MDST Medicsight

 

TIDMMDST 
 
RNS Number : 9974L 
Medicsight Plc 
17 May 2010 
 

 
+------------------------------+------------------------------+ 
| Press Release                |                  17 May 2010 | 
+------------------------------+------------------------------+ 
 
                                 Medicsight PLC 
                          ("Medicsight" or "the Group") 
                    First Quarter Summary Trading Statement 
 
Medicsight plc (AIM: MDST), industry leader in the development of Computer-Aided 
Detection (CAD) and image analysis software to assist in the early detection and 
diagnosis of disease, is pleased to announce its results for the first quarter 
ended 31 March 2010 which are in line with management expectations at this point 
in the calendar year. 
Highlights 
 
+----+-------------------------------------------------------+ 
| ·  | Cash and equivalents at 31 March 2010 was             | 
|    | GBP9,130,000 (31 December 2009: GBP10,708,000)        | 
+----+-------------------------------------------------------+ 
| ·  | Total assets position at 31 March 2010 was            | 
|    | GBP9,802,000 (31 December 2009: GBP11,120,000)        | 
+----+-------------------------------------------------------+ 
| ·  | Net revenue from external customers was GBP39,000 (31 | 
|    | March 2009: GBP43,000)                                | 
+----+-------------------------------------------------------+ 
| ·  | Operating loss before interest and tax of             | 
|    | GBP1,299,000 (31 March 2009: GBP2,457,000)            | 
+----+-------------------------------------------------------+ 
| ·  | Signed a commercial contract with MEDRAD Inc for the  | 
|    | supply and distribution of the new MedicCO2LON        | 
|    | Insufflator                                           | 
+----+-------------------------------------------------------+ 
 
Allan Rowley, Chief Executive of Medicsight PLC commented "During the first 
quarter of 2010, licence revenue was in line with management's expectations 
despite being slightly lower than the previous year. 
"In January Medicsight signed a global distribution agreement with MEDRAD Inc 
for our new, automated MedicCO2LON Insufflator product which distends the colon 
prior to a CT scan. We have leveraged our key clinical relations in CT 
colonoscopy to develop MedicCO2LON, the first 'hardware' product Medicsight has 
developed to complement its software. We expect sales to commence in the second 
quarter through MEDRAD's strong commercial and distribution expertise. 
"With regards to regulatory approvals we received a second request for 
Additional Information (AI) from the FDA in January 2010. In conjunction with 
our FDA advisors, we are currently preparing a response and will shortly submit 
this to the FDA before the deadline of 20 June 2010. We also await a further 
update from the Ministry of Health, Labour and Welfare (MHLW) regulatory 
authorities in Japan. 
"Operating expenses have fallen compared to the previous year, as we see the 
first full quarter of cost savings following the decision last year to reduce 
headcount and streamline operations. 
"We remain in a healthy cash position with a cash balance of GBP9.1 million at 
31 March 2010." 
 
                                    - ENDS - 
 
For further information: 
+------------------------------------+--------------------------+ 
| Medicsight plc                     |                          | 
+------------------------------------+--------------------------+ 
| Allan Rowley, CEO                  | Tel: +44 (0)207 605      | 
|                                    | 7950                     | 
+------------------------------------+--------------------------+ 
|                                    | www.medicsight.com       | 
+------------------------------------+--------------------------+ 
| Daniel Stewart & Co                |                          | 
+------------------------------------+--------------------------+ 
| Simon Leathers / Emma Earl         | Tel: +44 (0) 207 776     | 
|                                    | 6550                     | 
+------------------------------------+--------------------------+ 
|                                    | www.danielstewart.co.uk  | 
+------------------------------------+--------------------------+ 
Media enquiries: 
+------------------------------------+------------------------+ 
| Abchurch                           |                        | 
+------------------------------------+------------------------+ 
|                                    | www.abchurch-group.com | 
+------------------------------------+------------------------+ 
| Heather Salmond                    | Tel: +44 (0) 207 398   | 
|                                    | 7704                   | 
+------------------------------------+------------------------+ 
| heather.salmond@abchurch-group.com |                        | 
+------------------------------------+------------------------+ 
| Simone Elviss                      | Tel: +44 (0) 207 398   | 
|                                    | 7728                   | 
+------------------------------------+------------------------+ 
| simone.elviss@abchurch-group.com   |                        | 
+------------------------------------+------------------------+ 
| Quincy Allan                       | Tel: +44 (0) 207 398   | 
|                                    | 7710                   | 
+------------------------------------+------------------------+ 
| quincy.allan@abchurch-group.com    |                        | 
+------------------------------------+------------------------+ 
 
Notes to editors 
Medicsight plc is a UK-headquartered, research driven, leading developer of 
computer-aided detection (CAD) and image analysis software for the medical 
imaging market. The CAD software automatically highlights suspicious areas on 
computerised tomography (CT) scans of the colon and lung, helping radiologists 
to identify, measure and analyse potential disease and early indicators of 
disease. Medicsight's CAD software has been validated using one of the world's 
largest and most population diverse databases of verified patient CT scan data. 
Medicsight's ColonCAD(TM) and LungCAD(TM) software products are seamlessly 
integrated with the advanced 3D visualisation workstations of several 
industry-leading imaging equipment partners. 
 
About Computer-Aided Detection 
With increasingly sophisticated radiological imaging hardware such as 
Multi-Detector CT scanners, radiologists are facing a growing challenge in the 
amount of detailed patient image data that they must review for each patient 
examination. Some CT scan examinations generate as many as 2000 images per 
patient. Review of this data by the radiologist is not only time-consuming but 
also prone to error due to reader fatigue. CAD software can help the reviewing 
radiologist by analysing the image data and automatically highlighting 
suspicious regions of interest for closer inspection. Without CAD software some 
potential abnormalities or areas of disease may be overlooked. This can be 
critical for diagnosis and the management of patient outcomes as early detection 
of disease greatly increases the probability of successful treatment and a 
positive therapeutic outcome. In addition to supporting individual radiologists 
CAD also has the potential to help standardise CT interpretation across both 
individuals and institutions thereby supporting population based screening 
programmes. 
 
About Medicsight's CAD software 
Medicsight's ColonCAD(TM) and LungCAD(TM) software use an advanced CAD algorithm 
to analyse CT scans of the colon and lung and automatically highlight suspicious 
areas that may be indicators of disease. CAD may highlight areas easily 
overlooked by the reviewing radiologist, such as small lesions or regions that 
are hidden from view behind folds in the colon or normal structures and 
surrounding tissue in the lung. 
 
Both CAD products seamlessly integrate with the advanced 3D visualisation 
platforms of industry-leading imaging equipment partners. The integrated systems 
provide sophisticated image viewing capabilities, including 3D reconstructed 
image data, with the added advantage of demonstrating automatic CAD findings to 
assist clinical end users in the detection and analysis of disease. This allows 
clinical end users to perform either a 'second read', where CAD findings are 
displayed to the user after completion of an initial review of the CT scan data, 
or a 'concurrent read' where CAD findings are displayed during the user's 
initial review of the original CT scan images. 
 
Since inception, Medicsight has developed close and lasting relationships with 
some of the world's foremost clinicians in product related areas. This provides 
the Company with a wealth of clinical expertise and dedicated clinical research 
to support ongoing product development. Medicsight also collaborates with a 
number of leading academic institutions and clinical research programmes 
worldwide to develop the Company's comprehensive database of population diverse 
verified patient CT scan data, thus allowing Medicsight's products to be 
validated to the highest possible standards. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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