Medicsight Expert Recognition Software Awarded European CE Mark and Closes $10M Placing.Business Editors/Health/Medical Writers LONDON--(BUSINESS WIRE)--Oct. 7, 2003 Medicsight Inc (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MSHT) has developed the first viable medical image analysis technology to enable accurate, reproducible and cost-effective radiological interpretation of scans of individuals at risk from coronary heart disease coronary heart disease: see coronary artery disease. coronary heart disease or ischemic heart disease Progressive reduction of blood supply to the heart muscle due to narrowing or blocking of a coronary artery (see atherosclerosis). , lung cancer lung cancer, cancer that originates in the tissues of the lungs. Lung cancer is the leading cause of cancer death in the United States in both men and women. Like other cancers, lung cancer occurs after repeated insults to the genetic material of the cell. and colorectal cancer colorectal cancer Malignant tumour of the large intestine (colon) or rectum. Risk factors include age (after age 50), family history of colorectal cancer, chronic inflammatory bowel diseases, benign polyps, physical inactivity, and a diet high in fat. . Over the past three years, Europe's largest dedicated team of medical imaging scientists, based in London, have developed pioneering medical imaging software that automatically interprets scan data from the new generation of computerised tomography (CT) scanners and highlights abnormalities to radiologists at the earliest, therefore most treatable stages, to achieve the best possible long-term outcome. Release I of the software provides semi-automatic detection, whilst Release II of the software will offer expert computer aided detection (CAD). Release I of the Medicsight software has now been awarded a European CE mark which means that it conforms to the legal requirements of the EU Medical Devices Directive You can improve this article by adding links to related material, within the existing text. After links have been created, remove this message. For more information, see the . The CE marking of the MedicHeart I, MedicColon I and MedicLung I software devices was achieved after a third party review of the Company's technical documentation for each product (including validation and testing), as well an assessment of it's regulatory documentation and quality systems. Now that the CE Mark has been achieved, Medicsight can place the software on the market anywhere in the European Community European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. and it is also accepted as the basis for registration for many other countries worldwide. $10m Of New Funding Secured In addition Medicsight, Inc. has successfully placed $10m of new 144 Restricted Shares at $3.00 per share to a number of long-term investors Long-term investor A person who makes investments for a period of at least five years in order to finance his or her long-term goals. including European Institutions and strategic partners who will assist the company in developing its international distribution expansion. These new funds will be used to continue the successful delivery of Medicsight PLC's business plan. Proposed Consolidation At present Medicsight, Inc. owns 84% of the ordinary shares in Medicsight PLC. Discussions are underway for Inc. to acquire the balance of PLC it does not already own. This proposed consolidation would secure cost savings and enable the company to focus on building international brand recognition for a single investment vehicle. More information about Medicsight can be found on www.medicsight.com or by calling 020 7598 4080. Forward-looking statements made on this press release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in company filings with the Securities and Exchange Commission. |
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