Healthcare Industry News: Optical Biopsy
News Release - May 27, 2010
T-Ray Science, Inc. Announces Management AppointmentsVANCOUVER, BRITISH COLUMBIA, May 27--(HSMN NewsFeed) - T-Ray Science, Inc. (TSX-V:THZ ) ("T-Ray" or the "Company"), a pioneer in the development of a new modality for early skin cancer detection, announced today Tom Walker has been promoted to Chief Business Development Officer and Jeff Hendrikse has been appointed to Vice President of Product Development.
"Our ability to attract and retain high quality executives with relevant industry experience is key to our success in realizing our product development milestones. We intend to build a world class company and Tom and Jeff have the experience we need to manage the rapid growth that lies ahead," said Thomas Braun, CEO of T-Ray.
Chief Business Development Officer
With over 25 years of North American and International experience in healthcare markets, including senior management roles with Eli Lilly, Cardinal Health and AGFA Healthcare, Tom Walker will be responsible for the Company's Business Development Operations, including the design and implementation of all Sales and Marketing strategies. He will lead the Company's efforts in Strategy and Planning, Product Development, Brand Development and Management and Business Development.
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, and Mr. Walker has participated in a number of successful medical device company targeted acquisitions including Pyxis Corp. by Cardinal Health, Inc. and Mitra Imaging, Inc. by Agfa.
"I am impressed with T-Ray's patented imaging and spectroscopy technologies and view this appointment as an opportunity to bring a multi-spectral imaging system for non-invasive, in vivo skin cancer detection to market," said Mr. Walker. "There is great potential for our device to detect skin cancer at an earlier stage than exists today and therefore positively impact patient outcomes. We offer the potential of an "Optical Biopsy", diagnosing skin cancer optically rather than using current surgical methods. This will allow for early and accurate detection while dramatically reducing the need for costly, invasive biopsy procedures."
Vice President of Product Development
Reporting to Tom Walker, as Vice President of Product Development, Jeff Hendrikse will be responsible for leading product development, commercialization, channel development activities and assumes responsibility for the Company's operations in Waterloo, Ontario.
Mr. Hendrikse has a significant range of experience encompassing Business Development, Marketing Strategy, and Product Management. Before joining T-Ray, he served as a "start-up" Corporate Consultant and was Vice President of Business Development for Rapid Laboratory Microsystems. Mr. Hendrikse has held senior marketing positions with Agfa Healthcare and Mitra Imaging, and in addition gained a range of marketing, product management and business development experience in the software industry, working with Fortune 500 customers and multinational OEM partners.
In connection with the appointments, the Company has granted an additional 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; and 50,000 stock options at an exercise price of $0.25 per share, and 50,000 stock options at an exercise price of $0.30 per share to Mr. Hendrikse. 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 issued 21,594 common shares to Karen Boodram for services pursuant to a Consulting Agreement dated January 15, 2010.
About T-Ray Science, Inc.
T-Ray Science, Inc. is a medical device company centered on the development and commercialization of an innovative skin cancer detection system for the early diagnosis and treatment of all significant forms of skin cancer. (Including: melanoma, basal cell carcinoma and squamous cell carcinoma).
T-Ray's patented imaging and spectroscopy technologies are the foundation for the development of the company's non-invasive, in vivo skin cancer detection and delineation system. This diagnostic tool will deliver significant clinical impact through improved patient outcomes, and will reduce healthcare costs by eliminating the need for most biopsies. The platform technology is extensible to other forms of cancer including lung and cervical cancers.
T-Ray continues to build a portfolio of OEM and out-licensing agreements to support numerous research and commercial applications.
Forward Looking Statements
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of THz 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.
Source: T-Ray Science
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