Conference Call/Webcast Today at 5 pm
ET
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 reported financial results for its
second quarter ended June 30, 2022 and provided a corporate
update.
Key Highlights
- The Company broadens the range of projected commercial
installations to 10-20 units for the full year, reflecting
increased volatility as the size of our average opportunity
grows.
- The first commercial S-Series OCT installation in the state of
California is completed.
- Company strengthens its leadership team with new additions to
its Board of Directors and management.
Jeremy Sobotta, Perimeter’s Chief Executive Officer stated,
“With several important milestones reached this quarter, momentum
is building across all areas of our business. We remain highly
confident about the market reception of our technology, including a
pipeline where the average deal size is growing and exceeding our
expectations. However, this creates a lengthened sales cycle as we
navigate the broader procurement processes, and as such, we have
expanded the range for our anticipated commercial installations due
to that uncertainty.”
Mr. Sobotta continued, “In addition, patient recruitment
continues in our multi-center pivotal clinical trial, which is
evaluating our ‘next-gen’ ImgAssist AI technology as part of our
B-Series OCT system. We have now activated seven of the eight sites
and are pleased with the progress made despite the staffing
shortages our clinical partners are experiencing. We are grateful
to work with such engaged investigators who partner with us in
overcoming these challenges because of the value they see in the
technology.”
Mr. Sobotta added, “We also continue to attract top talent to
Perimeter and are pleased to add the expertise of Anantha Kancherla
and Chris Scott to our board of directors and senior leadership
team, respectively. With a strong balance sheet and our driven
team, Perimeter is well positioned to execute on our goal of
transforming cancer surgery by advancing the standard of care,
improving patient outcomes, and reducing healthcare costs with the
use of our innovative technologies.”
Quarterly Updates
- On August 3, 2022, Perimeter announced its first commercial
placement of an S-Series OCT device in the state of California at
Pavilion Surgery Center, an affiliate of St. Joseph Hospital. The
device will be used under the direction of Michele Carpenter, MD, a
breast surgeon who performs breast conservation and other surgeries
at Pavilion Surgery Center and marks the first commercial use of
the technology in a standalone, ambulatory setting.
- Patient recruitment continues into a multi-center, randomized
two-arm pivotal clinical trial evaluating Perimeter B-Series OCT
combined with proprietary ImgAssist AI software. Led by Principal
Investigator, Dr. Alastair Thompson at the Baylor College of
Medicine in Houston, TX, seven of the eight clinical sites have now
been activated.
- In late June 2022, Perimeter announced the appointment of
Anantha Kancherla to the Board of Directors. Mr. Kancherla has
significant experience in the field of artificial intelligence,
including in his current role as Engineering Director at Meta,
where he leads its AI platform.
- In early June 2022, Perimeter announced the appointment of
Chris Scott as Chief Financial Officer. Mr. Scott brings extensive
experience in finance and accounting, as well as operations at a
public company within the MedTech sector.
Summary of Second Quarter 2022 Financial Results
All of the amounts are expressed in Canadian dollars unless
otherwise indicated and are presented in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board applicable to the
preparation of interim financial statements, including
International Accounting Standard 34, Interim Financial
Reporting.
Operating expenses for the three months ended June 30, 2022 were
$6,322,619 compared to $3,056,431 during the same period in
2021.
Net finance income for the three months ended June 30, 2022 was
$3,787,518, and included a $3,850,838 gain from the revaluation of
the warrant liability, compared to finance costs of $(206,952) for
the three months ended June 30, 2021.
Net loss for the three months ended June 30, 2022 was $(366,296)
compared to $(3,238,722) for the same period in 2021.
For the six months ended June 30, 2022, cash used in operating
activities was $(9,652,458).
As of June 30, 2022, cash and cash equivalents were
$44,966,273.
For detailed financial results, please see Perimeter’s filings
at www.sedar.com and on the company’s website at
https://ir.perimetermed.com/.
Company Outlook
Perimeter’s sales and marketing efforts will continue to focus
on placing its commercially available, flagship Perimeter S-Series
OCT at leading hospitals where key opinion leaders can champion
this innovative technology, with the goal of reaching an S-Series
install base of 10 to 20 units by the end of 2022. In parallel,
Perimeter’s clinical team will focus on the continued enrollment of
patients and onboarding of healthcare institutions in the ongoing
pivotal trial evaluating its next-gen investigational Perimeter
B-Series OCT with ImgAssist AI when used in breast lumpectomy
procedures, with the goal of gathering data from over 330 patients
across eight sites and completing enrollment in early 2023.
Conference Call
The Company will host a conference call and live audio webcast
today, August 24, 2022, at 5:00 pm Eastern Time to discuss its
second quarter results and to provide a corporate update. To
participate in the call, please dial 1-877-704-4453, or
1-201-389-0920 for international callers, and provide conference ID
number 13732303. The call will also be broadcast live online
through a listen-only webcast, which will be posted on the
Investors section of the Company's website. The webcast will be
archived on the Company's investor relations webpage for at least
90 days. A telephonic playback of the conference call will be
available for 14 days after the conference call by calling
1-844-512-2921 or 1-412-317-6671 from abroad and referencing
conference ID 13732303. The above listed dates and times are
subject to change.
About Perimeter Medical Imaging AI, Inc.
Based in Toronto, Canada and Dallas, Texas, Perimeter Medical
Imaging AI (TSX-V:PINK) (OTC:PYNKF) (FSE:4PC) is a medical
technology company driven to transform cancer surgery with
ultra-high-resolution, real-time, advanced imaging tools to address
areas of high unmet medical need. Available across the U.S., our
FDA-cleared Perimeter S-Series OCT system provides real-time,
cross-sectional visualization of excised tissues at the cellular
level. The breakthrough-device-designated investigational Perimeter
B-Series OCT with ImgAssist AI represents our next-generation
artificial intelligence technology that is currently being
evaluated in a pivotal clinical trial, with support from a grant of
up to US$7.4 million awarded by the Cancer Prevention and Research
Institute of Texas. The company’s ticker symbol “PINK” is a
reference to the pink ribbons used during Breast Cancer Awareness
Month.
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 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, estimates regarding the number of Perimeter S-Series
OCT instillations in 2022; information regarding the potential
benefits of Perimeter S-Series OCT, Perimeter B-Series OCT, and
Perimeter ImgAssist; Perimeter’s expected marketing activities and
the expected details regarding Perimeter’s ongoing clinical trials,
including the estimated completion date of enrollment, are
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, any particular result 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 Management Discussion and Analysis for the year
ended December 31, 2021, 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. 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/20220824005687/en/
Chris Scott Chief Financial Officer or Jodi Regts Perimeter
Medical Imaging AI, Inc. Direct: 469-743-1834 Toll-free:
888-988-7465 (PINK) Investors: investors@perimetermed.com Media:
media@perimetermed.com
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