Board Changes and Related Party Transaction (4574B)
18 Febrero 2011 - 1:00AM
UK Regulatory
TIDMMDST
RNS Number : 4574B
Medicsight Plc
18 February 2011
18 February 2011
Medicsight PLC
("Medicsight" or "the Company")
Board Changes and Related Party Transaction
Medicsight PLC (AIM: MDST), an industry leader in the
development of Computer-Aided Detection (CAD) and image analysis
software, announces that on 2 September 2010, MedicEndo FZE
("MedicEndo"), a wholly owned subsidiary of Medicsight, entered
into a short term loan agreement with Dunamis Capital DIFC
("Dunamis") to lend Dunamis $1.1m (the "Loan"). The Loan carried
interest at a rate of 10 per cent. per annum and was repayable on
31 December 2010. An extension to the Loan was subsequently agreed
in January 2011 and on 9 February 2011 the Loan was fully repaid to
MedicEndo with all accrued interest.
Dunamis is a Company wholly owned by David Sumner. At the time
of entering into the loan agreement, Mr Sumner was also Chairman of
Medicsight, although he subsequently resigned on 23 November 2010.
As a result of Mr Sumner's relationships with both Dunamis and
Medicsight, the Loan constituted a related party Transaction under
Rule 13 of the AIM Rules for Companies. The independent directors,
having consulted with the Company's nominated adviser, consider
that the terms of the transaction were fair and reasonable insofar
as shareholders were concerned.
The Board has decided to strengthen its independence through the
appointment of a new Non-Executive Chairman. The Company will
immediately commence the process of seeking an appropriate person
to fill this role. Until the right candidate has been found and the
necessary due diligence completed, it has been agreed that Peter
Venton, currently a Non-Executive Director, will act as the interim
Non-Executive Chairman. Tim Paterson-Brown is resigning as
Executive Chairman and Director with immediate effect.
Robert Ladd and Richard Taney are the Interim CEO and
Independent Director respectively of MGT Capital Investments Inc.,
the Company's majoirity shareholder. It is proposed that the
Medicsight Board will be further strengthened by the appointment of
Robert Ladd and Richard Taney as Non-Executive Directors following
the conclusion of the usual diligence exercise. A further
announcement will be made in due course.
In conjunction with the board changes, the Company is currently
undertaking a full review of the Company's internal procedures in
consultation with the Company's nominated adviser. The Company is
considering, inter alia, setting up an AIM compliance
committee.
ENDS
For further information:
Medicsight plc
Allan Rowley, CEO Tel: +44 (0)207 605 7950
www.medicsight.com
Daniel Stewart & Co
Noelle Greenaway / Oliver Rigby Tel: +44 (0) 207 776
6550
www.danielstewart.co.uk
Media enquiries:
Abchurch
www.abchurch-group.com
Julian Bosdet Tel: +44 (0) 207 398
7700
julian.bosdet@abchurch-group.com
Simone Elviss Tel: +44 (0) 207 398
7728
simone.elviss@abchurch-group.com
Quincy Allan Tel: +44 (0) 207 398
7710
quincy.allan@abchurch-group.com
Notes to editors
Medicsight plc is a UK-headquartered, research driven, leading
developer of computer-aided detection (CAD) and image analysis
software for the medical imaging market. The CAD software
automatically highlights suspicious areas on computerised
tomography (CT) scans of the colon and lung, helping radiologists
to identify, measure and analyse potential disease and early
indicators of disease. Medicsight's CAD software has been developed
using a large and population diverse database of verified patient
CT scan data. Medicsight's ColonCAD(TM) and LungCAD(TM) software
products are seamlessly integrated with the advanced 3D
visualisation workstations of several industry-leading imaging
equipment partners.
About Computer-Aided Detection
With increasingly sophisticated radiological imaging hardware
such as Multi-Detector CT scanners, radiologists are facing a
growing challenge in the amount of detailed patient image data that
they must review for each patient examination. Some CT scan
examinations generate as many as 2000 images per patient. Review of
this data by the radiologist is not only time-consuming but also
prone to error due to reader fatigue. CAD software can help the
reviewing radiologist by analysing the image data and automatically
highlighting suspicious regions of interest for closer inspection.
Without CAD software some potential abnormalities or areas of
disease may be overlooked. This can be critical for diagnosis and
the management of patient outcomes as early detection of disease
greatly increases the probability of successful treatment and a
positive therapeutic outcome. In addition to supporting individual
radiologists CAD also has the potential to help standardise CT
interpretation across both individuals and institutions thereby
supporting population based screening programmes.
About Medicsight's CAD software
Medicsight's ColonCAD(TM) and LungCAD(TM) software use an
advanced CAD algorithm to analyse CT scans of the colon and lung
and automatically highlight suspicious areas that may be indicators
of disease. CAD may highlight areas easily overlooked by the
reviewing radiologist, such as small lesions or regions that are
hidden from view behind folds in the colon or normal structures and
surrounding tissue in the lung.
Both CAD products seamlessly integrate with the advanced 3D
visualisation platforms of industry-leading imaging equipment
partners. The integrated systems provide sophisticated image
viewing capabilities, including 3D reconstructed image data, with
the added advantage of demonstrating automatic CAD findings to
assist clinical end users in the detection and analysis of disease.
This allows clinical end users to perform either a 'second read',
where CAD findings are displayed to the user after completion of an
initial review of the CT scan data, or a 'concurrent read' where
CAD findings are displayed during the user's initial review of the
original CT scan images.
Since inception, Medicsight has developed close and lasting
relationships with some of the world's foremost clinicians in
product related areas. This provides the Company with a wealth of
clinical expertise and dedicated clinical research to support
ongoing product development. Medicsight also collaborates with a
number of leading academic institutions and clinical research
programmes worldwide to develop the Company's comprehensive
database of population diverse verified patient CT scan data, thus
allowing Medicsight's products to be validated to the highest
possible standards.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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