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Expands Production Facility, Files Year-End Financial Statements

Tue, 05/08/2012 - 6:45am
The Associated Press

(http://www.verisante.com/)

Verisante Technology, Inc.(http://www.verisante.com/) (TSX

VENTURE:VRS)(OTCQX:VRSEF)(PINKSHEETS:VRSEF)(FRANKFURT:V3T) (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(http://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(http://www.verisante.com/about/)

committed to commercializing innovative systems for the early

detection of cancer(http://www.verisante.com/). The Verisante Aura?

for skin cancer detection(http://www.verisante.com/products/aura/) and

the Verisante Core? series for lung, colon and cervical cancer

detection(http://www.verisante.com/products/core/) 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(http://www.verisante.com/products/aura/) 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(http://www.popsci.com/bown/2011/product/verisante-aura)" for

2011, and Verisante Core? was named one of the top 10 cancer

breakthroughs(http://verisante.com/news/72/canadian-cancer-society-names-verisante-core-a-top-10-cancer-breakthrough-of-2011-/)

of 2011 by the Canadian Cancer Society. In addition, the Company was

named a finalist for the 2011 Regional Awards for New

Technology(http://cme-mec.ca/?action=show&lid=JCKNC-E742G-1W6JA&cid=39A7P-BQXJT-NYWII&comaction=show)

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(http://www.tmx.com/en/news_events/news/news_releases/2012/2-15-2012_TMXGroup-2012Venture50.html).

Website: www.verisante.com(http://www.verisante.com/)

YouTube: www.youtube.com/verisante(http://www.youtube.com/verisante)

Twitter: www.twitter.com/verisante(http://www.twitter.com/verisante)

Facebook:

www.facebook.com/verisante(http://www.facebook.com/verisante)

Forward-Looking Statements

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.

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