Perimeter Medical Imaging AI (TSX-V:PINK, OTC:PYNKF) ended its second quarter with a cash balance of nearly $20.9 million for new CEO Adrian Mendes to execute its clinical development program.
The Toronto- and Dallas-based firm received approval from the US FDA to use an enhanced AI algorithm for its ongoing clinical trial under the existing study protocol.
That means that all of Perimeter’s clinical trial sites, including the newest trial site at Mayo Clinic in Florida, will use the updated AI as patients continue to enroll in the study.
"I believe the introduction of this improved AI is a pivotal milestone for the company and the best path forward, as it will contribute to more accurate image classifications, as well as fewer false positives and negatives, with the goal of ultimately compiling a robust data package that supports the commercialization of Perimeter B-Series OCT with ImgAssist AI,” CEO Mendes said in a statement.
“The combination of advanced AI technology with OCT truly represents the next-generation of innovations coming out of Perimeter that could potentially change the standard of care in breast conservation surgery.”
Mendes assumed the CEO mantle in June.
During the quarter, Perimeter completed the first commercial placement of its flagship Perimeter S-Series OCT system in Utah.
The firm’s operating expenses for the three months ended June 30, 2023 were $3,353,060 compared to $4,963,622 during the same period in 2022. Its net loss was $4,904,919 compared to $286,163.
Perimeter Medical Imaging AI (TSX-V:PINK, OTC:PYNKF) is a medical technology company aiming to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address areas of high unmet medical need.