VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/03/11)- Verisante Technology, Inc. (TSX-V: VRS)(OTCQX: VRSEF.PK - News)(PINK SHEETS: VRSEF.PK - News)(Frankfurt: V3T) (the "Company" or "Verisante"), a leader in cancer imaging technology, announced today that it has engaged StarFish Medical Inc. to provide engineering services and expertise to develop the Company's initial product, Verisante Aura™, for manufacturing.
Verisante Aura™ is a novel, multimodality imaging and spectroscopy system designed to aid in the early detection of skin cancer. This system provides valuable information about the chemical composition of the skin quickly and non-invasively. Verisante Aura™ scans for 21 biomarkers instantly, providing immediate, accurate results on benign and malignant lesions. The Aura™ requires the use of a disposable end cap to be replaced after each use for health and sanitary reasons. Therefore, in addition to revenue from initial sales of the device, Verisante will also have a recurring revenue stream.
Thomas Braun, CEO of Verisante Technology, Inc. said: "We are very pleased to have StarFish Medical Inc. as a strategic partner to facilitate the development of our lead product, Verisante Aura™. StarFish has a proven track record in medical device development and manufacturing and has established strong compliance with all industry standards, including compliance with ISO 13485:2003, CE Mark, and FDA GMP regulations."
Last week, Verisante announced that it has successfully completed the certification process for ISO 13485:2003, an internationally recognized quality management standard. The certification is a confirmation of the Company's ability to design and manufacture medical devices.
Operational Update for the Aura
"Our next major milestones for the Aura™ are to apply for regulatory approvals in Canada, the European Union and Australia," said Mr. Braun. "With our strategic partner preparing for manufacturing over the next several months, we will be increasing our focus on marketing the Aura™ in the territories where we obtain regulatory approvals. Skin cancer is the most common cancer and there are 21,000 dermatologists and 500,000 GPs in Europe. We see a large unmet need for a device like the Aura™ that can assist doctors with early detection."
The statistical analysis of the Aura™ clinical study pursuant to a Collaborative Research Agreement between the Company and the University of British Columbia Department of Dermatology has been completed. The study on clinical trial data collected during the past six years by the Aura™ clinical prototype will be submitted by the research team to a peer reviewed journal and the results will be announced in conjunction with publication. At this time the publication date is not known.
The Company will have seven fully functioning Aura™ prototypes in early Q4 that will be available for demonstrations and clinical studies. Verisante currently has nine engineering and scientific personnel working out of the Company's technical office in Richmond, BC.
The Company continues to maintain a strong cash position with proceeds from the exercise of outstanding warrants following the Company's $5 million private placement in April. Since the beginning of the year, approximately 4.7 million warrants have been exercised for direct proceeds to the Company of just over $1.3 million. Verisante currently has 59,785,117 shares, 18,571,600 warrants, and 3,645,000 options outstanding.
Verisante is currently exhibiting at an information and educational booth (#431) at the American Academy of Dermatology Summer Meeting in New York from August 3-7.
About StarFish Medical Inc.
For more than ten years, StarFish has provided practical and innovative solutions in all aspects of medical device design and manufacturing, from product definition and technical engineering to formal product development and volume production in a quality environment. StarFish, an ISO 13485 certified company, provides practical turnkey solutions to medical device companies all over North America. The company's cross-functional team offers expertise in engineering physics, electronics, software, firmware, mechanical engineering, industrial design and manufacturing transfer. http://www.starfishmedical.com
About Verisante Technology, Inc.
Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the Verisante Core™ series for lung, colon and cervical cancer detection utilize a proprietary cancer detection platform while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined on approximately 1,000 lesions at the Skin Care Centre at Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians immediate results for many of the most common cancers. The Aura™ and Core™ have not yet been approved for sale. The Company anticipates Health Canada approval for the Aura in late 2011.
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