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Verisante Technology, Inc. Announces 2013 Third Quarter Results and Plans for Direct Distribution in Canada


November 28, 2013 at 6:00 pm

VANCOUVER, BRITISH COLUMBIA - Verisante Technology, Inc. (TSX-V: VRS, OTCQX: VRSEF) (the “Company” or “Verisante”), a leader in cancer detection technology, announced today that the Company has released its financial results for the third quarter ended September 30, 2013.

Highlights of the quarter include:

“We are very pleased to report our highest revenues from the sale of  Aura™ to date this quarter, recognizing the substantial interest from the research community for the device,” said Thomas Braun, President & CEO.  

Verisante continues to streamline its production and manufacturing facilities and personnel to ensure the Company continues with the most cost-effective and efficient path of commercialization. 

In addition to supporting the sales and marketing of Aura™, Q3 also saw the completion of a phase two prototype rapid Multispectral Imaging Camera (MSI). The MSI camera is currently being laboratory tested in preparation for commencing data collection on skin lesions. For more comprehensive information on the MSI camera, visit the Company’s website for a downloadable informational brochure.

Revenues

Revenues are from the sale of Aura™ devices and accessories to the Company both through exclusive distributors in Canada and Europe and from the sale of Aura™ research devices sold directly through the Company.  The Company recognizes revenue when units are shipped to the distributor or when the risk of ownership transfers to the customer.  For the three months ended September 30, 2013 the Company recognized revenue of $440,300 compared to $0 reported for the same period in 2012. For the nine months ended September 2013, the Company recognized revenues of $853,300 compared to $0 reported for the same period in 2012.

Expenses

Total expenses for the quarter ended September, 2013 were $1,003,390 as compared to $707,321 for the same period in 2012, representing an increase of $296,069; and total expenses for the nine months ended September 30, 2013 were $3,415,003 compared to $2,184,055 for the same period in 2012, representing an increase of $1,230,948 or 56%.  The significant increase in expenses from 2013 to 2012 is mainly attributed to increases in salaries, professional fees, rent and general office expenses as the Company leased additional office manufacturing facilities and hired new personnel.  

In connection with the Company’s increased operations and leasing of additional engineering and manufacturing space, rent increased by $4,833 in the three month period ending September 30, 2013 over 2012 and $28,847 in the nine month period ending September 30, 2013 over 2012.    

The Company’s full Q3 Financials and MD&A can be found as filed at www.sedar.com and also on the Company’s website at www.verisante.com 

Verisante to take over Direct Sales of Aura™ in Canada

The Company also announced today that by mutual agreement, Verisante and Clarion Medical Technologies Inc. (“Clarion”) will terminate their exclusive distribution agreement for Aura™ in Canada.  Verisante will take over direct sales and technical support for the country.

“Verisante would like to thank Clarion for their assistance,” said Thomas Braun. “We are looking forward to a successful coming year with a full market release of the Aura selling directly to physicians in Canada. We will also be pursuing reimbursement to help drive sales to the medical community. We have also had some encouraging success with sales to the research community which is a sector that we will focus more attention on.”

About Verisante Technology, Inc.

Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the Verisante Core™ series for lung, colon and cervical cancer detection 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 for many of the most common cancers. Aura™ has been approved for sale in Canada, Europe and Australia. Core™ has not yet been approved for sale. 

Verisante Aura™ was awarded Popular Science Magazine’s “Best of What’s New Award” for 2011, awarded a 2013 Prism Award for Innovation in Photonics and an Edison Award for Excellence in Innovation in 2013. Verisante Core™ was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society. 

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. 

Company Contact:

Thomas Braun, President & CEO
Verisante Technology, Inc.
Telephone: (604) 605-0507
Email: info@verisante.com
Website:  www.verisante.com  
Youtube:  www.youtube.com/verisante  
Twitter: www.twitter.com/verisante
Facebook: 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.

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