VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb 18, 2015) – Verisante Technology, Inc. (TSX VENTURE:VRS)(OTCQX:VRSEF) (the “Company” or “Verisante”), a leader in cancer detection technology, announced today it has expanded its collaboration with Fujian Normal University in China (the “University”).
Verisante has signed an equipment loan agreement with the Key Laboratory of Optoelectronic Science and Technology for Medicine, Ministry of Education, at Fujian Normal University. The Company will loan two of its Raman spectrometers to the Laboratory for the testing of a new probe design which stands to decrease the cost of the Company’s endoscopic Raman system for early cancer detection by 50%.
The Company has previously announced a collaboration and equipment loan to the University as well as a Letter of Intent (LOI) with Chinese investors to set up a new company in China to commercialize the Company’s endoscopic products for cancer detection first in China, and then the rest of the world.
“I was recently in China to meet with University researchers and our new investors. With one third of lung cancers globally, China is the biggest market for our endoscopic products, and the place where we can make the biggest impact in our fight against cancer,” said Thomas Braun, CEO. “I was very impressed with the high quality of the labs at Fujian Normal University and am very excited about the overall progress we are making in China towards introducing our device for lung cancer detection.”
Pursuant to the previously announced LOI, the Company is currently working with its strategic partners to incorporate a new company in China that will be the vehicle for commercialization of its endoscopic cancer detection system with lung cancer being the first focus. Once this new company is created it will establish offices in China for the purpose of managing a clinical trial in China for lung cancer detection.
About Fujian Normal University
Fujian Normal University, founded in 1907, is one of the largest universities in Southeastern China. The University has four national centers for scientific research and personnel training, eight key laboratories or research centers sponsored by either the ministries concerned or the provincial government, one Ministry of Education sponsored research center for basic education, and several dozens of provincially sponsored laboratories and research institutes. The nasopharyngeal research will be led by Professor Rong Chen as principal investigator at the Key Laboratory of Optoelectronic Science and Technology for Medicine, Ministry of Education.
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 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. Aura™ has been approved for sale in Canada, Europe and Australia. The Core™ has not yet been approved for sale.
Verisante Aura™ was awarded the 2014 North American Technology Innovation of the Year Award for In Vivo Cancer Detection by Frost & Sullivan, Popular Science Magazine’s “Best of What’s New Award” for 2011, awarded a 2013 Prism Award for Innovation in Photonics and an Edison Award for Excellence in Innovation in 2013. Verisante Core™ was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.
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