Perimeter Medical Imaging AI Shortlisted to Advance to Next Stage of Grant Funding Program Sponsored by the Advanced Research Projects Agency for Health (ARPA-H) under Biden Cancer Moonshot Initiative
New Precision Surgical Interventions (PSI) Program Aims to Fund the Development of Groundbreaking New Tools for Cancer Surgeons
DALLAS and TORONTO, Oct. 5, 2023 /CNW/ - Perimeter Medical Imaging AI, Inc. (TSXV: PINK) (OTC: PYNKF) (FSE: 4PC) ("Perimeter" or the "Company") – a commercial-stage medical technology company – announced that it has been shortlisted in a grant funding process sponsored by the Advanced Research Projects Agency for Health (ARPA-H) under its Precision Surgical Interventions (PSI) Program. Perimeter attended the ARPA-H Proposer's Day on September 7, 2023 and subsequently submitted an abstract, which has been selected to advance to the next stage of the grant funding process with an invitation to submit a full proposal by November 16, 2023.
Adrian Mendes, Perimeter's Chief Executive Officer stated, "We are excited to participate in this important Biden Cancer Moonshot initiative and thrilled that the federal Advanced Research Projects Agency for Health has selected Dallas as one of three regional hubs in its $2.5 billion health innovation network. We look forward to submitting a full proposal to the ARPA-H PSI grant funding program, as its goals align precisely with the mission of Perimeter and further validate the significant healthcare problem that our team is committed to solving: ensuring that no patient needs to return for a repeat surgery due to cancer left behind. I believe Perimeter is a true pioneer in this space, with our advanced imaging technology delivering the clearest 2mm subsurface imagery currently available to surgeons in the OR, with 10x the image resolution of standard X-ray and ultrasound and 100x greater than MRI."
ARPA-H's new PSI program aims to deliver groundbreaking new tools to enable surgeons to successfully remove cancer for patients through a single operation by better identifying and differentiating between healthy and cancer tissue. Technologies developed through this program will also help surgeons spot and avoid important structures such as nerves, blood vessels, and lymph nodes, which can be mistakenly damaged during invasive surgical procedures. In alignment with the Biden Cancer Moonshot and to advance equity, the PSI program is designed to ensure emerging technologies that are accessible in rural and urban areas, improving health outcomes for all Americans facing cancer. ARPA-H anticipates multiple awards and award types will result from program. More information about ARPA-H can be found at: https://arpa-h.gov
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.
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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 and the Company's intention to submit a proposal to the ARPA-H PSI program 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, 2022, 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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Released October 5, 2023