Imaging Diagnostic Systems CEO Announces Retirement
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Tim Hansen was appointed IDSI Chief Executive Officer and a Director ofthe Company by the Board of Directors in July 2004. Mr. Hansen is a veteranmedical imaging business executive. He held a number of leadership positionsprior to IDSI and most notably served as President of Picker International, aglobal manufacturer of diagnostic imaging systems including CT and MRIscanners, nuclear medicine imagers and X-Ray systems until April 2001.
"We will miss Tim's vision, leadership, and outstanding knowledge andexperience in the medical imaging field. He brought a women's health focus toour business, launched a comprehensive global commercialization program, ledour advanced technology efforts and guided us through strategic matters.Clearly, we will miss his leadership but we wish him the best in his well-deserved retirement," said Jay Bendis, Co-Chairman of IDSI's Board. "Tim hasagreed to a limited term consulting agreement to aid in our transitionprocess. Allan Schwartz, our Executive VP & CFO and Deborah O'Brien, IDSISenior VP, will form an executive committee with Co-Chairman Patrick Gormanand me to further ensure a smooth transition," added Mr. Bendis.
"We are optimistic about the future, with our US PMA trials well underwayand global commercialization gaining momentum. We are still a development-stage company but one with a large and growing clinical experience base in theattractive molecular breast imaging marketplace. Our recent experience at theRadiological Society of North America annual meeting in Chicago suggestsgrowing interest in our optical breast imaging solutions to the limitations ofconventional mammography, especially in the difficult dense breast cases,"commented Mr. Bendis.
IDSI users have performed over 13,000 CT Laser Mammography (CTLM(R))clinical cases worldwide.
About Imaging Diagnostic Systems, Inc.
Imaging Diagnostic Systems, Inc. has developed a revolutionary new imagingdevice to aid in the detection and management of breast cancer. The CTLMsystem is a breast imaging system that utilizes patented continuous wave lasertechnology and computer algorithms to create 3-D images of the breast. Theprocedure is non-invasive, painless, and does not expose the patient toionizing radiation or painful breast compression. CTLM is designed to be usedin conjunction with mammography. It reveals information about blooddistribution in the breast and may visualize the process of angiogenesis,which usually accompanies tumor growth.
Imaging Diagnostic Systems is currently collecting data from clinicalsites for the future filing of an FDA Premarket Approval (PMA) for theComputed Tomography Laser Mammography system to be used as an adjunct tomammography. The FDA has determined that the Company's clinical study is anon-significant risk (NSR) investigational device study under 812.3(m) of theinvestigational device exemptions (IDE) regulation (21 CFR 812). The CTLMsystem is limited by United States Federal Law to investigational use only inthe United States. The CTLM system has received other registrations includingCE, CMDCAS Canadian License, China SFDA, UL, ISO 9001:2000, ISO 13485:2003 andFDA export certification.
For more information, visit our website: www.imds.com .
As contemplated by the provisions of the Safe Harbor section of thePrivate Securities Litigation Reform Act of 1995, this news release maycontain forward-looking statements pertaining to future, anticipated, orprojected plans, performances and developments, as well as other statementsrelating to futu
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