Imagin Medical Inc., (“Imagin” or the “Company”), a urologic oncology company, announces:
1. the acquisition of the enCAGE Coil™ Precision Ablation System for Prostate Cancer from TROD Medical NV, a Belgian company,
2. further to its press release of August 26, 2021, the closing of the previously announced convertible note, and
3. the opening of a new $7.25M Convertible Note to support the above-mentioned acquisition and the product’s development.
The enCAGE Coil
Prostate ablation is a procedure used to treat prostate cancer. During a prostate ablation procedure, energy (such as heat, cold, lasers, or chemicals) is used to kill the cancer cells. The energy may also destroy some of the surrounding normal prostate tissue.
The enCAGE Coil device is a disposable focal therapy precision ablation device for prostate cancer that delivers bipolar radiofrequency energy through a distinctive “coil” electrode during a minimally invasive office-based procedure. The system allows the surgeon to pre-set precise ablation margins to target only the cancerous tissue, addressing the limitations of other forms of thermal ablation technologies for prostate cancer that risk damaging adjacent structures e.g., the erectile nerves that control urinary and sexual function.
The device has FDA 510(k) approval and has been used in 51 patients, including 20 patients who participated in a Phase II Trial, with results published in The Journal of Urology, April 2021. Dr. Clement Orczyk, Lead of Prostate Cancer Focal Therapy Program, UCL Hospitals in London, England, an Investigator for the trial and first author of the publication, commented “this technology is the most versatile and promising of the many I’ve evaluated for performing focal therapy of prostate cancer with accuracy and safety”. Imagin will be refining the device based on this experience for commercialization.
By acquiring the enCAGE Coil, Imagin is strengthening its position as a urologic oncology company and expanding its portfolio of products to address prostate cancer. With close to 250,000 new cases diagnosed each year, prostate cancer is the most prevalent cancer among men after skin cancer and the second leading cause of cancer deaths among men. The enCAGE Coil™ device joins Imagin’s lead product, the i/Blue™ Imaging System for bladder cancer, building out a best-in-class pipeline for the diagnosis and treatment of urologic cancers. “As a Urologist who has cared for patients with cancer over a 25-year career as a Professor and Urological Oncologic surgeon, I have a deep knowledge of the field and of the needs of patients with prostate and bladder cancer,” said Dr. Kevin Slawin, Chairman of the Board of Imagin. “Our growing focus on bringing best-in-class technologies to patients in an outpatient setting is the culmination of my thoughts over my career as a leader in the field of Urologic Oncology on how to best care for these patients.”