VANCOUVER, British Columbia and BOSTON, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Imagin Medical (CSE:IME) (IMEXF) (Frankfurt & Stuttgart Symbol: DPD2) (“Imagin” or the “Company”) today reported financial results for the three months ended June 30, 2019. All amounts, unless otherwise specified, are expressed in Canadian dollars and are presented in accordance with International Financial Reporting Standards (IFRS).
Recent Corporate Developments
- In April 2019, Imagin reached a major product development milestone with completion of the i/Blue™ Imaging System’s initial Functional Unit, which successfully met the Company’s pre-established performance expectations.
- At the American Urology Association’s Annual Meeting, held May 3-6 in Chicago, IL, Imagin held private focus groups where leading urologists assessed the first initial functional product and provided feedback that was used to finalize the i/Blue product’s user needs.
- In July 2019, Imagin reported that it had successfully moved to step 5 of the 7-step development process that the U.S. Food and Drug Administration (“FDA”) defines in its Design Control Guidance for Medical Device Manufacturers: (1) user needs; (2) design input; (3) design process; (4) design output; (5) design verification; (6) device realization; and finally, (7) device validation.
- Imagin has continued to refine the i/Blue Imaging System’s regulatory strategy and is planning for a second meeting to be held with the FDA in the near future to further discuss the technology’s regulatory pathway
“Using the overwhelmingly positive feedback gathered from focus groups of leading urologists, we are excited about the strides that the Company has made in moving the functional phase of i/Blue system’s development forward this quarter,” said Jim Hutchens, Imagin’s President and CEO. “We are currently in the process of finalizing additional functional units that will undergo the requisite testing for electrical, safety, software and other standards. Once this verification testing has been completed, we will initiate step 6, device realization.”
“In parallel with continuing i/Blue’s technical progress, we are looking forward to introducing a number of initiatives over the next few months designed to increase investor awareness about Imagin and the significant commercial opportunity that we see ahead,” commented Mr. Hutchens. “These will include outreach via non-deal roadshows and various social media channels.”
Summary Fiscal 2019 Third Quarter Financial Results
Total operating expenses for the third quarter of fiscal 2019 were $1,201,379, compared with $1,751,665 for the same quarter in 2018, and consisted primarily of research and development (“R&D”) and general and administrative (“G&A”) expenses. R&D expenses for the third quarter of fiscal 2019 were $659,836 compared with $294,942 in the same quarter in 2018. The increase in R&D was primarily attributable to development, design, engineering and regulatory expenses. G&A expenses for the third quarter of fiscal 2019 were $348,092 compared with $667,560 for the same quarter in 2018. The change in G&A expenses was primarily attributable to the decrease in consulting fees as there were no expenses related to raising capital during the third quarter of fiscal 2019.
Net loss for the three months ended June 30, 2019 was $1,201,379, or $0.01 loss per common share, compared to a net loss of $1,751,665, or $0.02 loss per common share for the three months ended June 30, 2018.
Liquidity and Outstanding Share Capital
As at June 30, 2019, the Company had cash of $3,407,833.
As at August 28, 2019, Imagin had an unlimited number of authorized common shares with 139,060,278 common shares issued and outstanding.
The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
Conference Call Details
Imagin is pleased to invite all interested parties to participate in a conference call scheduled for Thursday, September 5, 2019, at 5:00 p.m. ET during which the results will be discussed.
|Live Call:||844-407-9500 (Canada and the United States)|
Replay: 877-481-4010 (Canada and the United States)
Replay ID: 53532
The call will also be broadcast live and archived on the Company's website at www.imaginmedical.com under "Events & Presentations."
About Imagin Medical
Imagin Medical is a surgical imaging company focused on establishing a new standard of care in visualizing cancer during minimally invasive surgeries (MIS). The Company’s first product, the i/Blue Imaging™ System, is based on advanced optics and light sensors and employs patented ultrasensitive imaging technology. The Company believes the i/Blue System, with easy-to-use imaging options, will significantly improve surgeons’ ability to visualize cancerous cells for more accurate resection. The Company’s initial focus is bladder cancer. Learn more at www.imaginmedical.com.
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Specifically, there is no assurance the Company’s imaging system will work in the manner expected. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information. The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
Stephen Kilmer, Investor Relations
Jim Hutchens, President & CEO