Share Redistribution & Directorate Change (6404W)

TIDMMDST

RNS Number : 6404W

Medicsight Plc

23 November 2010

 
 Press Release   23 November 2010

Medicsight PLC

("Medicsight" or "the Company")

Share Redistribution and Directorate Changes

Medicsight PLC (AIM: MDST), an industry leader in the development of Computer-Aided Detection (CAD) and image analysis software to assist in the early detection of disease, welcomes the decision from its principal investor, MGT Capital Investments Inc ("MGT"), to distribute by way of dividend to its common shareholders, the shares it holds in Medicsight. Subject to regulatory approval the distribution of the shares, approximately 55% of the issued and outstanding shares in the Company, is expected to take place in the first half of 2011 and Medicsight expects this to increase liquidity in the stock. This decision coincides with Laddcap Value Partners III LP ("Laddcap") purchase of 16.7% of the common shares of MGT.

In addition, Medicsight announces that David Sumner will step down from the Board of Medicsight in order to pursue other interests, and Tim Paterson-Brown will replace him as Executive Chairman with immediate effect.

Allan Rowley, Chief Executive of Medicsight, said: "I am delighted that Tim has chosen to reprise his role as Executive Chairman, having stepped down from the Board of MGT. Tim has always been supportive of the business and has made a significant contribution in his role as a non-executive Director over the past two years. I look forward to continuing our successful working relationship.

"I would like to thank David for his contribution to Medicsight over the past eight years, first as a Marketing Director, then Chief Executive Officer and latterly as Chairman. David has steered the Company through its formative years and his vision and commitment has been instrumental in shaping the Company. David leaves with our very best wishes for the future."

Tim Paterson-Brown commented: "The transaction with Laddcap enables the MGT shareholders to benefit directly from the distribution of the Medicsight shares held by MGT. It will also give Medicsight access to a much wider investor base and improve liquidity in the stock. I am pleased to be moving back to acting as Chairman of Medicsight and helping deliver the original expectations of the Company."

It is expected that Mr Robert Ladd, founder and managing member of Laddcap, which will become a shareholder of Medicsight as a result of the share distribution,will join the Board of Medicsight as a Non Executive Director in 2011 following the re-distribution of shares.

- Ends -

For further information, please contact:

 
 Medicsight plc 
 Allan Rowley, CEO     Tel: +44 (0)207 605 7950 
                             www.medicsight.com 
 Daniel Stewart & Co 
 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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