Share |
News

Skin Cancer Detection Company Completes $5 million private placement; Industrial space expanded, analysis of clinical trial data


April 18, 2011 at 2:00 pm

Vancouver, Canada: Verisante Technology, Inc. (TSX-V: VRS, PINKSHEETS: VRSEF) (the “Company” or “Verisante”) announced today that it has completed a previously announced private placement of 12,500,000 units (“Units”) at a price of $0.40 per Unit for gross proceeds of $5,000,000. Each Unit consists of one common share of the Company and one common share purchase warrant.  Each warrant entitles the holder to acquire a common share at a price of $0.50 for a period of 24 months from the date of issuance.  The securities issued are subject to a hold period of four months plus one day from the date of distribution.

“The successful closing of this private placement effectively ensures the Company’s ability to complete the commercialization of Verisante Aura™,” said Thomas Braun, President and CEO.  “The funds raised allow us to plan for long-term growth and puts the Company in a strong position to meet our future milestones.”

Verisante Aura™ is a non-invasive device that uses proprietary technology to detect skin cancer including melanoma, basel cell carcinoma and squamous cell carcinoma instantly, providing immediate and accurate results. 

“A late stage melanoma costs 22 times more to treat than an early stage melanoma.  The Aura will greatly increase the chance for doctors to successfully diagnose skin cancer at its earliest stage when survival rates are highest, thereby saving lives and saving money,” explained Mr. Braun.  “When one of our devices detects a single melanoma that otherwise would have been missed, the savings to the healthcare system would pay for three devices, and the life saved is priceless.”

The company has raised $7 million since acquiring its unique and innovative technology, which was developed by the BC Cancer Agency.  “We have the financial resources and the people to complete the development and successfully commercialize the Verisante Aura™ for skin cancer detection,” said Mr. Braun.

Company Update

Verisante has tripled its industrial space in Richmond, British Columbia, for engineering and production. The project manager and five other professional engineering personnel are located at the facility. 

“We have assembled a world-class team of cancer imaging experts lead by Dr. Branko Palcic and Dr. Haishan Zeng.  Our product development team have successfully commercialized medical devices and cancer imaging devices and have combined experience of about 100 years,” said Mr. Braun. 

The Company is also on track towards obtaining ISO 13485:2003 Certification, and preparations are underway for obtaining Health Canada approval and CE Mark in Q4, 2011.  Currently, there is no approved device on the market similar to the Aura for detecting skin cancer.The previously announced Collaborative Research Agreement Verisante entered into with Vancouver General Hospital and the University of British Columbia for the statistical analysis of the six-year human clinical study in which the Verisante Aura™ was used to image approximately 1,000 lesions is now wrapping up.  The Company and its collaborators will use the results of the analysis to refine the final algorithm for the device, and publish the results in a peer-reviewed journal.

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 on approximately 1,000 lesions 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 physician’s immediate diagnostic results for many of the most common cancers to assist in the biopsy decision.

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.

For further information contact:

Verisante Technology, Inc.
Thomas Braun, President & CEO   
Telephone: 1-877-605-0507

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.

  Back to top