Conference Call/Webcast Today at
4:30 pm ET
TORONTO and DALLAS, March 28,
2024 /CNW/ - Perimeter Medical Imaging AI, Inc.
(TSXV: PINK) (OTC: PYNKF) (FSE: 4PC) ("Perimeter" or
the "Company") – a commercial-stage medical technology company –
today reported financial results for the quarter and year ended
December 31, 2023 and provided a
corporate update.
Adrian Mendes, Perimeter's Chief
Executive Officer stated, "Reflecting on 2023, I am proud of the
considerable progress made since I joined the company mid-year.
After conducting a thorough analysis of the business, we focused on
four main areas of improvement: strengthening the company's
infrastructure to support our planned growth; redeploying clinical
education resources to support commercial activities; developing
clear roadmaps for our next-gen AI and non-AI products; and
accelerating our clinical development plans. In particular, we
successfully implemented an enhanced AI algorithm in our ongoing
clinical trial evaluating Perimeter's proprietary, investigational
B-Series OCT imaging technology combined with "ImgAssist," an
AI-driven clinical decision support system created to enhance
productivity and decision making in breast cancer surgery margin
assessment."
Mr. Mendes continued, "As we enter 2024, patient enrollment is
outpacing our original projections for our pivotal clinical trial.
We continue to execute on our go-to-market strategy to 'seed the
market' by adding surgeon champions and reference sites for our
S-Series OCT technology, in support of our goal to broaden the user
base after our proprietary AI is approved in a breast cancer
indication. In addition, our pipeline of product innovations is
growing, with several new product introductions and AI enhancements
anticipated this year. This is an exciting time at Perimeter, as we
solidify our position in our first market, expand our product
portfolio and explore opportunities for market expansion, including
additional cancer indications."
Highlights from 2023
- Advanced ongoing clinical trial to reach important milestones,
including the introduction of enhanced AI software and initiation
of additional clinical trial sites at Mayo Clinic in Florida and University of
Washington/Fred Hutch Cancer Center in Seattle, WA in support of accelerating patient
enrollment
- Built momentum within our network of expert adopters of our
commercial Perimeter S-Series OCT and added additional clinical
education support staff to remove identified bottlenecks in the
sales cycle
- Strengthened Perimeter's leadership, adding to the world-class
medtech and AI experience on both the Board and Executive
teams
2023 Financial Results
All of the amounts are
expressed in U.S. dollars unless otherwise indicated and are
presented in accordance with International Financial Reporting
Standards ("IFRS") as issued by the International Accounting
Standards Board. The Company changed its presentation currency from
Canadian dollars to United States
dollars in 2022. The change in presentation currency was made to
improve investors' ability to compare the Company's financial
results with other publicly traded businesses in the industry. In
making the change to a US dollar presentation currency, the Company
followed the guidance in IAS 21, The Effects of Changes in Foreign
Exchange Rates and has applied the change retrospectively to all
prior periods as if the new presentation currency had always been
the Company's presentation currency.
Operating expenses for the year ended December 31, 2023 were $16,707,779 compared to $16,455,172 the previous year.
For the year ended December 31,
2023, the net loss was $14,035,994 compared to $9,906,110 in the prior year.
For the year ended December 31,
2023, cash used in operating activities was $14,696,253.
As of December 31, 2023, cash and
cash equivalents were $13,980,176.
For detailed financial results, please refer to Perimeter's
filings on SEDAR+ and the Company's website.
Conference Call
The Company will host a conference
call and live audio webcast today at 4:30 pm
Eastern Time to discuss its fourth quarter and year-end 2023
results and provide a corporate update. To participate in the call,
please dial 1-888-886-7786 or 1-416-764-8658 and provide conference
ID number 62216896. The conference 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 and archived 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 and referencing conference ID
62216896. 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.
Perimeter B-Series OCT is limited by U.S. law to
investigational use and not available for sale in the United States. Perimeter S-Series OCT has
510(k) clearance under a general indication and has not been
evaluated by the U.S. FDA specifically for use in breast tissue,
breast cancer, other types of cancer, margin evaluation, and
reducing re-excision rates. The safety and effectiveness of these
uses has not been established. For more information, please visit
www.perimetermed.com/disclosures.
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, information regarding the potential
benefits of Perimeter S-Series OCT and Perimeter B-Series OCT, the
expected benefits of Perimeter's updated version of its ImgAssist
AI, Perimeter's ability to broaden its user base and the expected
approval of its proprietary AI, expectations regarding new products
and the timing thereof, expectations regarding opportunities for
market expansion and the timing of Perimeter's earnings call, 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, 2023, which is
available on Perimeter's SEDAR+ profile at
https://www.sedarplus.ca, 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.
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SOURCE Perimeter Medical Imaging AI, Inc.
