First day of dealings
June 21 2007 - 4:00AM
UK Regulatory
RNS Number:7436Y
Medicsight Plc
21 June 2007
Press Release 21 June 2007
Medicsight Plc
("Medicsight" or "the Company")
First Day of Dealings
Medicsight Plc, industry leader in the development of Computer-Aided Detection
(CAD) and image analysis software to assist in the early detection and diagnosis
of disease, today announces the first day of trading of its Ordinary Shares on
the AIM market of the London Stock Exchange ("AIM"). Collins Stewart Europe
Limited is acting as Nominated Adviser and Broker. The market epic code is MDST.
Admission to trading follows a Placing of the Company's Ordinary Shares, which
raised #32 million before expenses at the Placing Price of #1.10 pence per
share. The Company will have a market capitalisation of #171 million based on
the Placing price
Placing and Admission Statistics
Placing Price 1.10
Number of Placing Shares to be issued pursuant to the Placing 29,090,909
Number of Ordinary Shares in issue on Admission 155,524,904
Placing Shares as a percentage of the enlarged issued share capital of 18.7%
the Company
Gross proceeds of the Placing #32,000,000
Estimated net proceeds of the Placing receivable by the Company #30,400,000
Market capitalisation of the Company on Admission at the Placing Price #171,077,395
As a leading developer of Computer Aided Detection software for the analysis of
Computed Tomography ("CT") scans, Medicsight helps radiologists to detect and
diagnose abnormalities at the earliest possible stage and to monitor them
accurately over time. Medicsight's CAD software has been validated using one of
the world's largest and most population-diverse databases of verified CT scan
data. Medicsight's currently marketed products include ColonCADTM and COLON CAR
TM, and LungCADTM and LUNG CARTM which aid the early detection of colorectal and
lung cancer, both with significant global mortality and morbidity.
Commenting on the decision to list the Company, David Sumner, Chief Executive
Officer of Medicsight, said: "We would like to thank our existing and new
shareholders for their support. They have recognised the benefits of CAD
technology and the substantial opportunities for Medicsight in the medical
imaging market. Joining AiM will allow us to aggressively drive the sales of
Medicsight's CAD products as well as enabling us to introduce new products to
the Company's portfolio through a combination of internal R&D and acquisitions."
- ends -
For further information:
Medicsight plc
David Sumner +44 (0)20 7605 7950
www.medicsight.com
Collins Stewart Europe Limited
Tim Mickley +44 (0)20 7523 8350
Jonny Sloan +44 (0)20 7523 8302
Media enquiries:
Abchurch
Heather Salmond Tel: +44 (0) 20 7398 7700
Mob: +44 (0) 7855 018 606
heather.salmond@abchurch-group.com
Ashley Tapp Tel: +44 (0) 20 7398 7700
Mob: +44 (0) 7944 570 387
Ashley.tapp@abchurch-group.com
Stephanie Cuthbert Tel: +44 (0) 20 7398 7700
Mob: +44 (0) 7843 080947
stephanie.cuthbert@abchurch-group.com www.abchurch-group.com
Notes to editors
www.medicsight.com
Medicsight PLC is a UK-based 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 computed 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
ColonCADTM and LungCADTM software products are seamlessly integrated with the
advanced 3D visualisation workstations of several industry-leading imaging
equipment partners.
Medicsight operates in a multi billion dollar global medical imaging market.
Radiologists expect the frequency of computed tomography procedures to grow by
over 35% over the next five years (source: Frost & Sullivan research). Central
to the Company's strategy is partnering with leading 3D visualisation equipment
companies to provide integrated CAD technology solutions. Medicsight has signed
a number of non-exclusive agreements for the distribution of its products with
Vital Images Inc., Viatronix Inc., TeraRecon, Barco and 3mensio. The Company is
also in discussion with a number of other major imaging hardware companies and
expects to finalise distribution agreements in Japan and Europe over the coming
months
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 is 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.
About Medicsight's CAD software
Medicsight's ColonCADTM and LungCADTM 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.
Clinical validation
Colon CAD
The Company's Colon CAD research has focused on the accurate identification of
colon polyps. A recent clinical research study showed the Medicsight ColonCARTM
system to have superior detection characteristics when compared with three
experienced (human) readers. Software performance has been peer reviewed and
commended in a number of the leading internationally recognised medical
journals.
Lung CAD
The Company's Lung CAD research has focused on both the detection of lung
lesions (nodules and cancers) and the accuracy of the CAD in automatically
measuring lesions. Accurate measurement is critical for the correct diagnosis
and management of lung lesions, allowing precise monitoring of lesion size to be
tracked over time. This growth rate data helps radiologists both to diagnose the
nature of disease and to assess the response of disease to treatment.
Clinical sites
The Company's Colon and Lung CAD products have been in use for research and
early clinical user assessment in leading healthcare institutions in Europe and
the United States, including sites in the UK such as University College
Hospital, London and the London Chest Hospital. Recently, this has been expanded
into Asia with introduction into the National Cancer Centre, Tokyo.
The use of the Company's products in clinical practice has seen the recent
introduction of Medicsight ColonCAD into the SIGGAR1 Trial in the UK. SIGGAR1 is
the largest multi-centre trial of its kind in the UK to date and compares CT
colonography, optical colonoscopy and barium enema via a randomised controlled
clinical trial. Medicsight ColonCAD has also been introduced into the STIC Trial
in France, a similar programme investigating the medical and economic health
benefits of CT colonography. In mid 2007, the first CTC colorectal cancer
screening programme in Japan will commence and a key feature of this programme
will be the use of Medicsight's ColonCAD at The National Cancer Centre, Tokyo.
Having gained regulatory clearance in some of the Company's core target markets,
the Company's products have become available for use in routine clinical
practice
The Company continues to work with internationally respected medical
professionals who are experts in the fields of the colon and the lung, including
Prof. Steve Halligan and Dr. Stuart Taylor at University College Hospital,
London and Dr. David Burling at St. Mark's Hospital, London
About colon cancer
World Health Organisation data shows that colon cancer causes 655,000 deaths
each year. If detected early enough, 90 per cent of cases can be cured. Colon
cancer is one of the most prevalent cancers in western countries, and is likely
to grow faster in developing countries whose populations are increasingly
adopting a western diet and life style.
Many western countries operate colon cancer screening programs, and computer
tomography colonography (which is an examination of the large colon using CT
x-rays, often abbreviated to CTC, and also known as virtual colonoscopy) is
ideally suited for population screening of asymptomatic adults. Compared with
optical colonoscopy (which is an examination of the large colon and the distal
part of the small bowel with a fibre optic camera), CTC screening is less
invasive, less time consuming, less costly and can be at least as effective as
traditional optical colonoscopy procedures. CTC screening is becoming
increasingly available in a routine clinical setting, particularly for
symptomatic or screening of high risk patients.
About lung cancer
Lung cancer is the most common and deadliest of all cancers, with 1.3 million
cases diagnosed worldwide each year, accounting for 17.1 percent of all global
cancer deaths. The link between smoking and lung cancer has long been accepted.
However, clinical research has shown that if detected early and treated, there
is more than an 85 per cent chance of a ten year survival rate lung cancer.
Tim Paterson-Brown, Chairman, Medicsight PLC
Tim is President and CEO of MGT Capital Investments Inc and Chairman of
Medicsight PLC. Tim obtained a BA from London University and an MA from
Cambridge University. He trained as a Chartered Surveyor and qualified with
Strutt & Parker. He spent the next ten years in a variety of industries ranging
from entertainment to technology and was responsible for major reorganisations
of a number of quoted public and private companies in North America. Upon
leaving America in 2000 he went to work in Abu Dhabi, advising on international
investments and property related matters, and thereafter returned to the United
Kingdom where he currently resides, focusing on the global expansion of
Medicsight.
David Sumner, Chief Executive Officer, Medicsight PLC
Prior to becoming Chief Executive Officer, David was responsible for the
development of the global marketing platform since 2002 that provides the
company with the strong brand pedigree it now enjoys within the marketplace.
From 2005, David successfully set up infrastructure in China, Japan and
Australia which has enabled Medicsight to evolve into one of the world's leading
healthcare companies. David's background is in the healthcare sector. He worked
for five years for the UK's third largest pharmaceutical company, Shire
Pharmaceuticals, managing a $25 million therapeutic portfolio.
Allan Rowley, Chief Financial Officer, Medicsight PLC
Allan is Chief Financial Officer of both MGT Capital Investments Inc and
Medicsight PLC. Prior to joining the company in April 2006, Allan served in a
corporate development role at ComMedica Limited, a United Kingdom based medical
software company specialising in Picture Archiving & Communication System
("PACS") software. In this role he worked on financing and acquisition
opportunities and on commercial proposals with the sales and finance group.
Before joining ComMedica, Allan was revenue controller and a director of
European Finance at Bea Systems, a NASDAQ-listed US-based software company.
Allan has several years of experience in public accounting in the United Kingdom
and United States with Arthur Andersen and Ernst & Young, respectively. He is a
member of the Institute of Chartered Accountants in England and Wales and holds
a Master of Philosophy and a Bachelor of Science degree from Aberystwyth
University College of Wales.
Peter Venton OBE, Non Executive Director, Medicsight PLC
Peter has over 30 years' experience in the computing and telecommunications
industry and holds several patents in the sector. He is a former Chief Executive
of Plessey Radar and of GEC-Marconi Prime Contracts. Peter currently serves as
the Technical Audit Chairman for the Defence Evaluation & Research Agency and
joined the Board of Medicsight PLC as a non-executive director in April 2007.
Dr John Costello, Non Executive Director, Medicsight PLC
John has been a Consultant Physician in general and respiratory medicine since
1977. He practised at King's College Hospital in London for 25 years and now
practises at London's Cromwell Hospital. He was a senior lecturer in Medicine
and is now a Visiting Fellow at Guy's, King's and St Thomas's School of
Medicine. From 1982 until 1998, he was Director of the academic department of
Respiratory Medicine. John specialises in bronchial asthma and its treatment,
including collaboration with basic scientists in investigation of mechanisms. He
studied at University College, Dublin and has since held appointments at a
number of hospitals including Dublin's Mater Hospital, the Royal Postgraduate
Medical School, Hammersmith Hospital, the Royal Brompton Hospital in London, the
University of Edinburgh and as Assistant Professor of Medicine at the University
of California, San Francisco. He was Founder President of the Respiratory
Medicine Section at the Royal Society of Medicine and a member of Council at the
British Thoracic Society. He has published extensively in the peer-reviewed
literature on lung disease, and in particular asthma, and has edited and written
several books and chapters on the subject. From 2002 until 2006, John was
Medicsight's Chief Medical Officer. He is the non-executive Chairman of Capital
Hospitals Limited which is rebuilding St Bartholomew's & the Royal London
Hospitals and in November 2006 became a non-executive director of Medicsight
PLC.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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