MDST Medicsight

 

TIDMMDST 
 
RNS Number : 2972S 
Medicsight Plc 
15 May 2009 
 

 
 
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| Press Release                      |                        15 May 2009 | 
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Medicsight PLC 
 
 
("Medicsight" or "the Company") 
 
 
First Quarter Summary Trading Statement 
 
Medicsight PLC (AIM: MDST), industry leader in the development of Computer-Aided 
Detection (CAD) and image analysis software to assist in the early detection and 
diagnosis of disease, is pleased to announce its results for the first quarter 
ended 31 March 2009 which are in line with market expectations at this point in 
the calendar year. 
 
Summary Financial Data 
For the three months to 31 March 2009 
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| *     | The Group's cash and equivalents balance at 31 March 2009 was  | 
|       | GBP15,722,000 (31 December 2008: GBP18,387,000)                | 
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| *     | The Group's total assets position at 31 March 2009 was         | 
|       | GBP17,120,000 (31 December 2008: GBP19,958,000)                | 
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| *     | net revenue from external customers was GBP43,000 (31 March    | 
|       | 2008: GBP17,000)                                               | 
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| *     | operating loss before interest and tax of GBP2,457,000 (31     | 
|       | March 2008: GBP2,030,000)                                      | 
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Allan Rowley, Chief Executive of Medicsight PLC commented  "In the first quarter 
of 2009 we took the decision to streamline operating costs across the Group and 
protect our cash position. This meant deferring or cancelling some discretionary 
spend and reducing headcount. We have reviewed the product and clinical roadmap 
to ensure that the reduction in costs will not jeopardise our longer term 
business plans. This process has now largely been completed and we expect to 
see cost savings as the year progresses. 
Regarding regulatory approvals we submitted our response to the Food & Drug 
Administration's (FDA) enquiries in March after working closely with our FDA 
advisers, and await further feedback on the 510(k) application made for 
ColonCAD. We also await a further update from the Ministry of Health, Labour and 
Welfare (MHLW) regulatory authorities in Japan. 
In March 2009 we CE marked the latest version of the Medicsight ColonCAD 4.0 and 
formally launched this product at the European Congress of Radiology. This new 
release significantly reduces the number of false-positive CAD marks presented 
to a radiologist reviewing a patient data set. This should lead to further 
improvements in reader performance when assisted by the ColonCAD(TM) software. 
The ColonCAD 4.0 upgrade will be integrated into our partner workstations and 
will be released into the European market during 2009." 
 
- ENDS - 
 
 
 
For further information: 
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| Medicsight plc                            |                            | 
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| Allan Rowley, CEO                         | Tel: +44 (0)20 7605 7950   | 
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|                                           | www.medicsight.com         | 
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| Daniel Stewart & Co                       |                            | 
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| Simon Leathers                            | Tel: +44 (0) 207 776 6550  | 
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|                                           | www.danielstewart.co.uk    | 
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Media enquiries: 
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| Abchurch                                  | Tel: +44 (0) 20 7398 7700  | 
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| Heather Salmond/Stephanie Cuthbert/Simone | Tel: +44 (0) 20 7398 7728  | 
| Alves                                     |                            | 
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| stephanie.cuthbert@abchurch-group.com     | www.abchurch-group.com     | 
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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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