YOKNEAM, ISRAEL and TOKYO, JAPAN, October 14, 2008 -- BioScan Technologies Ltd. (Yokneam, Israel), a developer of novel cardiovascular ultrasound products, announced today that it has received an initial $500,000 investment from DVx Inc. (Tokyo, JASDAQ:3079 ), a Japanese distributor of interventional cardiology products in Japan and Asia. BioScan’s unique laser and fiber optic technology has enabled development of a 0.014” coronary guidewire which provides ultrasonic measurement of arterial diameters for stent placement. BioScan has also developed versions of its technology which provide forward-looking imaging for coronary and intra-cardiac procedures. The LightWire™ handles like a conventional coronary guidewire, while providing additional information about lesion diameter and length with no switching of catheters. BioScan has demonstrated next-generation technology that will provide real-time imaging of a coronary artery during stent inflation, atherectomy, and other catheter-based procedures. DVx has initially invested $500,000 in BioScan through a convertible loan, leading up to an anticipated larger equity investment. DVx provides market, technical and business expertise that is complementary to BioScan’s resources.
BioScan’s products are expected to be cleared through the 510(k) route, and the Company plans to file FDA and CE submissions in early 2009, leading to market introduction in late 2009. “We are very pleased to have partnered with DVx, one of the leading cardiology distributors in Japan, which has the greatest utilization of intravascular ultrasound worldwide,” noted Dr. Stephen M. Fry, CEO of BioScan. “We will be collaborating closely with DVx, through completion of development, regulatory clearances, system manufacturing, and market introduction in Japan and Asia. With key Swiss investors, Israeli R&D, an American CEO, and now a Japanese strategic partner, this is truly an international effort.”
BioScan Technologies Ltd. is a privately held company founded in 2000 and focused on the development of novel laser and fiberoptic-based ultrasonic imaging guidewires which provide measurements and imaging that enhances interventional cardiology procedures. The Company’s platform technology, “SonarLight”, utilizes a laser to generate ultrasound, reducing the size of its ultrasound probe to that of an optical fiber. This allows the ultrasound device to remain in place throughout a procedure, providing on-line measurement and imaging capability. BioScan has been funded to-date through an Israeli- and Swiss-led consortium of investors, as well as receiving research funding from the Office of the Chief Scientist of the State of Israel.
About DVx Founded in 1986 with the aim of contributing to “people –friendly” healthcare, DVx Inc. is a leading Japan-based distributor of cardiology products. As a participant in the market for medical products, we pursue a mission of improving quality of life (QOL) for people suffering from disease. DVx has three business segments. The Arrhythmia segment sells cardiac pacemakers, implantable cardioverter-defibrillators (ICDs), electrode catheters and ablation catheters. The Ischemia segment imports and sells automated contrast medium, balloon catheters and excimer laser angioplasty. The remaining segment is engaged in the sale of radioprotection shields and data books, which contain data regarding cardiac pacemakers and ICDs.
Contact BioScan Technologies Ltd:
Dr. Stephen M. Fry, CEO
+1 (916) 941-0150
Contact DVx Inc.: Emiko Tajima, IR·PR Manager