Conference Call/Webcast Today at
5 pm ET
TORONTO and DALLAS, May 25, 2023
/CNW/ - Perimeter Medical Imaging AI, Inc. (TSXV: PINK)
(OTC: PYNKF) (FSE: 4PC) ("Perimeter" or the "Company") –
a medical technology company driven to transform cancer surgery
with ultra-high-resolution, real-time, advanced imaging tools to
address high unmet medical needs – today reported financial results
for its first quarter ended March 31,
2023 and provided a corporate update.
Key Highlights
- Completed the first commercial placement of its flagship
Perimeter S-Series OCT system in the state of Utah
- Initiated an additional clinical trial site at Baptist MD
Anderson Cancer Center in Jacksonville,
FL
- Appointed global industry leader Suzanne Foster – currently President of Beckman
Coulter Life Sciences – as Chair of its Board of Directors
- Showcased Perimeter S-Series OCT at leading industry
conferences including SSO 2023 and ASBrS 2023
Jeremy Sobotta, Perimeter's Chief
Executive Officer stated, "We completed a number of important
milestones in our first quarter while continuing to advance and
execute upon our planned commercial and clinical activities. Sales
leads and demos of our flagship Perimeter S-Series OCT continue,
resulting in our first commercial placement in the state of
Utah. The highly engaged champions
of our technology at these newest accounts continue to build upon
our foundation of reference sites that drive our commercialization
strategy."
Mr. Sobotta added, "Looking further ahead, we believe combining
AI with our 'real-time' ultra-high-resolution imaging could be
truly transformative when used during breast conservation surgery.
We are evaluating our 'next-gen' AI technology in a pivotal trial
that is expected to be completed at the end of 2023. We
recently initiated an additional clinical site at Baptist MD
Anderson Cancer Center in Jacksonville,
FL to further support patient enrollment. Our hope is that
the data generated from this study will demonstrate that the
surgeon's use of the breakthrough-device designated Perimeter
B-Series OCT with ImgAssist AI for margin visualization is superior
to the current standard of care."
First Quarter Update
- In January 2023, Perimeter
announced the completion of two follow-on commercial placements of
Perimeter S-Series OCT, resulting in a doubling of the commercial
installed base of S-Series OCT during the fourth quarter 2022.
Subsequent to quarter-end, Perimeter completed the first commercial
placement of its flagship Perimeter S-Series OCT system in the
state of Utah.
- Led by Principal Investigator, Dr. Alastair Thompson at the Baylor College of Medicine in Houston, a multi-center, randomized two-arm
pivotal clinical trial is evaluating Perimeter B-Series OCT
combined with its proprietary ImgAssist AI software in
approximately 330 patients, with study completion anticipated by
the end of 2023. Subsequent to quarter-end, Perimeter initiated an
additional clinical trial site at Baptist MD Anderson Cancer Center
in Jacksonville, FL to further
support patient enrollment.
- Perimeter announced the appointment of global industry leader
Suzanne Foster – currently President
of Beckman Coulter Life Sciences – as Chair of its Board of
Directors, which is comprised of world-class life sciences,
medtech, and AI experts, including Anantha
Kancherla of Meta.
- Perimeter announced the publication of a white paper from three
case studies from the commercial use of its Perimeter S-Series OCT
technology. The supporting clinical evidence suggests that the
surgeon's use of the S-Series aided in intraoperative clinical
decisions to excise additional tissue during the primary surgeries,
sparing the need for a second surgery and relieving the associated
burden on clinical, economic, and psychosocial resources.
- Perimeter conducted multiple clinical presentations and product
demonstrations showcasing Perimeter S-Series OCT at several leading
industry events and conferences including:
-
- SSO 2023, the Society of Surgical Oncology's International
Conference on Surgical Cancer Care, featuring a spotlight
presentation by Dr. Shawndeep Singh Tung and Dr. Nina Tamirisa.
- ASBrS 2023, the 24th Annual Meeting of the American Society of
Breast Surgeons, including a symposium and panel discussion with
Dr. Beth Anglin and Dr. Michele Carpenter moderated by Dr. Beth DuPree.
Summary of First Quarter 2023 Financial Results
All of the amounts are expressed in U.S. dollars unless
otherwise indicated and are presented in accordance with
International Financial Reporting Standards ("IFRS") as issued by
the International Accounting Standards Board.
The Company changed its presentation currency from Canadian
dollars to United States dollars
in 2022. The change in presentation currency was made to improve
investors' ability to compare the Company's financial results with
other publicly traded businesses in the industry. In making the
change to a US dollar presentation currency, the Company followed
the guidance in IAS 21, The Effects of Changes in Foreign Exchange
Rates and has applied the change retrospectively to all prior
periods as if the new presentation currency had always been the
Company's presentation currency.
Operating expenses for the three months ended March 31, 2023 were $3,833,017 compared to $3,822,002 during the same period in 2022.
For the three months ended March 31,
2022, the net loss was $3,259,459 compared to $5,087,044 during the same period in 2022.
For the three months ended March 31,
2023, cash used in operating activities was $4,559,320.
As at March 31, 2023, cash and
cash equivalents were $23,675,011.
For detailed financial results, please see Perimeter's filings
at www.sedar.com and on the Company's website at
https://ir.perimetermed.com/.
Conference Call
The Company will host a conference call and live audio webcast
today, Thursday, May 25, 2023, at
5:00 pm Eastern Time to discuss its
first quarter 2023 results and to provide a corporate update. To
participate in the call, please dial 1-877-704-4453, or
1-201-389-0920 for international callers, and provide conference ID
number 13738979. The conference call will also be broadcast live
online through a listen-only webcast, which will be posted on the
Investors section of the Company's website. The webcast will be
archived on the Company's investor relations webpage for at least
90 days. A telephonic playback of the conference call will be
available for 14 days after the conference call by calling
1-844-512-2921 or 1-412-317-6671 from abroad and referencing
conference ID 13738979. The above listed dates and times are
subject to change.
About Perimeter Medical Imaging AI, Inc.
Based in Toronto, Canada and
Dallas, Texas, Perimeter Medical
Imaging AI (TSX-V: PINK) (OTC: PYNKF) (FSE: 4PC) is a medical
technology company driven to transform cancer surgery with
ultra-high-resolution, real-time, advanced imaging tools to address
areas of high unmet medical need. Available across the U.S., our
FDA-cleared Perimeter S-Series OCT system provides real-time,
cross-sectional visualization of excised tissues at the cellular
level. The breakthrough-device-designated investigational Perimeter
B-Series OCT with ImgAssist AI represents our next-generation
artificial intelligence technology that is currently being
evaluated in a pivotal clinical trial, with support from a grant of
up to US$7.4 million awarded by the
Cancer Prevention and Research Institute of Texas. The company's ticker symbol "PINK" is a
reference to the pink ribbons used during Breast Cancer Awareness
Month.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. In this news release, words such
as "may," "would," "could," "will," "likely," "believe," "expect,"
"anticipate," "intend," "plan," "estimate," and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking information may relate to management's
future outlook and anticipated events or results and may include
statements or information regarding the future financial position,
business strategy and strategic goals, competitive conditions,
research and development activities, projected costs and capital
expenditures, research and clinical testing outcomes, taxes and
plans and objectives of, or involving, Perimeter. Without
limitation, information regarding the potential benefits of
Perimeter S-Series OCT, Perimeter B-Series OCT, and Perimeter
ImgAssist; Perimeter's expected marketing and sales activities; and
the expected details regarding Perimeter's ongoing clinical trials,
including anticipated improvements in patient enrollment rates and
the estimated completion date of enrollment, are forward-looking
information. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, any particular result will be achieved. No assurance can
be given that any events anticipated by the forward-looking
information will transpire or occur. Forward-looking information is
based on information available at the time and/or management's
good-faith belief with respect to future events and are subject to
known or unknown risks, uncertainties, assumptions, and other
unpredictable factors, many of which are beyond Perimeter's
control. Such forward-looking statements reflect Perimeter's
current view with respect to future events, but are inherently
subject to significant medical, scientific, business, economic,
competitive, political, and social uncertainties and contingencies.
In making forward-looking statements, Perimeter may make various
material assumptions, including but not limited to (i) the accuracy
of Perimeter's financial projections; (ii) obtaining positive
results from trials; (iii) obtaining necessary regulatory
approvals; and (iv) general business, market, and economic
conditions. Further risks, uncertainties and assumptions include,
but are not limited to, those applicable to Perimeter and described
in Perimeter's Management Discussion and Analysis for the year
ended December 31, 2022, which is
available on Perimeter's SEDAR profile at www.sedar.com, and could
cause actual events or results to differ materially from those
projected in any forward-looking statements. Perimeter does not
intend, nor does Perimeter undertake any obligation, to update or
revise any forward-looking information contained in this news
release to reflect subsequent information, events, or circumstances
or otherwise, except if required by applicable laws.
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SOURCE Perimeter Medical Imaging AI, Inc.
