VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/08/12)- Verisante Technology, Inc. (TSX-V: VRS)(VRSEF.PK)(VRSEF.PK)(V3T.F) (the "Company" or "Verisante"), a leader in cancer detection technology, announced today that the Company has completed the design and fabrication of the beta version of Verisante Aura™. The units are intended for safety and field testing as a final step prior to the commencement of commercial production later this year.
"The completion of these beta units represents a key milestone in bringing a commercial version of Verisante Aura™ to market," said Thomas Braun, CEO, Verisante Technology, Inc. "The units include innovative and award-winning technologies that help determine whether a skin lesion is cancerous or benign in less than two seconds, providing immediate diagnosis, better patient outcomes and reduced wait-times."
The beta units were designed and assembled at the Company's engineering facility in Richmond, British Columbia. StarFish Medical Inc., Verisante's product development partner, will use two of the units to help develop the mass produced commercial version of the Verisante Aura™ for manufacturing and sale.
Today, the Company also announced it has taken on an additional lease to expand its engineering facility by adding approximately 1500 square feet of production and assembly area. The additional space will support research and development and in-house assembly of custom built devices.
Verisante has filed its audited financial statements and Management's Discussion and Analysis for the year ending December 31, 2011. The Company ended 2011 with a cash position of $5.8 million, liabilities of $687,000 and working capital of $5.5 million. The year-end filings and all the Company's past filings are available to the public on www.sedar.com.
"Verisante remains in a strong financial position, with enough cash to see the company through to commercialization of the Verisante Aura™ later this year," said Braun.
Verisante Aura™ is indicated for use for the evaluation of skin lesions that may be clinically suspicious for melanoma, squamous cell carcinoma and/or basal cell carcinoma when a medical professional chooses to obtain additional information to rule out one of the above conditions before making a final decision to biopsy. Aura™ is a non-invasive optical system that uses Raman spectroscopy to biochemically analyze the skin, providing immediate and accurate results. The device will help to automate the current process of diagnosis, allowing rapid scanning of the 20 to 40 skin lesions on at-risk individuals, improving patient outcomes and comfort.
Early detection is key to saving the lives of melanoma patients and saving healthcare costs. When melanoma is diagnosed and treated in the earliest stages, the survival rate is 99 per cent and it costs about $1,800 to treat it. In the late stages, the survival rate decreases to 15 per cent, while the cost to treat it increases to $170,000.
Aura™ has been approved for sale in Canada, Europe and Australia.
About Verisante Technology, Inc.
Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the Verisante Core™ series for lung, colon and cervical cancer detection utilize a proprietary cancer detection platform while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined at the Skin Care Centre at Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians immediate results for many of the most common cancers. The Aura™ has been approved for sale in Canada, Europe and Australia. The Core™ has not yet been approved for sale.
Verisante Aura™ was recently awarded Popular Science Magazine's "Best of What's New Award" for 2011, and Verisante Core™ was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society. In addition, the Company was named a finalist for the 2011 Regional Awards for New Technology by the Canadian Manufacturers & Exporters and the National Research Council of Canada and named as the year's top ranking Technology and Life Sciences Company on the TSX Venture 50.
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.