Expands Production Facility, Files Year-End Financial Statements
Verisante Technology, Inc.(http://www.verisante.com/) (TSX
"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
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
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
"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
Verisante Aura? was recently awarded Popular Science Magazine's "Best
of What's New
2011, and Verisante Core? was named one of the top 10 cancer
of 2011 by the Canadian Cancer Society. In addition, the Company was
named a finalist for the 2011 Regional Awards for New
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
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.