MedX Health Announces Agreement for Acquisition of Worldwide Assets of Innovative Skin Imaging System, MoleMate™
MISSISSAUGA, ON, June 15, 2011 /CNW/ - MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser and light therapy for tissue repair and pain relief, announced today that they have signed an agreement to acquire, from the Seller, BTG plc, the worldwide Siascopy™ assets, which includes MoleMate and related technologies, used by physicians to help gather extra information about their patients' suspicious moles and lesions, helping physicians and patients to come to a more informed decision about diagnosis and removal.
MoleMate and SIMSYS™, which has some enhanced features with Dermatologists in mind, have received FDA approval and MedX is currently preparing for the Sales & Marketing launch of these products in the US within the next several weeks through a network of direct representatives calling on General Practitioners, Dermatologists, skin screening clinics, and medical spas. MedX anticipates regulatory approval in Canada and Mexico later in 2011. MedX will acquire the worldwide assets, including all of its IP, through a cash transaction and agreed upon royalty arrangement, the terms of which were not disclosed. This acquisition by MedX will include all the patents, trademarks, manufacturing procedures, software, inventory, and equipment, as well as existing distribution, supply and other contracts entered into by the Seller. MedX will now acquire a portion of the existing revenues through agreements and distributors in the UK, Australia, New Zealand, Poland, and the US.
"The FDA approved MoleMate Skin Imaging System is a significant advance in the early detection of potentially life threatening moles and lesions. Physicians have also found the hand-held device easy to learn and use, and that it rapidly provides accurate images of the pigment, blood, and collagen below the mole or lesion. Now, for the first time, physicians can more accurately evaluate suspicious moles and lesions in a non-invasive, pain-free way. Experts also believe it may reduce the need for time consuming and expensive biopsies," stated Steve Guillen, President and CEO of MedX Health Corp.
Importance of Skin Examinations
The American Academy of Dermatology (AAD) recommends that people perform a skin self-exam once a month. May had been designated as Skin Cancer Awareness Month. Everyone should examine their skin for suspicious moles and changes in the skin that may be precursors of skin cancer. If a new mole, bump or lesion has appeared on the skin it is recommended that people contact their primary care physician or dermatologist, as soon as possible. Physicians can then examine the area in question closely, with the aid of an array of new and existing technologies and procedures. Research shows that this can lead to early detection of skin cancer, including melanoma. When detected early, most skin cancers can be treated successfully.
The Skin Cancer Foundation states that skin cancer is the most common form of cancer in the US. Each year there are more new cases of skin cancer than the combined incidence of cancers of the breast, prostrate, lung and colon.
There are several types of skin cancers. Nearly 13 million people in the US are living with a history of non-melanoma skin cancer, typically diagnosed as basal cell carcinoma or squamous cell carcinoma. 800,000 people in the US are living with a history of melanoma. The survival rate for patients whose melanoma is detected early, before the tumor has penetrated the skin, is about 99 percent. The survival rate falls to 15 percent for those with advanced disease.
The technology has been evaluated in three (3) clinical trials which have recruited more than 1500 patients assessed with MoleMate. In a substantial UK primary care trial, the rate of Sensitivity (True Positives) and Specificity (True Negatives), the key yardsticks of diagnostic tests, were 96% and 83% respectively, and compared favourably on both measures with benchmark rates from GPs using conventional techniques of 67% and 75% respectively. (Hunter et al: Data presented at the British Association of Dermatologists, July 2006.)
MoleMate utilizes Siascopy™ composed of (a) a non-invasive, hand-held skin analysis system called the Siascope™ and (b) several versions of proprietary software. The device is intended to be used to scan the patient's skin. Siascopy (Spectrophotometric Intracutaneous Analysis) is a non-invasive skin analysis system, which provides colour bitmaps called 'Siascans' that show the relative location of blood, collagen, and pigment in a lesion on the skin. http://siascopy.biocompatibles.com/
The Siascope operates by illuminating the skin with LEDs and measuring the intensity of remitted light. Unlike a biopsy, Siascopy is non-invasive and provides an array of quantitative measurements of the skin that are displayed in graphical form creating a synthesized image called a Siascan. Each Siascan isolates four (4) critical features (Pigment, Dermal Pigment, Blood Supply, and Collagen) viewed over an 11mm diameter area and displays it in conjunction with a magnified 'dermatoscope' view of the lesion. This data is extremely useful as an adjunct in the clinical diagnosis of skin lesions and other skin conditions and as an adjunct in the planning of their treatment.
About MedX Health Corp.
MedX is a twelve (12) year old Canadian company, headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low lever laser and light therapy technologies for use in numerous medical settings, including rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. For a complete profile of MedX Health Corp. and its products visit www.medxhealth.com
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.For further information:
President and Chief Executive Officer
MedX Health Corp. firstname.lastname@example.org
Phone: (905) 670-4428