Conference Call/Webcast Today at
5 pm ET
TORONTO and DALLAS, Aug. 29,
2023 /CNW/ - Perimeter Medical Imaging AI, Inc.
(TSXV: PINK) (OTC: PYNKF) (FSE: 4PC) ("Perimeter" or
the "Company") – a commercial-stage medical technology company –
today reported financial results for its second quarter ended
June 30, 2023 and provided a
corporate update.
Key Highlights
- Completed a leadership transition with appointment of new CEO
and Board member, and expanded its leadership team with appointment
of CFO and Chief Innovation Officer
- Received regulatory approval to implement a substantially
enhanced AI algorithm in the ongoing pivotal clinical trial under
the existing study protocol
- Initiated additional clinical trial sites at Baptist MD
Anderson Cancer Center and Mayo Clinic in Florida
- Expanded its customer base with commercial installations of
Perimeter's flagship S-Series OCT in the states of Utah and Georgia
Adrian Mendes, Perimeter's Chief
Executive Officer stated, "I am pleased to report a number of
significant developments within the business since joining
Perimeter as its CEO this quarter. Concurrent with my appointment,
Dr. Josh Vose joined our Board of
Directors and has provided invaluable insights into our clinical
development program. Importantly, we received approval from the FDA
to introduce an enhanced AI algorithm in the ongoing clinical trial
under the existing study protocol. As a result, all clinical trial
sites, including the newest trial site at Mayo Clinic in
Florida, will use the updated AI
as patients continue to enroll in the study. We are currently
engaged in ongoing discussions with the FDA to reach alignment on
subject enrollment and secondary reporting within the clinical
trial, and we intend to provide an update on guidance and next
steps when this regulatory feedback is received.
Mr. Mendes continued, "I believe the introduction of this
improved AI is a pivotal milestone for the company and the best
path forward, as it will contribute to more accurate image
classifications, as well as fewer false positives and negatives,
with the goal of ultimately compiling a robust data package that
supports the commercialization of Perimeter B-Series OCT with
ImgAssist AI. The combination of advanced AI technology with OCT
truly represents the next-generation of innovations coming out of
Perimeter that could potentially change the standard of care in
breast conservation surgery, and it was a key element that
attracted me – as well as world-class leaders such as Anantha Kancherla, Former Head of AI Platform at
Meta – to the company."
Mr. Mendes added, "We continue to grow our roster of highly
respected surgeons and key opinion leaders, who are championing our
flagship Perimeter S-Series OCT and establishing the foundational
'reference sites' for Perimeter's transformational technologies. Of
note, we continue to generate new sales leads and commercial demos,
with recent expansion into the states of Utah and Georgia. In addition, I am pleased to report
that Sara Brien will become
Perimeter's Chief Financial Officer, effective September 1, 2023. We are grateful for
Russell Wagner's service as our
interim CFO, and he and Sara will work together to ensure a smooth
transition on this front. I am also pleased to confirm Andrew Berkeley, one of Perimeter's co-founders,
will transition his role to Chief Innovation Officer, which
reflects Andrew's deep technical and clinical knowledge and our
commitment to continue to develop game-changing technologies by
applying engineering advancements and innovation across all areas
of the business."
Business Updates
- Perimeter completed the first commercial placement of its
flagship Perimeter S-Series OCT system in the state of Utah, and, subsequent to quarter-end,
completed its first commercial placement in the state of
Georgia.
- Perimeter provided an update on its ongoing multi-center,
randomized two-arm pivotal clinical trial led by Principal
Investigator, Dr. Alastair Thompson
at the Baylor College of Medicine in
Houston. The study is evaluating
the use of Perimeter B-Series OCT combined with its proprietary
ImgAssist AI software during breast conservation surgery.
-
- Perimeter received approval from the FDA to introduce an
enhanced AI algorithm in the ongoing clinical trial under the
existing study protocol. As a result, all clinical trial sites will
use the updated AI as patients continue to enroll in the ongoing
study.
- The new enhanced AI takes advantage of additional training data
and Perimeter's latest AI advancements that demonstrate improved
sensitivity, specificity, precision, and recall. It is expected
that this updated version of ImgAssist AI will contribute to more
accurate classification, as well as fewer false positives and
negatives.
- To further support patient enrollment, Perimeter initiated an
additional clinical trial site at Baptist MD Anderson Cancer Center
in Jacksonville, FL, and,
subsequent to quarter end, initiated another clinical trial site at
Mayo Clinic in Florida.
- Perimeter is currently engaged in ongoing discussions with the
FDA to reach alignment on subject enrollment and secondary
reporting, which is expected over the next couple of weeks. Updated
guidance on study completion will be provided following receipt of
FDA feedback.
- Perimeter expanded its leadership team by adding Dr.
Josh Vose to Perimeter's Board of
Directors. The recent leadership transition also included the
appointment of Adrian Mendes as
Chief Executive Officer and the transition of Andrew Berkeley (company co-founder) to Chief
Innovation Officer, in support of the company's strategic focus on
product innovation. In addition, Sara
Brien will be appointed Chief Financial Officer (effective
September 1, 2023) subject to
customary regulatory approvals.
-
- Ms. Brien is an accomplished finance leader with over 20 years
of experience across a variety of healthcare verticals including
pharmaceuticals, diagnostics, MedTech and HealthTech. She holds a
Certified Management Accountant (CMA) designation, and graduated
with honors from the University of
Waterloo in Ontario,
Canada, with a Bachelor of Science in Kinesiology and a
Masters of Management Science with a focus on operations. Recently,
she was a Sloan Fellow at the London Business
School, where she completed a Masters in Leadership and
Strategy program.
Summary of Second 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 June 30, 2023 were $3,353,060 compared to $4,963,622 during the same period in 2022.
For the three months ended June 30,
2023, the net loss was $4,904,919 compared to $286,163 during the same period in 2022.
For the six months ended June 30,
2023, cash used in operating activities was $7,180,611 compared to $7,883,265 for the same period in 2022.
As June 30, 2023, cash and cash
equivalents were $20,889,719.
For detailed financial results, please refer to Perimeter's
SEDAR filings and the Company's website.
Conference Call
The Company will host a conference call and live audio webcast
today, Tuesday, August 29, 2023, at
5:00 pm Eastern Time to discuss its
second 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 13740570. 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 and referencing conference ID
13740570. 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 and Perimeter B-Series OCT, the expected
benefits of Perimeter's updated version of its ImgAssist AI, and
the expected details regarding Perimeter's ongoing clinical trials,
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 https://www.sedarplus.ca, 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.