LAS VEGAS, May 6, 2003 (PRIMEZONE) -- August Biomedical Corp. (OTCBB:AGBM) ("August"):
In January 2003, August purchased the patent titled "Fluorescence scope system for cancerous dermatologic and oral lesion diagnosis". This patent describes a scope system that is beginning to show utility in detecting abnormal lesions in the oral cavity. According to Dr. M. Rosin, a senior research scientist and professor of the Cancer Control Research Program at the British Columbia Cancer Agency (BCCA), clinicians at the Oral Dysplasia Clinic at BCCA have been experimenting with the device for the last half a year. Early data suggests that the scope system is showing promising results in identifying suspicious lesions.
The US Oral Cancer Foundation estimates that 30,000 people will be diagnosed with oral and pharyngeal cancer in 2003. Approximately 8,000 people will die from the disease this year, with a 50% mortality rate over 5 years. Worldwide the problem is much greater, with over 350,000 to 400,000 new cases diagnosed each year. The death rate associated with this cancer is particularly high as the cancer is routinely discovered late in its development. Often, it is only discovered when the cancer has metastasized to another location, most likely the lymph nodes of the neck. Prognosis at this stage of discovery is significantly worse than when it is caught in a localized area. At these later stages, the primary tumor has had time to invade deep into local structures.
Under terms of the agreement, August completed the final payment totaling $200,000 for the acquisition of the patent entitled "Fluorescence scope system for cancerous dermatologic and oral lesion diagnosis". This patent describes an apparatus for the diagnosis of a skin and oral disease site by visual fluorescence inspection. The fluorescence image is used to aid the medical assessment and diagnosis of skin conditions by supplementing the visual assessment of oral and skin lesions made with the naked eye. August believes that this will strengthen its intellectual property position for its main product -- the "CERVeyor(tm)". In addition, it creates the potential to add new diagnostic products that could aid in screening for cancers and enhance the ability to delineate tumor margins during neurosurgical procedures. The patent is subject to royalties totaling 2.5% of gross revenues in favor of the British Columbia Cancer Agency ("BCCA") and the original inventors.
The CERVeyor(tm) System is based on this proprietary technology developed at the BCCA. Researchers at the BCCA are known internationally for their work on the natural fluorescence of tissues. The first of the three key areas of knowledge on which the CERVeyor(tm) system is based is a detailed and comprehensive understanding of the optical properties of tissue and how those "signature" properties change as cancer develops. The second is a thorough understanding of optics, spectral imaging, and light sources for tissue illumination. The third is a comprehensive understanding of human vision, encompassing the physiological and optical properties of the eye, the neural post-processing of optical signals from the rods and cones of the retina, and the role of the brain in extracting shape and color information from these neural signals.
Cervical cancer is the second most common cancer in women worldwide, and is the leading cause of cancer mortality in women in developing countries. In the United States alone, over $6 billion is spent annually in the evaluation and treatment of low-grade precursor lesions. Cervical cancer goes undetected in developing countries because of the high cost of the tests (Papanicolaou smear "PAP", scraping the ectocervix with a wooden or plastic spatula and the endocervix with a brush) and the lack of trained personnel and resources to screen and diagnose. In the US, Canada, and Europe, resources are wasted on the evaluation and treatment of lesions not likely to progress to cancer. As a result, the CERVeyor(tm) system could vastly improve both the screening for and detection of cervical cancer while decreasing the cost.
About AUGUST
AUGUST Biomedical Corp. (www.augustbio.com) is a medical technology company that develops, manufactures, and markets next generation proprietary dental and surgical imaging systems and devices aiding in the detection and localization of oral and cervical cancer.
This document may contain certain forward-looking statements regarding August Biomedical Corp. including statements about its operations, prospects and expectations about future financial results, including, but not limited to, future revenues and earnings. The words "estimate", "possible", "expects", "anticipates", believes", "seeking", and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. These forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially and are subject to change at any time. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including those risks and uncertainties detailed in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2001 filed with the SEC as well as subsequent forms B-K's, 10-Q's, 14-C and S-8 registrations.
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