IMI provides fiscal 2003 commercial update and previews year-end results
10 March 2004 - 12:01AM
PR Newswire (US)
IMI provides fiscal 2003 commercial update and previews year-end
results - Expanded clinical program through new research
partnerships - Well positioned to move forward on product
development plans - Solid financial foundation at year end TORONTO,
March 9 /PRNewswire-FirstCall/ -- IMI International Medical
Innovations Inc. (TSX: IMI; Amex: IME), a world leader in
predictive medicine, today provided investors with a year-end
operating update and previewed financial results for its fourth
quarter and fiscal year ended December 31, 2003. "Fiscal 2003 was a
significant year of growth for IMI, during which we demonstrated
steady progress towards our strategic goals, for both our products
and the company as a whole. We continued to gain global exposure
for IMI's cardiovascular and cancer franchises while building
awareness and acceptance of new approaches to predicting disease,"
said Dr. Brent Norton, President and CEO of IMI. "In addition, our
partner, McNeil Consumer Healthcare, took significantsteps in
marketing PreVu(x) Coronary Heart Disease Predictor, IMI's skin
sterol test for heart disease. We are pleased with the progress to
date and have every confidence that McNeil will make PreVu(x) a
success in heart disease risk assessment. In addition, we are
actively negotiating licensing partnerships for the U.S. and
European markets with several companies." Dr. Norton continued,
"Our achievements in fiscal 2003 represent a strong platform for
long-term, sustainable value creation. With a solid financial
position and prudent management, IMI is poised to advance its
strategic plan -- - the commercialization of multiple products
united by the single vision of predictive medicine." Fiscal 2003
Operating Highlights -------------------------------- New research
partnerships - Established two major collaborative research
partnerships, with AtheroGenics, Inc., a pharmaceutical company
focused on the discovery, development and commercialization of
novel anti-inflammatory drugs, including one for the treatment of
atherosclerosis, and the International Early Lung Cancer Action
Program (I-ELCAP), a large, international study sponsored by the
National Cancer Institute. Presentation of new clinical data for
cardiovascular and cancer products - IMI's skin test was the
subject of a presentation at the American Heart Association (AHA)
in November as researchers from Johns Hopkins University presented
data from the Multi-Ethnic Study on Atheroscerlosis (MESA). This
data showed that IMI's skin test can help to identify subclinical,
or hidden, heart disease. - IMI's pivotal skin-cholesterol study,
published in the December 2003 edition of Atherosclerosis, an
international medical journal, demonstrated that skin cholesterol
is an independent risk factor for coronary artery disease that
provides new information about cardiovascular disease risk. - In
July, positive study results for all three of IMI's
cancer-detection tests were presented at the American Association
for Cancer Research (AACR) meeting in Washington, DC, with new data
showing continued strong performance of the test in detecting
early-stage colorectal, lung and breast cancers. Advancing
commercialization of first product - In November, IMI partner
McNeil Consumer Healthcare announced the brand name of IMI's skin
sterol testing product in Canada as PreVu(x) Coronary Heart Disease
Predictor. - Advanced development of two new skin sterol test
formats, one for lab processing and the other for home use. - In
late 2003, McNeil Consumer Healthcare initiated an education and
awareness-building phase for its customers and expects to begin
supplying PreVu(x) in 2004. Established quality management systems
- Achieved ISO certification in October, which means that IMI meets
the highest international standards for quality control and
customer service. This certification is a regulatory requirement in
Canada and Europe for new product license submissions. Increased
U.S. market presence - Listed on American Stock Exchange in
September, which positions IMI to capitalize on U.S. investor
interest in the field of predictive medicine. Subsequent to Year
End ---------------------- In January 2004, the company announced
that a scientific abstract featuring LungAlert(TM) will be
presented at the American Thoracic Society (ATS) international
annual conference on May 24, 2004 in Orlando, Florida. The ATS
annual conference attracts 14,000 delegates and is the premier
international forum for physicians and scientists who work in
pulmonary and critical care medicine. The abstract accepted for
presentation is Examination of the Association of Galactose Oxidase
Reactivity in Sputum with Lung Cancer. The findings further support
that GOS reactivity in sputum samples may be useful as an initial
screening test to identify high-risk subjects. Financial Highlights
(unaudited) -------------------------------- IMI's cash burn for
the fourth quarter was within management's expectations while
expenses were consistent with historical rates. As at December 31,
2003, the company had cash, cash equivalents and short-term
investments totaling approximately CDN$6.7 million. Based on
historic burn rates and the expectation that revenues from
partnering activities and product sales will begin in 2004,
management believes the company's cash resources, together with
investment tax credits receivable, are sufficient to meet its
current operating and capital requirements. The company will report
full financial results for the year uponcompletion of its audit.
About IMI IMI is a world leader in predictive medicine, dedicated
to developing rapid, non-invasive tests for the early detection of
life-threatening diseases, particularly cardiovascular disease and
cancer. The company's head office is located in Toronto, and its
research and product development facility is at McMaster University
in Hamilton, Ontario. For further information, please visit the
company's website at http://www.imimedical.com/.
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Conference Call and Webcast IMI will hold a conference call and
webcast today, March 9, 2004, at 10:30 a.m. ET. To access the
conference call, please dial (416) 640-4127 in Toronto, or 1 (800)
814-4857 elsewhere in North America. A live audio webcast will be
available at http://www.imimedical.com/, and will be subsequently
archived for three months. To access the replay via telephone,
which will be available until March 16, 2004, please dial (416)
640-1917 or (877) 289-8525 and enter the passcode 21041345 followed
by the number sign.
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This release contains forward-looking statements that reflect the
company's current expectation regarding future events. The
forward-looking statements involve risk and uncertainties. Actual
events could differ materially from those projected herein and
depend on a number of factors including, but not limited to,
changing marketconditions, successful and timely completion of
clinical studies, uncertainties related to the regulatory approval
process, establishment of corporate alliances and other risks
detailed from time to time in the company's quarterly, annual and
other regulatory filings. DATASOURCE: IMI International Medical
Innovations Inc. CONTACT: Sarah Borg-Olivier, Director,
Communications, ; Ron Hosking, Vice President and CFO, (416)
222-3449
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