- Imagin Medical Inc. announced that it has now raised $2.165 million of the recent its convertible note offering
- The closing of the latest funding tranche will support the company’s progress toward the commercialization of its revolutionary bladder cancer visualization technology once final FDA approval is granted
- With better viewing options, the technology is designed to make it easier for surgeons to detect the full parameters of bladder tumors and remove them more completely
- Bladder cancer is one of the most prevalent cancers in the United States, particularly in men
- The technological improvement of these surgical procedures can provide an attractive cost benefit outcome and improved peace of mind as the potential need for repeated tumor-resecting procedures is reduced
As Imagin Medical (CSE: IME) (OTCQB: IMEXF) announces the closing of the second tranche of a convertible note offering to investors, the company continues building momentum toward the anticipated commercialization of its revolutionary cancer visualization technology.
Imagin’s proprietary i/Blue Imaging (TM) System is a means of improving cystoscopies through the simultaneous use of white and blue imaging protocols that allow surgeons to detect and resect bladder tumors with greater accuracy and ease than has been possible before.
The second tranche closing, announced Feb. 18 (https://ibn.fm/8gVHc), brings the amount raised for Imagin’s convertible note up to $2.165 million. Principal of notes that will accrue 10 percent interest annually and mature 18 months after the date of issue unless they are repurchased, redeemed or converted before that time.
Imagin is aiming to commercialize its i/Blue Imaging (TM) System once final U.S. Food and Drug Administration (“FDA”) approval has been granted, and then apply its experience with the system toward the manufacture and commercialization of similar technology for use in other types of surgical procedures, i.e. laparoscopic.
The I/Blue System uses blue light with a contrast agent, Cysview(TM) that causes the tumor to fluoresce agent and deliver real-time images of the bladder for resection.
While the existing blue light system has required surgeons to switch back and forth between white and blue light images, Imagin’s IP simplifies the process and makes it more effective by showing the white and blue light images side-by-side on the same monitor, utilizing hardware that is compatible with almost any endoscope already in use by hospitals and surgical centers so that they don’t have to acquire entirely new systems.
The company estimates that approximately 95 percent of today’s cystoscopies continue to be performed with white light simply because of the hardware costs and challenges of acquiring blue light capability. Photocure reported to the 21st Annual Meeting of the Society of Urologic Oncology in December that its latest investigation found Cysview didn’t significantly affect the cost of cystoscopies and helped surgeons find tumor recurrences that would otherwise have been missed (https://ibn.fm/t9SLP).
A report by Urology Times found that the use of blue light cystoscopy (“BLC”) under the trade name Cysview in tandem with white light during initial transurethral resection of bladder tumors (“TURB”) “lowered costs by $4,660 over 5 years compared with use of white light cystoscopy alone” and led to a lower overall burden for patients (https://ibn.fm/Cz8GX).
For more information, visit the company’s website at www.ImaginMedical.com.
NOTE TO INVESTORS: The latest news and updates relating to IMEXF are available in the company’s newsroom at https://ibn.fm/IMEXF