Perimeter Medical Imaging AI Announces Important Milestone in ATLAS AI Project with Standalone AI Algorithm Achieving Key Performance Metrics

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ImgAssist AI Software Achieves 0.94 AUC After Utilizing Extensive Dataset of Images Collected During Stage 1 of ATLAS AI Project

TORONTO--(BUSINESS WIRE)-- Perimeter Medical Imaging AI, Inc. (TSX-V:PINK)(OTC:PYNKF) (FSE:4PC) (“Perimeter” or the “Company”), a medical technology company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address high unmet medical needs, today announced significant progress within its ATLAS AI Project, an initiative aimed at advancing Perimeter’s next-gen artificial intelligence (AI) and machine learning tools through clinical development. Perimeter’s proprietary “ImgAssist” AI technology has now been trained with more than 400 volumes of images of excised breast tissue collected during the first stage of its ATLAS AI project.

Importantly, Perimeter’s proprietary algorithm has achieved key sensitivity and specificity benchmarks, including an AUC (area under the receiver operating characteristic curve) of 0.94, which is a measure of how well the algorithm can differentiate between suspicious and non-suspicious breast tissue areas. This significant milestone supports the advancement of the ATLAS AI Project to the next stage, which involves a “reader study” to conduct an evaluation of clinician performance when using ImgAssist offline (not during a surgery) to interpret images from breast conserving surgeries. It is anticipated that the data from the reader study will support development plans to advance Perimeter’s Optical Coherence Tomography (OCT) Imaging System with ImgAssist into a larger, randomized pivotal study later this year to evaluate its safety and effectiveness.

Jeremy Sobotta, Perimeter’s Chief Executive Officer stated, “We are pleased to reach this important milestone within our ATLAS AI project, having achieved these exciting results with our proprietary AI algorithm. We are driven by our belief that Perimeter’s novel imaging platform with AI has the potential to transform cancer surgery and reduce costs in the healthcare system.”

About the ATLAS AI Project

Perimeter is advancing its proprietary, next-gen artificial intelligence technology and machine learning tools through clinical development under its ATLAS AI project, which is 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. The first stage of the ATLAS AI Project involves collecting images of breast tissue samples from patients at leading pathology centers in Texas. These images are precisely labeled and signed off by a board-certified pathologist. In the second stage of the project, the Perimeter team is using this labeled dataset of breast tissue images to train and test Perimeter’s AI algorithm, and further test its efficacy in a reader study. In the final stage of the project, Perimeter intends to conduct a randomized, multi-site, pivotal study to evaluate the Perimeter OCT Imaging System with ImgAssist AI against the current standard of care and assess the impact on re-operation rates for patients undergoing breast conservation surgery.

About Perimeter Medical Imaging AI, Inc.

Perimeter Medical Imaging AI (TSX-V:PINK)(OTC:PYNKF)(FSE:4PC) is a Toronto-based company with U.S. headquarters in Dallas, Texas that is developing and commercializing advanced imaging tools that allow surgeons, radiologists, and pathologists to visualize microscopic tissue structures during a clinical procedure. Perimeter’s Optical Coherence Tomography (OCT) Imaging System 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 OCT Imaging System is cleared by the 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 advancing its proprietary, next-gen artificial intelligence technology and machine learning tools through clinical development under its ATLAS AI project, which is made possible, in part, by a $7.4 million grant awarded by the Cancer Prevention and Research Institute of Texas (CPRIT). Perimeter’s 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 in the fight against breast cancer, which is estimated to account for 30% of all female cancer diagnoses this year.

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Forward-Looking Statements

This news release contains statements that may 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 timing of and results from clinical studies, the clinical development of Perimeter’s ImgAssist AI technology, the commercialization of Perimeter’s OCT Imaging System, future financial position, business strategy and strategic goals, competitive conditions, research and development activities, projected costs and capital expenditures, financial results, research and clinical testing outcomes, taxes and plans and objectives of, or involving, Perimeter. Without limitation, information regarding potential future development and commercialization activities and the terms of options to be issued 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, 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. 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 the joint information circular dated May 12, 2020, prepared in respect of the securityholder meetings held on June 17, 2020 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.

Jodi Regts
Corporate Communications / Investor Relations
Perimeter Medical Imaging AI, Inc.
+1 778-999-5634
media@perimetermed.com

Source: Perimeter Medical Imaging AI, Inc.

Released April 14, 2021