Company Announces Appointment of Adrian
Mendes to Board of Directors
Conference Call/Webcast Today at
5 pm ET
TORONTO and DALLAS, Nov. 14,
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 third quarter ended
September 30, 2023 and provided a
corporate update.
Quarterly Highlights
- Shortlisted to advance to the next stage of a grant funding
program sponsored by the Advanced Research Projects Agency for
Health (ARPA-H) under Biden Cancer Moonshot Initiative
- Completed positive interactions with the FDA leading to
alignment on key elements of ongoing clinical trial, including the
introduction of enhanced AI software and a planned interim
analysis
- Initiated additional clinical trial sites at Mayo Clinic in
Florida and University of Washington/Fred Hutch Cancer Center
in Seattle, WA
- Strengthened Perimeter's leadership team with appointment of
experienced medtech executive, Adam
Hodges, as Vice President, Sales and Marketing
- Hosted an investor webinar and live Q&A session with
Perimeter management to provide an overview of key areas of the
business
Adrian Mendes, Perimeter's Chief Executive Officer stated, "I am
pleased with the progress made across the business this past
quarter, with a particular focus on advancing our next-gen AI tech
currently in clinical development. Based on feedback from the FDA,
we successfully introduced improved AI into the ongoing clinical
trial evaluating the use of Perimeter B-Series OCT combined with AI
during breast conservation surgery. We have now added three
additional sites to further support patient enrollment, and we have
also integrated a planned interim analysis into the clinical trial
protocol. This read-out will provide us with the optionality to
conclude the trial early to begin preparation of regulatory
submissions supporting market clearance, or alternatively continue
the trial to potentially build a stronger data package from
additional subjects. Ultimately, we are driven to provide new
technologies that assist surgeons with 'real-time' margin
assessment in the operating room. Many physicians support our
belief that combining AI with high-resolution imaging has the
potential to become a new standard of care during breast
conservation surgery."
Mr. Mendes continued, "I am also excited to report that
Perimeter has been shortlisted to advance to the next stage of a
grant funding program sponsored by the Advanced Research Projects
Agency for Health, or ARPA-H, under its Precision Surgical
Interventions program, an important Biden Cancer Moonshot
initiative. We were also thrilled to see that ARPA-H selected
Dallas as one of three regional
hubs in its $2.5 billion health
innovation network."
Summary of Third Quarter 2023 Financial Results and Corporate
Updates
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 September 30, 2023 were $4,546,255 compared to $4,557,200 during the same period in 2022.
For the three months ended September 30,
2023, the net loss was $344,792 compared to $660,781 during the same period in 2022.
For the nine months ended September 30,
2023, cash used in operating activities was $10,638,621 compared to $11,169,654 for the same period in 2022.
As of September 30, 2023, cash and
cash equivalents were $18,105,837.
For detailed financial results, please refer to Perimeter's
filings on SEDAR+ and the Company's website.
The Company also announces that, effective today, Adrian Mendes,
Chief Executive Officer of Perimeter, has been appointed to its
Board of Directors.
Conference Call
The Company will host a conference call and live audio webcast
today at 5:00 pm Eastern Time to
discuss its third quarter 2023 results and to provide a corporate
update. To participate in the call, please dial 1- 1-888-886-7786,
or 1-416-764-8658 for international callers, and provide conference
ID number 19979265. 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 and archived 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 (North America) or
1-412-317-6671 (international) and referencing conference ID
19979265. 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, expectations
regarding the ARPA-H grant funding program, 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, Inc.
