Perimeter Medical Imaging Announces Expansion of ATLAS AI Project with Installation of OTIS for AI development at Leading Cancer Care Center, MD Anderson

400 Patients Expected to be Enrolled in CPRIT-Backed Artificial Intelligence Development Study in Breast Cancer

DALLAS, TX / ACCESSWIRE / July 27, 2020 / Perimeter Medical Imaging, AI Inc. (TSXV:PINK) today announced the installation of their OTIS^TM device at the University of Texas MD Anderson Cancer Center (MD Anderson), to further develop ImgAssist AI technology marking an important milestone in this collaboration and Perimeter's ATLAS AI Project.

Initiated in mid-July, the ATLAS AI Project allows Perimeter to collaborate with industry-leading cancer care centers that will use OTIS™ - its proprietary ultra-high resolution imaging platform - to collect images of breast tumors from approximately 400 patients for the purpose of training and testing Perimeter's ImgAssist AI technology. This technology, which is currently under development, is designed to utilize a machine learning model to help surgeons identify, in real-time, if cancer is still present when performing breast-conserving surgery (lumpectomy). This study was made possible, in part, by a $7.4 million grant awarded by the Cancer Prevention and Research Institute of Texas (CPRIT), a leading state body funding cancer research.

Jeremy Sobotta, President and CFO stated, "Initiation at MD Anderson is an important milestone in part one of our ATLAS AI Project and marks the next step in our development and clinical validation efforts for our ImgAssist AI software. MD Anderson is one of the largest breast cancer centers in the United States, treating approximately 40,000 patients a year, and is a valued collaborator as we strive to help physicians improve surgical outcomes for breast cancer patients by providing an additional tool for real-time margin visualization and assessment."

A randomized, multi-site pivotal study will be conducted during the second part of the ATLAS AI Project to test Perimeter's OTIS™ platform with ImgAssist AI against the current standard of care and assess the impact on the re-operation rate for patients undergoing breast conservation surgery.

Perimeter's OTIS™ technology delivers real-time, ultra-high resolution, sub-surface images of an excised tissue specimen. ImgAssist is being developed to be integrated into Perimeter's OTIS™ technology, overlaying OTIS™ images with indications of areas suspected of containing breast cancer that are identified with artificial intelligence, thus, providing another layer of real-time information for surgeons during breast cancer surgery. The OTIS™ platform's ability to deliver ultra-high resolution and sub-surface image volumes across the surface of the removed tissue, coupled with ImgAssist's AI-based identification of regions suspicious for breast cancer, is being developed to help surgeons assess if they have achieved the successful removal of the entire tumor. Should a surgeon see what they believe to be cancerous cells at the surface of the tissue, they can immediately remove additional tissue from the patient with the goal of reducing the likelihood that the patient will require additional surgeries.

About Perimeter Medical Imaging AI, Inc.

Perimeter is a Toronto-based company with U.S. Headquarters in Dallas, Texas that is developing, with plans to commercialize, advanced imaging tools that allow surgeons, radiologists, and pathologists to visualize microscopic tissue structures during a clinical procedure. Perimeter's OTIS™ platform is a point-of-care imaging system that provides clinicians with real-time, ultra-high-resolution, sub-surface image volumes of the margin (1-2 mm below the surface) of an excised tissue specimen. The ability to visualize microscopic tissue structures during a clinical procedure in addition to standard of care tissue assessment for decision making during the procedure has the potential to result in better long-term outcomes for patients and lower costs to the healthcare system. Perimeter's OTIS™ platform is cleared by FDA as an imaging tool in the evaluation of excised human tissue microstructure by providing two-dimensional, cross-sectional, real-time depth visualization, with image review manipulation software for identifying and annotating regions of interest. In addition, Perimeter is developing advanced artificial intelligence/machine learning image assessment tools intended to increase the efficiency of review.

PMI's stock ticker symbol, PINK, is a reference to the pink ribbons used during Breast Cancer Awareness Month by the Canadian Cancer Society and the American Cancer Society, driving home the company's dedication to helping surgeons, radiologists and pathologists use Perimeter's imaging technology and AI (Artificial Intelligence) in the fight against breast cancer, which is estimated to account for 30% of all female cancer diagnoses this year.

CONTACT:

Andrew Berkeley
Co-founder, Perimeter Medical Imaging AI, Inc.
+1 416-846-0042
aberkeley@perimetermed.com

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Perimeter, or the assumptions underlying any of the foregoing. 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 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, such future performance 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. These risks, uncertainties and assumptions include, but are not limited to, those described the joint information circular prepared in respect of the shareholder meetings approving the Plan of Arrangement a copy of which is available on Perimeter's SEDAR profile at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward- looking statements. In particular, we note the risk that our technology may not achieve the anticipated benefits in terms of surgical outcomes. 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.

SOURCE: Perimeter Medical Imaging AI, Inc.

Released July 27, 2020