Perimeter Medical Imaging AI Provides Corporate Update on Ramp-Up of its Commercial Organization

Rhea-AI Summary

Perimeter Medical Imaging AI, Inc. (TSX-V:PINK)(OTC:PYNKF) announced significant progress in expanding its commercial organization, led by Chief Commercial Officer Steve Sapot. The company has hired four experienced market development managers to promote its S-Series OCT medical imaging technology in the U.S. market. Perimeter's innovative imaging system, cleared by the U.S. FDA, aims to enhance cancer surgery outcomes and reduce healthcare costs. Additionally, the company is advancing its ImgAssist AI technology under the ATLAS AI project, supported by a US$7.4 million grant.

Positive

• Expansion of the commercial organization with four experienced market development managers to promote S-Series OCT technology.
• S-Series OCT technology cleared by the U.S. FDA, enhancing surgical precision and patient outcomes.
• Advancement of ImgAssist AI technology supported by a US$7.4 million grant from CPRIT.
• Breakthrough Device Designation received from the FDA for B-Series OCT with ImgAssist AI, indicating significant potential.

Negative

• None.

TORONTO--(BUSINESS WIRE)-- 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 provided a corporate update on the progress made to date to grow its commercial organization. Under the leadership of Steve Sapot, Perimeter’s Chief Commercial Officer, the Company continues to build the infrastructure to support and expand its sales and marketing team, including the addition of the initial four key market development managers tasked with launching Perimeter’s novel S-Series OCT medical imaging technology in the U.S. market.

Steve Sapot commented, “We continue to attract top-tier sales professionals to our roster, including the addition of four highly accomplished market development managers, who bring experience from leading medtech companies including Medtronic, BD, Stanley Healthcare, and Sonosite. These core team members cover key regions in the U.S. where we have strategically identified the leading healthcare institutions that could represent the ideal early adopters of our innovative, ‘real-time’ OCT imaging technology. Our sales and marketing team is passionate about delivering Perimeter’s technology to leading U.S. physicians, with the ultimate goal of improving patient outcomes and lowering healthcare costs.”

Jeremy Sobotta, Perimeter’s Chief Executive Officer stated, “Our Chief Commercial Officer along with these first four Perimeter market development managers have impressive track records in similar ‘go-to-market’ strategies with our target customers. We consider the high caliber of talent that we have added to our sales team as another point of validation of Perimeter’s novel imaging technology and its potential to address a significant unmet medical need in the OR.”

Mr. Sobotta added, “In addition to the ongoing expansion of our sales team, our medical affairs and marketing teams have made significant progress towards establishing the foundational groundwork to support our commercial growth plans. Under the leadership of Dr. Sarah Butler, Perimeter’s VP, Clinical & Medical Affairs, we continue to execute on the clinical education strategies and activities with the aim of ensuring our customers’ success with our technology.”

About Perimeter S-Series OCT
Cleared by the U.S. FDA, Perimeter S-Series Optical Coherence Tomography (OCT) is a novel medical imaging system that provides clinicians with cross-sectional, real-time margin visualization (1-2 mm below the surface) of an excised tissue specimen. Giving physicians the ability to visualize microscopic tissue structures “real time” in the operating room has the potential to result in better long-term outcomes for patients and lower costs to the healthcare system.

About Perimeter B-Series OCT with ImgAssist AI
Perimeter is advancing the development of its proprietary, next-gen “ImgAssist” artificial intelligence technology under its ATLAS AI project, which is made possible, in part, by a US$7.4 million grant awarded by the Cancer Prevention and Research Institute of Texas (CPRIT). The U.S. FDA granted Breakthrough Device Designation for Perimeter B-Series OCT coupled with ImgAssist AI, and Perimeter has plans to initiate a randomized, multi-site, pivotal study to evaluate it against the current standard of care and assess the impact on re-operation rates for patients undergoing breast conservation surgery.

About Perimeter Medical Imaging AI, Inc.
With headquarters in Toronto, Canada and Dallas, Texas, Perimeter Medical Imaging AI (TSX-V:PINK) (OTC:PYNKF) (FSE:4PC) is a medical technology company that is driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address areas of high unmet medical need. The company’s ticker symbol “PINK” is a reference to the pink ribbons used during Breast Cancer Awareness Month, underscoring the company’s dedication to helping surgeons, radiologists, and pathologists use Perimeter’s imaging technology and AI in the fight against breast cancer, which is estimated to account for 30% of all female cancer diagnoses this year.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This news release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future financial position, business strategy and strategic goals, competitive conditions, research and development activities, projected costs and capital expenditures, research and clinical testing outcomes, taxes and plans and objectives of, or involving, Perimeter. Without limitation, information regarding the potential benefits of Perimeter’s S-Series OCT, and the Company’s plans for development of its B-Series OCT is forward-looking information. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur. Forward-looking information is based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Perimeter’s control. Such forward-looking statements reflect Perimeter’s current view with respect to future events, but are inherently subject to significant medical, scientific, business, economic, competitive, political, and social uncertainties and contingencies. In making forward-looking statements, Perimeter may make various material assumptions, including but not limited to (i) the accuracy of Perimeter’s financial projections; (ii) obtaining positive results from trials; (iii) obtaining necessary regulatory approvals; and (iv) general business, market and economic conditions. Further risks, uncertainties and assumptions include, but are not limited to, those applicable to Perimeter and described in Perimeter’s most recent Management Discussion and Analysis which is available on Perimeter’s SEDAR profile at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. In particular, we note the risk that our technology may not achieve the anticipated benefits in terms of surgical outcomes. Perimeter does not intend, nor does Perimeter undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events, or circumstances or otherwise, except if required by applicable laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005236/en/

Shushu Feng

Perimeter Medical Imaging AI, Inc.

(647) 360-0302

media@perimetermed.com

Ben Shamsian or Joe Dorame

Lytham Partners, LLC

Direct: 646-829-9701

Main: 602 889 9700

PINK@lythampartners.com

Source: Perimeter Medical Imaging AI, Inc.

FAQ

What is Perimeter Medical Imaging AI's recent corporate update?

Perimeter Medical Imaging AI provided a corporate update highlighting its expansion of the commercial organization and the appointment of four market development managers to promote its S-Series OCT technology in the U.S.

What technology has Perimeter Medical Imaging AI launched in the U.S.?

Perimeter Medical Imaging AI has launched its S-Series Optical Coherence Tomography (OCT) technology in the U.S., aimed at improving cancer surgery outcomes.

How has Perimeter Medical Imaging AI been funded for its ImgAssist AI technology?

Perimeter Medical Imaging AI received a US$7.4 million grant from the Cancer Prevention and Research Institute of Texas (CPRIT) to advance its ImgAssist AI technology.

What designation has Perimeter Medical Imaging AI received for its B-Series OCT?

Perimeter Medical Imaging AI's B-Series OCT combined with ImgAssist AI has received Breakthrough Device Designation from the U.S. FDA.