DIAGNOS Receives $2,000,000 Assistance from Quebec
08 September 2020 - 11:45PM
Diagnos Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK)
(OTCQB: DGNOF), a leader in early detection of critical health
issues using advanced Artificial Intelligence (AI), is pleased to
announce the signing of a financing agreement in the form of an
interest-free loan of up to $2,000,000 from the government of
Québec via the Economic Development Fund to support the
commercialization of CARA globally.
"Thanks to this financial assistance from the
government of Quebec, we will be able to accelerate the
commercialization of CARA in markets where the prevalence of
diabetes and its complications is high. Among other things, teams
of professionals dedicated to marketing and commercialization will
be set up to cover each of these markets. We would like to thank
the people of the government and Investissement Québec for their
trust in our team and our innovative screening technology for
diabetic retinopathy, a disease that can cause blindness if left
untreated", said André Larente, President of DIAGNOS.
The CARA's commercialization project is valued
at $4,065,710. Under the financing agreement, loan disbursement
will be made in installments corresponding to 49% of the eligible
expenses incurred up to June 30, 2022 for which the Corporation is
requesting disbursement, up to $2,000,000. The interest-free loan
has a term of 10 years and principal repayment will start after the
24th month following the first disbursement. The Corporation
estimates that it will avoid up to $1,350,000 in financing costs
due to the loan being interest-free.
The Corporation also announces that last April
it had undertaken a cost-reduction exercise to reduce its fixed
operating costs through layoffs and the negotiation of a new lease
agreement for its head office. Taking into account governmental aid
programs related to Covid-19, the Corporation's disbursements have
been reduced by nearly 50% from the pre-pandemic level.
About DIAGNOSDIAGNOS is a publicly-traded
Canadian corporation with a mission of early detection of critical
health issues through the use of its Artificial Intelligence (“AI”)
tool CARA (Computer Assisted Retina Analysis). CARA is a
tele-ophthalmology platform that integrates with existing equipment
(hardware and software) and processes at the point of care. CARA’s
Artificial Intelligence image enhancement algorithms make standard
retinal images sharper, clearer and easier to read. CARA is
accessible securely over the internet and is compatible with all
recognized image formats and brands of fundus cameras and is EMR
compatible. CARA is a cost-effective tool for screening large
numbers of patients in real-time. CARA complies with local
regulations, is FDA cleared for commercialization in the United
States of America is Health Canada licensed for commercialization
in Canada and is CE marking compliant in Europe.
Additional information is available at
www.diagnos.com and www.sedar.com
This news release contains forward-looking
information. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in these
statements. DIAGNOS disclaims any intention or obligation to
publically update or revise any forward-looking information,
whether as a result of new information, future events or otherwise.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement.
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 release.
For further information about this press release, please contact:
Mr. André Larente, President
DIAGNOS Inc.
Tel: 450-678-8882 ext. 224
alarente@diagnos.ca
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