Perimeter Medical Imaging AI (TSX-V:PINK, OTC:PYNKF) said it has achieved a number of important milestones during the first quarter while continuing to advance its commercial and clinical activities.
“Sales leads and demos of our flagship Perimeter S-Series OCT continue, resulting in our first commercial placement in the state of Utah,” said Perimeter CEO Jeremy Sobotta in a corporate update accompanying the company’s 1Q results.
“The highly engaged champions of our technology at these newest accounts continue to build upon our foundation of reference sites that drive our commercialization strategy.”
Looking ahead, Sobotta said the company believes combining AI with its real-time ultra-high-resolution imaging could be truly transformative when used during breast conservation surgery.
“We are evaluating our 'next-gen' AI technology in a pivotal trial that is expected to be completed at the end of 2023,” he said.
“Our hope is that the data generated from this study will demonstrate that the surgeon's use of the breakthrough device designated Perimeter B-Series OCT with ImgAssist AI for margin visualization is superior to the current standard of care."
For 1Q ended March 31, 2023, Perimeter narrowed its net loss to $3,259,459 compared to $5,087,044 in the year-ago quarter.
Its operating expenses were $3,833,017 compared to $3,822,002 during the same period in 2022. Cash used for operating activities was $4,559,320.
The company exited the quarter with cash and cash equivalents of $23,675,011.
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