$1,000,000 Dollar Growth Financing to Accelerate the Global Expansion of MoleMate Skin Cancer Imaging Sales and Marketing Programs
MISSISSAUGA, ON, April 2, 2012 /CNW/ - MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser light therapy and light imaging systems, announced today their intention to raise $1,000,000 to accelerate the expansion of the MoleMate, skin cancer imaging sales and marketing programs through a non-brokered private placement of shares.
A unit of the non-brokered private placement will consist of a share at $0.15 plus a full warrant at $0.25. The warrant will be good for twelve (12) months from the close on May 31, 2012. The minimum investment will be $10,000, and commissions will be available to qualified agents upon request.
"This growth financing will allow MedX to deploy the capital needed to further accelerate our sales and marketing programs in North America, Europe, Australia, and entry into new geographies. As the leading innovator in this emerging market space, this funding will go a long way in helping us share the company's vision of becoming the premier provider of a better way to identify skin cancer early, without a surgical biopsy, and will give us the ability to immediately implement our ambitious growth plans," said Steve Guillen, President & CEO.
About MoleMate Imaging and Skin Cancer
MedX Health provides innovative skin cancer imaging scanners that are portable, cost-effective, and provide critical information on every type of mole. These skin cancer scanners use non-invasive and pain-free light to "See More", and look 2mm below the surface of the skin, enabling physicians to scan suspicious moles via an "optical biopsy", providing immediate feedback to patients, and improving the quality of care of potential cancer patients, by reducing the need for surgical biopsies, and the resulting pain, scars, and anxiety associated with waiting for biopsy results, as well as simplifying the early diagnosis of skin cancer, when it is most curable.
MoleMate recently received approval from Health Canada, and is immediately available and in stock for all Canadian physicians, joining their colleagues in Europe, the UK, Australia, and the US, who have been utilizing these skin scanners for the early detection of skin cancers. With the continued launch in the US and Canada of the innovative early skin cancer detection imagers the company has quickly emerged as a frontrunner in this emerging market where technology provides a better way to assess moles, resulting in fewer biopsies and a higher quality of skin cancer care for patients.
The addition of Mole Mapping in 2012, should continue to differentiate MoleMate and SIMSYS from other devices entering the market that are more costly to acquire and use, and do not offer the range of feedback on all moles, including stored images to track changes, and in some cases are limited to dermatologists only.
MoleMate and the more robust system, SIMSYS, are both sold with a specially designed training CD. SIMSYS allows image capture and storage as well as special features that can be used in visualizing and comparing mole images from prior visits. SIMSYS will include "mole mapping" software early in 2012. Mole Mapping is a technique that physicians use on certain patients with 50-100 or more moles where the entire surface of the patient's skin is photographed to observe changes over time and then suspicious moles can be monitored more closely or, if necessary, removed.
MoleMate is easy to incorporate into exams, and is easy for physicians to learn how to use via the 60-90 minute training CD, as documented in a study with general practitioners, who significantly improved their ability to more accurately identify suspicious moles and lesion.
The website www.simsys-molemate.com contains additional information on MoleMate and SIMSYS, including information on the technology behind these products, as well as product demos, and information on how other physicians have integrated the skin cancer imaging system into their practice.
Skin Cancer - The Most Common Form of Cancer
The Canadian and US Cancer societies confirm that skin cancer is the most common form of cancer. Each year there are more new cases of skin cancer than the combined incidence of cancers of the breast, prostrate, lung and colon.
Nearly 800,000 Americans are living with a history of melanoma and 13 million Americans are living with a history of non-melanoma skin cancer, typically diagnosed as basal cell carcinoma (BCC) or squamous cell carcinoma (SCC). When melanoma is detected early, the survival rate is about 99% and falls to 15% as the disease advances.
Proctor & Gamble, LenioMed Ltd., and ScreenCancer, Inc., are research and commercial partners that are funding the expansion of the underlying technology, into new consumer and wound care markets.
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 level 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. MedX acquired the worldwide assets related to MoleMate for the early detection of skin cancer in June 2011. 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.
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 press release.
For further information:
President and Chief Executive Officer
MedX Health Corp. [email protected]
Phone: (905) 670-4428