LED Medical Diagnostics Begins Trading on TSX-V Under Symbol LMD
25 November 2011 - 1:34AM
Marketwired
LED Medical Diagnostics Inc. (TSX VENTURE:LMD), whose VELscope Vx
oral cancer screening system is manufactured by its LED Dental
subsidiary and distributed exclusively in the United States and
Canada by Henry Schein, Inc. (NASDAQ:HSIC), announced today that it
has begun trading on the TSX Venture Exchange (TSX-V) under the
symbol LMD. Dental practices are increasing their focus on oral
cancer detection in light of the continuing growth in the incidence
of oral cancer, which is increasingly caused by the human
papillomavirus, or HPV. Dental practitioners are trained in dental
and hygiene school to conduct conventional oral cancer exams using
visual inspection and palpation, and many are now also
complementing these exams with adjunctive screening devices. LED's
VELscope Vx is the largest-selling adjunctive oral cancer screening
device in the world.
LED Medical Diagnostics was founded in 2003 to develop and
commercialize detection and diagnostic technologies that improve
oral and systemic health. Its first product, the VELscope oral
cancer screening system, was launched in 2006 by LED Dental Inc., a
wholly-owned subsidiary of LED Medical Diagnostics. The VELscope's
tissue fluorescence visualization technology is the first to be
cleared by the FDA and Health Canada to help detect cancerous and
precancerous lesions that might be invisible to the naked eye, and
to help surgeons determine the appropriate surgical margin when
excision is warranted. The technology can also detect non-cancerous
types of oral disease, such as viral, bacterial and fungal
infections.
Through 2010, approximately 5,000 units of the first two
generations of VELscope devices were sold worldwide and used to
conduct an estimated 7 million oral cancer exams. In early 2011,
LED Dental introduced a lightweight, cordless version of VELscope
technology called the VELscope Vx. The company sold almost as many
units of the VELscope Vx through the first ten months of 2011 as it
sold of the first two models combined from 2006 through 2010. The
vast majority of VELscope Vx sales were achieved in the U.S. and
Canadian markets.
These milestones are the culmination of over $70 million of
investment in the research and commercialization of tissue
fluorescence visualization technology made by a combination of
public institutions--including the National Institutes of Health,
the BC Cancer Agency and the University of British Columbia--and
the then-privately-owned LED Medical Diagnostics.
"We are extremely proud of the success we have achieved as a
private company, going public will open numerous doors for
accelerated growth," said Peter Whitehead, LED Medical Diagnostics
founder and President. "The funds we have raised will be used to
finance increased international expansion, the business development
of a pathology laboratory focused on diagnosing suspicious oral
tissue detected by the VELscope Vx, and expansion of our
fluorescence visualization technology into the arena of skin cancer
detection."
"While oral cancer awareness is on the rise, many people are
unaware of some of the more startling trends that are taking
place," added Whitehead. "Over 625,000 individuals were diagnosed
with oral cancer in 2010. Ominously, this marked the fifth straight
year in which there has been an increase in the rate of occurrence
of oral cancers, and the news isn't getting any better. Scientists
from the World Health Organization are predicting an increase of
more than 60% over the next 20 years."
About LED Medical Diagnostics Inc.
LED Medical Diagnostics Inc. was founded in 2003 and is
headquartered in Burnaby, British Columbia, Canada. Its
wholly-owned subsidiary, LED Dental Inc., is the manufacturer of
the VELscope Vx oral cancer screening system. VELscope devices, the
first to apply tissue fluorescence visualization technology to the
oral cavity, are used to conduct more screenings for oral cancer
and other oral diseases than any adjunctive device in the world.
For more information, call +1 (604) 434-4614, or visit
www.VELscope.com.
Contacts: LED Medical Diagnostics Inc. Paul Hughes Investor
Relations (877) 482-3032paul.hughes@leddental.com
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