Healthcare Industry News: CroFab
News Release - January 18, 2010
T-Ray Science, Inc. Announces Changes in ManagementVANCOUVER, BRITISH COLUMBIA - (HSMN NewsFeed) - T-Ray Science, Inc. (TSX-V:THZ ) ("T-Ray" or the "Company") announced today that Tom Walker is joining T-Ray as the Company's Senior Vice President of Business Development. Mr. Walker has over 25 years of North American and International experience in healthcare markets, including senior management roles with Eli Lilly, Cardinal Health and AGFA Healthcare.
Mr. Walker has been involved with several Waterloo based early-stage companies, successfully assisting those companies in building revenue and positioning them for sale to larger companies; including the merger of Mitra Imaging Inc. with AGFA Healthcare.
Mr. Walker has demonstrated success in corporate governance, strategic planning, business development, sales and marketing, operational management and the development of strategic and financial partners. He has extensive early-stage experience in medical device and diagnostic Life Science markets.
"T-Ray's proprietary platform technology positions the company well to focus on accelerating its commercialization efforts," said Mr. Walker. "The development of a new medical imaging modality for oncology, using the properties of TeraHertz waves, will deliver significant global, health and cost benefits."
The Company has granted 187,500 stock options at an exercise price of $0.25 per share, and 187,500 stock options at an exercise price of $0.30 per share to Mr. Walker. The options have a term of 5 years and have vesting restrictions. There are currently 3,306,575 shares reserved for issuance under the Company's stock option plan.
The Company also announced that Karen Boodram, a current member of the Board of Directors of the Company, has agreed to take on an increased role with the Company. Ms. Boodram will serve as a Consultant, advising the Company in the management of the commercialization efforts of its Skin Cancer Imaging Device. Under the terms of the Consulting Agreement, Ms. Boodram will be paid in both cash and common shares for her services.
Ms. Boodram was previously with PI Financial Corp. as a Life Sciences Analyst and has over 18 years of life sciences industry experience including Director of External Affairs for Novartis Pharmaceuticals and several senior management positions (including Manager of Health Economics) for Ciba-Geigy Pharmaceuticals, spanning both the Canadian and European marketplace. Prior to joining PI Financial Corp., Ms. Boodram led BioManna Consulting where she spearheaded and managed projects for the National Research Council, as well as for biotechnology, pharmaceutical and medical device companies in North America.
The Company also wishes to announce that its Chief Technology Officer, Dr. Daryoosh Saeedkia, is no longer with the organization. The Company expects that, for the foreseeable future, the functions previously performed by Dr. Saeedkia will be performed by Dr. Abdorreza Heidari, the Company's Director of Software and Systems, and Dr. Mohammad Esmaeili-Rad, the Company's Director of MiCroFabrication.
"The changes to the Company's management team will support T-Ray's business and strategic priorities and ensure that proper management is secured to lead these efforts," said Thomas Braun, the Company's President and Chief Executive Officer. "Tom Walker has a terrific track record of building revenue for small technology companies like T-Ray. Karen Boodram's experience as a Life Sciences Analyst gives her a unique insight into the financial markets, and will assist the company to increase its level of strategic planning and communications to meet market demands. These appointments underscore our focus on product realization and generating revenue."
About T-Ray Science, Inc.
T-Ray has exclusive rights to platform technology and is developing a Skin Cancer Imaging device which utilizes the unique properties of TeraHertz waves (THz). The Company is developing a new THz sensing and imaging technology that would constitute a new modality of medical imaging with potentially expanding applications in other areas of cancer imaging. THz waves lie in the frequency range between microwaves and infrared waves on the electromagnetic spectrum. T-Ray Science, Inc. seeks to harness the power of THz waves to develop revolutionary new medical imaging products.
The Company also has a Tablet Analyser for pharmaceutical applications such as drug authentication under development. The Center for Medicines in the Public Interest in the USA predicts that counterfeit drug sales could reach US$ 75 billion globally in 2010 if action is not taken to curb the trade. T-Ray offers a portable, low cost, easy to use, point of care solution, which is patented and in final production engineering with Sanmina SCI. The Company plans to have the first 12 production units ready for final testing and approvals in early 2010.
Forward Looking Statements
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of TeraHertz based products, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Source: T-Ray Science
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