Perimeter Medical Imaging AI Reports 2020 Financial Results and Provides Corporate Update
Perimeter Medical Imaging AI, Inc. (TSX-V:PINK)(OTC:PYNKF) (FSE:4PC) (“Perimeter” or the “Company”), a medical technology company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address high unmet medical needs, today reported financial results for the year ended December 31, 2020 and provided a corporate update.
Jeremy Sobotta, Perimeter’s Chief Executive Officer stated, “In 2020, we achieved a number of key milestones, added to our leadership team, and created momentum that continues to build in 2021. The FDA’s recent 510(k) clearance for Perimeter S-Series OCT allows us to bring our commercial-ready imaging platform to the U.S. market, and sales development activities are underway. Importantly, we have a strong balance sheet that allows us to execute against our clinical development and commercialization plans as we strive to enable physicians to create better patient outcomes with lower healthcare costs.”
Mr. Sobotta added, “In addition, we have made significant progress with our ‘next-gen’ development work combining artificial intelligence tools with our OCT imaging system under the ATLAS AI project, which is funded, in part, by the Cancer Prevention and Research Institute of Texas. We believe the recent Breakthrough Device Designation from the FDA is further validation that Perimeter’s technology could provide significant advantages over existing alternatives for intra-operative evaluation of margins and has the potential to be a transformative, disruptive new technology that helps surgeons treat breast cancer. Looking ahead, we aim to initiate a randomized, multi-site, pivotal study this year to evaluate Perimeter OCT coupled with ImgAssist AI against the current standard of care and assess the impact on re-operation rates for patients undergoing breast conservation surgery.”
- In February 2020, Perimeter was awarded a $7.4 million grant by the Cancer Prevention and Research Institute of Texas (“CPRIT”), a leading state body that funds cancer research, to support the development of Perimeter’s artificial intelligence software under the ATLAS AI project.
- In 2020, Perimeter announced the additions of Ian Mortimer, President and Chief Financial Officer of Xenon Pharmaceuticals Inc., and Aaron Davidson, CFO and Senior Vice President of Corporate Development of Profound Medical Inc. to its Board of Directors. The appointees bring key expertise in the areas of financial management, public company oversight, life sciences, and medical device technology development to the board.
- In September 2020, Perimeter added to its leadership team with the appointment of Steve Sapot as Chief Commercial Officer. A proven sales leader, Mr. Sapot led a capital sales team during his tenure at Faxitron that achieved an install base of thousands of new radiography systems in leading hospitals and breast cancer centers around the globe.
- Subsequent to year end, in March 2021, Perimeter completed the acceleration of certain share purchase warrants issued on June 29, 2020 and, since the Company’s third quarter results ending September 30, 2020, has received a total of approximately $8.3 million in proceeds from the exercise of approximately 4.3 million warrants.
Product and Clinical Development Updates