Perimeter Medical Imaging AI (TSX-V:PINK, OTC:PYNKF) finished the 2022 financial year on a strong footing, with cash and equivalents of nearly US$28.4 million after doubling the commercial installed base of its flagship Perimeter S-Series OCT.
The firm’s Perimeter S-Series OCT system provides real-time, cross-sectional visualization of excised tissues at the cellular level.
CEO Jeremy Sobotta told shareholders that the success of Perimeter S-Series OCT has increased momentum going into 2023.
“The key opinion leaders located at these high-caliber institutions represent the foundation of our commercialization strategy to build 'reference sites' and designate highly engaged champions of our ground-breaking technology,” Sobotta said in a statement.
Patient enrollment continues in Perimeter’s randomized controlled trial of the breakthrough-device designated B-Series OCT with ImgAssist AI, the CEO noted.
All eight planned clinical trial sites were activated by the end of 2022, and Perimeter has authorization to expand the number of sites to further support patient enrollment.
“Our hope is that the data generated from this study will demonstrate that the surgeon's use of Perimeter B-Series OCT with ImgAssist AI for margin visualization is superior to the current standard of care, as we believe that our innovative use of ultra-high-resolution imaging combined with AI could be a truly transformative technology when used during breast conservation surgery,” Sobotta added.
Perimeter’s cash balance was boosted by a $48.7 million financing at the beginning of 2022, which included a C$43.4 million strategic investment by Menlo Park, California-based Social Capital.
For the year ended December 31, 2022, Perimeter’s net loss narrowed to $9.9 million compared to $13.3 million in the prior financial year.
Operating expenses for the year were $16.6 million compared to $12.9 million in the previous year.
Based in Toronto and Dallas, Perimeter is a medical technology company hoping to reimagine cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address areas of high unmet medical need.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas