FORT LAUDERDALE, Fla., Sept. 19 ImagingDiagnostic Systems, Inc., (OTC Bulletin Board: IMDS) a pioneer in laseroptical breast cancer imaging systems, announced completion of a financingarrangement intended to reduce its dependency on equity financing.
The Company has sold its headquarters building for $4.4 million in cashpursuant to a sale/leaseback agreement.
Tim Hansen, IMDS Chief Executive Officer, commented, "We are very pleasedto have completed this arrangement. IMDS is at a critical point in itshistory; the market has never been more ready for a product like our CT LaserMammography system (CTLM(R)). We have grown to eight sites participating inour U.S. clinical trials, and we may add more to accelerate data collection.We have tapped a cash source at the right time to support the PMA processwithout diluting our investors with continued drawing on our equity fundingagreement. All of this is good news for our shareholders, who have patientlysupported the Company through the lengthy product development stages. Webelieve this sale/leaseback move will help keep us financially andstrategically poised to advance the PMA process and bring an exciting andrevolutionary CTLM breast cancer imaging system to women worldwide."
Details of the sale/leaseback agreement are available in an 8K filing withthe SEC.
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 future operations. All such forward-looking statements arenecessarily only estimates or predictions of future results or events andthere can be no assurance that actual results or events will not materiallydiffer from expectations. Further information on potential factors that couldaffect Imaging Diagnostic Systems, Inc., is included in the Company's filingswith the Securities and Exchange Commission. We expressly disclaim any intentor obligation to update any forward-looking statements.Investor Relations: Rick Lutz (404) 261-1196 [email protected]
Media Contact: Elizabeth Williams (954) 581-9800 [email protected]
SOURCE Imaging Diagnostic Systems, Inc.