VANCOUVER, British Columbia, and BOSTON, Jan. 13, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Imagin Medical (CSE: IME) (OTC: IMEXF) (FRA: DPD2) (the “Company”) announces that critical milestones met in the second half of 2020 will support the Company in achieving its 2021 goals.
Like most companies during 2020, Imagin had to adapt to the unexpected circumstances surrounding COVID-19. The Company implemented emergency measures to decrease expenses in all areas of the business to extend its cash runway. Key salaries were reduced by over 50% company-wide, employee travel was frozen, and all meetings were held virtually. These measures remain in place.
Despite the constraints, Imagin reached a major milestone with the successful transition from the product development stage to manufacturing with the selection of Lighthouse Imaging, an FDA registered and ISO 13485:2016 certified contract manufacturer with expertise in the manufacture of full, state-of-the-art imaging systems for minimally invasive surgeries.
“Our relationship with Lighthouse Imaging marks a new stage in the Company’s progress,” remarked Jim Hutchens, Imagin’s president and CEO. “We anticipate 2021 to be a breakout year with emphasis on manufacturing and the FDA process. This year’s primary goal is the completion of the final pre-production i/Blue Imaging System unit. The Company’s secondary goal is to establish final test parameters with the FDA, as we will continue to build relationships with clinical opinion leaders and expand our IP Platform.”
In the fourth quarter of 2020, Imagin signed a $3 million Convertible Note term sheet and closed the first tranche of $750,000. The Company is planning on additional closings in January, February and March to complete this financing. Imagin intends to utilize the funds raised to support product optimization for manufacturing, as well as the ongoing FDA approval process and market awareness.
Other activities planned for 2021 include participating in the American Urology Association (“AUA”) Annual Meeting in the third quarter, to introduce the final pre-production i/Blue Imaging System to key clinical opinion leaders and the broader medical community.
To further communicate the Company’s message, Imagin delivered its first webinar in October 2020 featuring two world-renowned urologists, Dr. Ashish Kamat from MD Anderson Cancer Center in Houston and Dr. Alexandre Zlotta from Mt. Sinai Hospital in Toronto, who discussed Blue Light Cystoscopy and its limitations. This was followed by a demonstration of how the i/Blue System will address the market’s current needs.
Imagin plans to continue non deal road shows that will elevate the Company’s visibility in the U.S., CA and the EU and expand its investor base by working with Torrey Hills Capital (THC) where Imagin will increase awareness through THC established relationships with investment professionals, investment advisors and money managers focused on the microcap market space.
About Imagin Medical
Imagin Medical is a surgical imaging company focused on advancing new methods of visualizing cancer during minimally invasive procedures. The Company believes its first product, the i/Blue™ Imaging System, with its proprietary optics and light sensors, will greatly increase the efficiency and accuracy of detecting cancer for removal and help reduce recurrence rates. Imagin’s initial target market is bladder cancer, the sixth most common cancer in the U.S. and the third most common cancer in men. Worldwide, over 380,000 new cases are diagnosed each year. With treatment costs of $4 billion per year in the U.S. alone, bladder cancer is the most expensive cancer to treat during the lifetime of a patient, with approximately 60% of the costs attributable to recurrence. Over 80,000 new cases each year and almost 600,000 patients in the U.S. living in fear of their bladder cancer returning represent a large market that can benefit from the Company’s i/Blue Imaging technology. Learn more at www.ImaginMedical.com.
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. Specifically, there is no assurance the Company’s imaging system will work in the manner expected. 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.
President and CEO