President & CEO, Steve Guillen outlines how the technology in MoleMate is transforming the Company through new market introductions
MISSISSAUGA, ON, March 15, 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 that their Annual Shareholders' Meeting was held on March 13, 2012, at 4 p.m. at the National Club in Toronto, where the President and CEO, Steve Guillen reviewed the impact that SIAscopy has already made on the Company and highlighted the expected opportunities in the future.
At the meeting of shareholders, Mr. Guillen expanded upon and the following regarding MoleMate:
- Transition to a technology platform company as a result of the acquisition of SIAscopy in June 2011;
- On-line imaging services utilizing 'cloud' technology, which allows the company to move from simply a device company to a device and services company; "now we have the razor and razor blade model allowing us to capture recurring revenues," said Mr. Guillen;
- Acceleration of new market entries: skin cancer, burns, wound care; and provided additional information on diabetic foot ulcers and bed sores wounds which comprise a multi-million dollar opportunity in the near future;
- Key R&D partners in Proctor & Gamble and Unilever were acknowledged;
- Discussed the improved accuracy showing a marked improvement in the physician's ability to identify melanoma as well as identify benign moles, leading to earlier diagnosis when the cure rate is the highest, as well as resulting in fewer benign moles referred or removed;
- Addition of Mole Mapping in 2012; which 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;
- Broad worldwide patent portfolio; includes 9 core patents that have been granted throughout the world, and cover a range of methods and devices related to the use of light in imaging the skin;
- Strong sales in Q4, 2011, led by MoleMate; best quarter in over three (3) years; and mentioned that the year-end numbers will be out by the end of April.
- Immediate availability in Canada, the US, and other locations around the world, and that Schuco in the UK and EBOS in Australia will be key distributors in 2012, with ScreenCancer expanding the screening centers in Europe and Australia.
"By mid-year we will begin to provide skin cancer systems that will operate over the internet, allowing us to keep the initial acquisition costs low to physicians, and generate the majority of the value this technology provides through per use and monthly service fees. In addition the online connections will allow us to move away from having the end user download software and provide on-going seamless updates and in turn will accelerate new product introductions like Mole Mapping as well as a range of dermatology specific programs," stated Steve Guillen, President and CEO,
Skin Cancer Imaging - First Target
The combined markets in Europe, Canada, Australia, and the US is worth over $200 Million in net device sales (Zach's Equity Research), and the opportunity via 'cloud' technology for recurring revenue could be worth millions of dollars every year in this emerging market.
Burns Assessment Imaging, Diabetic Foot Ulcer Imaging - Second Target
The worldwide advanced wound care market (burns, diabetic foot ulcers and bed sores) is estimated at $5 Billion (Global Industry Analysts, Inc.) and the market potential using the MedX platform technology may be worth hundreds of millions of dollars.
About MoleMate Imaging and Skin Cancer
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 this new pain-free, non-invasive imaging system to 'See More', approximately 2mm below the surface of suspicious moles, and provide additional information and images related to every mole and all types of melanomas and non-melanomas.
MoleMate uses a patented device and technology that features a hand-held scanner designed for office use that utilizes light to view beneath suspicious moles or lesions in a pain free, non-invasive manner, creating images for physicians to evaluate all types of moles and lesions within seconds, providing images that can reveal if a mole is benign, or something more serious, often eliminating the need for skin biopsies, resulting in less pain, scarring, and expense. Physicians interested in learning more should contact MedX Health Corp. at www.simsys-molemate.com.
"Among the sophisticated equipment used by University of California Irvine Melanoma Center physicians is a SIMSYS-MoleMate SIAscope, one of the most advanced melanoma imaging systems in the world. For patients with many moles, this computer imaging can make a big difference, it decreases the number of biopsies needed, so they won't look like a pincushion."
- Dr. James G. Jakowatz, surgical oncologist and UC Irvine Melanoma Center director
- Dr. Janellen Smith, UC Irvine dermatologist and co-director of the Pigmented Lesion Program, UC Irvine
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 moles. 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.
MoleMate and SIMSYS will also be presented at the American Academy of Dermatology's 70th Annual Meeting, March 17-20, 2012, in San Diego, California, the world's largest, most comprehensive dermatologic educational event. "See More," with MoleMate and SIMSYS at booth #1361.
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. 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