Profound Medical Corp. Completes Acquisition of Royal Philips’ Sonalleve MR-HIFU Business
31 Julio 2017 - 04:10PM
With reference to its press release dated June 30, 2017, Profound
Medical Corp. (TSXV:PRN) (OTCQX:PRFMF) (“Profound”) announced today
that all closing conditions have been satisfied and it has
completed the acquisition of Royal Philips’ (NYSE:PHG) (AEX:PHIA)
(“Philips”) Sonalleve MR-HIFU business.
Sonalleve MR-HIFU is an innovative therapeutic
platform that combines real-time MR imaging and thermometry with
high intensity focused ultrasound to enable precise and
incision-free ablation of diseased tissue.
Philips will continue to distribute Profound’s
TULSA-PRO® system, which is designed specifically for ablation of
prostate tissue and also uses real time MR imaging with thermal
ultrasound for precise ablation. In addition, Philips and Profound
have now expanded this non-exclusive strategic sales relationship
to include distribution of Sonalleve MR-HIFU. For a limited
time, Philips will also provide other services, including, but not
limited to, manufacturing and installation.
With the completion of this acquisition,
Profound becomes the only company to provide a therapeutics
platform that provides the precision of real-time MR imaging
combined with the safety and ablation power of directional
(inside-out) and focused (outside-in) ultrasound technology for the
incision-free ablation of diseased tissue.
“This transaction with Philips is truly
transformative for Profound, and represents an opportunity for us
to immediately transition from a development-stage to a
growth-stage company,” commented Dr. Arun Menawat, Profound’s CEO.
“From a commercial perspective, our strengthened MR-Ultrasound
ablation technology platform not only benefits Profound by
significantly increasing the total opportunity size and creating
synergies, but also benefits hospital customers by providing them
with the ability to better utilize their MR system assets. In
addition to the contribution the acquisition of the Sonalleve
MR-HIFU business will make to our revenue base, we believe that it
will also help accelerate our growth going forward.”
“We are excited about our enhanced close
collaboration with Profound, as we aim to accelerate the
development of new clinical applications and address the evolving
needs of our current and future customers,” said Rob Cascella,
Chief Business Leader Diagnosis and Treatment at Philips.
About Profound Medical
Corp.
The Profound Medical team is committed to
creating the powerful combination of real-time MR-guidance as the
imaging platform and ultrasound as the energy source for delivering
non-invasive ablative tools to clinicians. These key technology
pillars, linked with intelligent software and robotics, have the
potential to fulfill unmet needs of patients and clinicians in many
anatomies and disease states, including prostate cancer, uterine
fibroids, and bone metastases. Our mission is to profoundly change
the standard of care by creating a tomorrow where clinicians can
confidently ablate tissue with precision; a tomorrow where patients
have access to safe and effective treatment options, so they can
quickly return to their daily lives.
Profound Medical is commercializing a novel
technology, TULSA-PRO®, which combines real-time Magnetic Resonance
Imaging with transurethral, robotically-driven therapeutic
ultrasound and closed-loop thermal feedback control that is
designed to provide precise ablation of the prostate while
simultaneously protecting critical surrounding anatomy from
potential side effects. TULSA-PRO® is CE marked and Profound
Medical is currently conducting a pilot commercial launch of the
technology in key European and other CE mark
jurisdictions. The Company is also sponsoring a multicenter,
prospective FDA-registered clinical trial, TACT, which, if
successful, is expected to support its application to the FDA for
approval to market TULSA-PRO® in the United States.
Profound Medical is also commercializing
Sonalleve MR-HIFU an innovative therapeutic platform that combines
real-time MR imaging and thermometry with thermal ultrasound to
enable precise and incision-free ablation of diseased tissue.
Sonalleve is CE marked for the treatment of uterine fibroids and
palliative pain treatment of bone metastases. The Company is also
in the early stages of exploring additional potential treatment
markets for Sonalleve MR-HIFU, such as non-invasive ablation of
abdominal cancers and hyperthermia for cancer therapy, where the
technology has been shown to have clinical application.
Forward-Looking Statements
This release includes forward-looking statements
regarding Profound and its business which may include, but are not
limited to, the expectations regarding the efficacy of Profound’s
technology in the treatment of prostate cancer. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "is expected", "expects", "scheduled",
"intends", "contemplates", "anticipates", "believes", "proposes" or
variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Such statements are based on the current expectations of the
management of Profound. The forward-looking events and
circumstances discussed in this release, may not occur by certain
specified dates or at all and could differ materially as a result
of known and unknown risk factors and uncertainties affecting the
company, including risks regarding the pharmaceutical industry,
economic factors, the equity markets generally and risks associated
with growth and competition. Although Profound has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and Profound undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, other than as required by
law.
Neither 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.
Contacts
For further information, please contact:
Stephen Kilmer
Investor Relations
skilmer@profoundmedical.com
T: 647.872.4849
Or
Rashed Dewan
Vice President, Finance
T: 647.476.1350
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