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IMI Readies for Launch of Cholesterol 1,2,3 With Manufacturing Agreement.

On schedule to launch one new product annually, beginning with

Cholesterol 1,2,3

TORONTO, July 10 /PRNewswire/

- Predictive medicine company IMI International Medical Innovations Inc. (TSE: IMI) is moving toward the commercial launch of its lead product, Cholesterol 1,2,3(TM), Dr. Brent Norton, President and Chief Executive Officer, today told shareholders at the company's Annual General Meeting.

IMI today announced that it has entered into an agreement with Diagnostic Chemicals Ltd. (DCL) to manufacture Cholesterol 1,2,3 professional-use test kits for the North American market. Cholesterol 1,2,3 is a three-minute, non- invasive test that measures cholesterol on the skin, on the palm of the hand.

"DCL is fully compliant with GMP specification by Health Canada and the FDA, and has manufactured Cholesterol 1,2,3 kits for all of our clinical trials. The product has consistently been of high quality, and we are confident in DCL's ability to meet the expected North American demand. By completing the manufacturing agreement we have put another critical piece in place as we move towards the commercial launch of Cholesterol 1,2,3," Dr. Norton told shareholders.

In January 2001, Cholesterol 1,2,3, IMI's first product to reach the commercialization stage, was cleared for sale in Canada for risk assessment of coronary artery disease. On June 11, 2001, IMI filed a 510(K) application with the U.S. Food and Drug Administration (FDA) for marketing clearance in the U.S.

"Our discussions with potential marketing and distribution partners are progressing well, and we are now pursuing global relationships," Dr. Norton said. "As the negotiations become more sophisticated, we are considering retaining investment banking counsel on the structure of any proposed partnership agreement."

Reaffirmed Vision and Strategy

Dr. Norton confirmed for the company's shareholders that IMI management remains committed to introducing one new predictive medicine product each year, while continuing to expand the company's product portfolio.

"IMI is in transition from strictly a product development company to a product development and commercialization company," said Dr. Norton. "While we are proceeding with the commercialization of Cholesterol 1,2,3 in 2001, our two lead cancer products - ColorectAlert and LungAlert - are advancing through the development stages."

Publication of Cholesterol 1,2,3

A peer-reviewed article on Cholesterol 1,2,3 is published in the current (July) issue of the Journal of Clinical Chemistry. "The publication is an excellent technical article on skin cholesterol and the Cholesterol 1,2,3 test. We continue to build and expand the scientific support behind this and all of our products through scientific meetings and literature," said Dr. Norton.

Retained U.S. investor relations counsel

IMI recently retained New York-based Jaffoni & Collins Incorporated to help build IMI's profile among the U.S. investment community. "Now that we have a product before the FDA and believe we are within months of announcing FDA clearance and a major partnership, we intend to become more active in building awareness in the critical U.S. market. We are committed to creating awareness of predictive medicine broadly, and of IMI's leadership in the field specifically."

New Web Site

Dr. Norton also invited shareholders, prospective investors, and others to visit the company's recently revised web site to assist them in tracking developments in the continuing progress of IMI. The address for the new web site is www.imimedical.com.

IMI is a world leader in predictive medicine. IMI is dedicated to developing rapid, non-invasive tests for the early detection and monitoring of life-threatening diseases, particularly cardiovascular disease and cancer. The company's head office is located in Toronto, and its research and product development facility is at McMaster University in Hamilton, Ontario. Common shares trade on The Toronto Stock Exchange (symbol IMI). For further information, please visit the company's web site at www.imimedical.com.

This release contains forward-looking statements that reflect the company's current expectation regarding future events. The forward-looking statements involve risk and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company's quarterly filings.
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Publication:PR Newswire
Date:Jul 10, 2001
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