- Imagin Medical Inc. successfully weathered the 2020 pandemic-induced economic challenges and transitioned its surgical visualization product, the i/Blue Imaging System(TM) from the development stage to manufacturing and has after
- Imagin’s next stage will be supported by a $3 million convertible note, with the final funding tranche expected to close this quarter
- The i/Blue Imaging System combines the advantages of blue light with advanced optic and light sensors to address the limitations of both white and blue light imaging to help surgeons better visualize and remove cancerous cells. The system uses a contrast agent to highlight the cancer and projects both the white and blue light images side-by-side simultaneously on the surgical monitor
- Bladder cancer is the sixth most prevalent cancer in the U.S., the third most common cancer in men, more than 17,000 deaths are expected in the U.S. this year due to bladder cancer
- Once Imagin obtains final FDA approval and finishes rolling out its product, the company expects to expand its product line by adapting its IP for use with multiple contrast agents for use in other minimally invasive surgeries
Following an unusual series of hardships for North America, as well as the world at large, during the past year, people are beginning to see reasons for optimism that 2021 will deliver better economic news, less political unrest and an overall reversal of the COVID pandemic’s persistently climbing death and disability toll.
Imagin Medical (CSE: IME) (OTCQB: IMEXF), has achieved significant milestones during 2020 despite the obstacles posed by COVID and other adverse factors. Imagin’s strategy has positioned the company for greater strides in the coming year as socio-economic conditions improve.
Imagin’s proprietary i/Blue Imaging System is designed to significantly enhance surgeons’’ability to visualize and remove cancer cells using blue light by combining advanced optics and light sensors with a contrast imaging agent. A key feature is the system’s adaptability to almost any scope already in use by hospitals and surgical centers.
But the company was compelled to cut salaries and reduce expenses in all areas of the business during 2020 in order to extend its financial runway for duration of the pandemic, while also transitioning to online meeting technology that better enabled Imagin to safeguard the health and wellbeing of its employees.
Despite the difficulties, Imagin was able to transition its product from the development stage to manufacturing — contracting with Lighthouse Imaging, an FDA registered and ISO 13485:2016-certified manufacturer. The contract will help propel Imagin toward completion of its final pre-production stage and finalize test parameters that meet exacting FDA requirements for live-use surgical imaging equipment., according to a news release issued by the company (https://ibn.fm/Th7Nr).
“Our relationship with Lighthouse Imaging marks a new stage in the company’s progress,” Imagin President and CEO Jim Hutchens stated. “We anticipate 2021 to be a breakout year with emphasis on manufacturing and the FDA process.”
The product preparation for broad manufacturing, as well as FDA approval and marketing procedures, will be funded largely by a $3 million convertible note undertaken by Imagin during the final months of 2020. The company has closed on the first of four tranches and expects to execute the final tranche this quarter, according to the news release.
Imagin will also work to develop expanding support from the medical community, in part through its participation at the 2021 American Urology Association (“AUA”) annual meeting. Imagin considers the AUA conference to be very significant marketing and networking opportunity that, much to their frustrations, was cancelled last year due to the pandemic (https://ibn.fm/gvrX1).
Imagin’s current technological approach is to help combat bladder cancer during minimally invasive surgery with advanced imaging abilities. Bladder cancer is the fourth most common cancer in men and one that is expected to directly result in more than 17,000 deaths this year in the United States, with similar numbers expected for 2021 (https://ibn.fm/R864t). Providing more precise visualization than white light, blue light cystoscopy infuses the bladder with a contrast agent that highlights the contours of the cancer. To resect, however, surgeons must use the real-time white light image, requiring them to switch back and forth to locate and then remove the cancer. The i/Blue Imaging System provides the option to display, in real-time, the white and blue light images side-by-side simultaneously, eliminating the need to switch back and forth resulting in a more efficient and effective procedure.
Eventually, Imagin expects to expand its IP for use with other contrast agents and minimally invasive surgeries, such as laparoscopic (general and gynecological), colorectal and thoracic interventions.
For more information, visit the company’s website at www.ImaginMedical.com.
NOTE TO INVESTORS: The latest news and updates relating to IMEXF are available in the company’s newsroom at https://ibn.fm/IMEXF
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