Innovation Pharma Announces BeaMed Technologies Breakthrough in Development of Fiber Optic Probes for StingRay Laser System; Paves Way for Groundbreaking Integration Testing

WAKEFIELD, MA, June 05, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company and minority stakeholder in BT BeaMed Technologies (“BeaMed”), is pleased to inform shareholders that BeaMed, a pioneering company dedicated to revolutionizing epilepsy and cancer surgery through laser-based innovations, reported significant progress in the development of its groundbreaking StingRay Laser system (the “StingRay System”).

BeaMed has successfully completed the manufacturing of its first-ever MRI compatible fiber optic probes, marking a major technical milestone in its development of an advanced laser technology with respect to shaping energy and matching it to patient specific anatomy, a novel concept that BeaMed is proving a reality resulting in a major milestone in the advancement of the StingRay System. The completion of these probes allows for comprehensive integration tests, involving the unique MRI compatible fiber optics, an MRI interface software suite, special algorithms to simplify damage estimation, and custom insertion tools, planned to commence in late June 2023.

An initial area of emphasis of the StingRay System will be for the treatment of epilepsy. Epilepsy affects millions of people worldwide, causing recurrent seizures that significantly diminish their quality of life. Traditional treatment methods, such as medication and surgery, possess limitations and may not be effective for all patients. Recognizing the critical need for innovation, BeaMed has developed an advanced laser system designed to revolutionize epilepsy treatment.

The StingRay System, invented and developed by BeaMed, utilizes a cutting-edge laser-based thermal ablation technology specifically tailored for the treatment of previously inoperable cases of epilepsy. By employing state-of-the-art technology, this novel system precisely targets and ablates seizure-triggering brain tissues. Through controlled delivery of laser energy in a minimally invasive manner, the StingRay System offers enhanced precision and customization to address each patient's unique condition.

The StingRay System introduces entirely new designs for fiber optic probes, along with specially designed high-precision insertion tools and a new software platform for intelligent control and real-time feedback for clinicians. These innovations enable patient-specific treatments and significantly reduce navigational errors. The design and product features, including unique user interface/user experience elements, were developed in close collaboration with leading neurosurgery physicians in the US and Israel, renowned for their expertise in Laser Interstitial Thermal Therapy (LITT) procedures.