Profound Medical and RadNet Sign the First-Ever U.S. Multi-Center Commercial Agreement for TULSA-PRO®
January 10 2020 - 6:02AM
Profound Medical Corp. (TSX:PRN; NASDAQ:PROF) (“Profound” or the
“Company”), a commercial-stage medical device company focused on
customizable, incision-free therapies which combine real-time
Magnetic Resonance Imaging (“MRI”), thermal ultrasound and
closed-loop temperature feedback control for the radiation-free
ablation of diseased tissue, today announced the signing of its
first-ever U.S. multi-site imaging center agreement for TULSA-PRO®
with RadNet, Inc. (NASDAQ:RDNT), a national leader in providing
high-quality, cost-effective, fixed-site outpatient diagnostic
imaging services through a network of 340 owned and/or operated
outpatient imaging centers.
TULSA-PRO® is a transurethral prostate tissue
ablation system that combines real-time MRI with robotically-driven
directional thermal ultrasound and closed-loop temperature feedback
control software to deliver predictable physician prescribed
ablation of whole-gland or partial prostate tissue. The TULSA-PRO®
system is designed to provide customizable and predictable,
incision-free and radiation-free prostate ablation while actively
protecting the urethra and rectum with water cooling to preserve
men’s functional abilities.
Pursuant to the agreement, Profound will install
TULSA-PRO® systems at three RadNet imaging centers in the greater
Los Angeles area, with one such installation anticipated in each of
Q1-, Q2- and Q3-2020. Profound will rent the systems to RadNet on a
per-use basis, in addition to selling it per-use consumables. Based
upon the success of these installations, the two companies hope to
expand their partnership in the future to include additional RadNet
centers in other U.S. markets.
“We are excited that RadNet, the largest U.S.
owner and operator of outpatient imaging centers, will be the first
multi-site user of TULSA-PRO®,” commented Dr. Menawat. “RadNet’s
imaging centers offer state-of-the art technology, in-house
radiologists, existing relationships with local urologists and
anesthesiologists, strong marketing support and established payer
networks. From a commercial perspective, this partnership with
RadNet will help us pursue our vision of a site-specific continuum
of care to help drive utilization of TULSA-PRO®, where multiple
local urologists will perform MRI-guided TULSA procedures at the
same imaging center that they are already sending their patients to
for MRI diagnostics and post-treatment MRI-guided monitoring. As
our agreement with RadNet is based on our recurring revenue-only
business model, we view this as an important early validation of
our go-to-market strategy.”
About RadNet, Inc.
RadNet, Inc. is the leading national provider of
freestanding, fixed-site diagnostic imaging services in the United
States based on the number of locations and annual imaging revenue.
RadNet has a network of 340 owned and/or operated outpatient
imaging centers. RadNet's core markets include California,
Maryland, Delaware, New Jersey, and New York. In addition, RadNet
provides radiology information technology solutions, teleradiology
professional services, and other related products and services to
customers in the diagnostic imaging industry. Together with
affiliated radiologists, and inclusive of full-time and per diem
employees and technicians, RadNet has a total of over 8,000
employees.
About Profound Medical
Corp.
Profound is a commercial-stage medical device
company that develops and markets customizable, incision-free
therapies for the ablation of diseased tissue.
Profound is commercializing TULSA-PRO®, a
technology that combines real-time MRI, robotically-driven
transurethral ultrasound and closed-loop temperature feedback
control. TULSA-PRO® is designed to provide customizable and
predictable radiation-free ablation of a surgeon-defined prostate
volume while actively protecting the urethra and rectum to help
preserve the patient’s natural functional abilities. TULSA-PRO® has
the potential to be a flexible technology in customizable prostate
ablation, including intermediate stage cancer, localized
radio-recurrent cancer, retention and hematuria palliation in
locally advanced prostate cancer, and the transition zone in large
volume benign prostatic hyperplasia (BPH). TULSA-PRO® is CE marked,
Health Canada approved, and 510(k) cleared by the U.S. Food and
Drug Administration.
Profound is also commercializing Sonalleve®, an
innovative therapeutic platform that is CE marked for the treatment
of uterine fibroids and palliative pain treatment of bone
metastases. Sonalleve® has also been approved by the China National
Medical Products Administration for the non-invasive treatment of
uterine fibroids. The Company is in the early stages of exploring
additional potential treatment markets for Sonalleve® where the
technology has been shown to have clinical application, such as
non-invasive ablation of abdominal cancers and hyperthermia for
cancer therapy.
Forward-Looking Statements
This release includes forward-looking statements
regarding Profound and its business which may include, but is not
limited to, the expectations regarding its U.S. multi-center
commercial agreement with RadNet; the efficacy of Profound’s
technology in the treatment of prostate cancer, uterine fibroids
and palliative pain treatment; and the success of Profound’s U.S.
commercialization strategy and activities for TULSA-PRO®. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "is expected", "expects",
"scheduled", "intends", "contemplates", "anticipates", "believes",
"proposes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such statements are based on the current
expectations of the management of Profound. The forward-looking
events and circumstances discussed in this release, may not occur
by certain specified dates or at all and could differ materially as
a result of known and unknown risk factors and uncertainties
affecting the company, including risks regarding the pharmaceutical
industry, economic factors, the equity markets generally and risks
associated with growth and competition. Although Profound has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking statement
can be guaranteed. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and Profound undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise, other than as
required by law.
For further information, please contact:
Profound Medical Corp.Stephen KilmerInvestor
Relationsskilmer@profoundmedical.com T: 647.872.4849
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