“Start-up Company with the Best Innovation” Awarded C$ 200,000

Profound Medical Inc. (PMI) is delighted to announce that it has won the Premier’s Catalyst award for 2010 as Ontario’s “Start-up Company with Best Innovation,” as well as a commitment from the provincial government of Ontario of C$ 200,000 to invest further in developing the opportunity.

http://www.youtube.com/watch?v=Lusw3IhEyz8

The award celebrates “emerging companies that have outstanding performance and the potential to become a market leader as a result of developing a commercially successful product.”

Paul Chipperton, CEO of Profound Medical and McGill MBA alumnus said “we are of course delighted to receive this award. What is perhaps most pleasing is that it is conferred upon us by seasoned industry veterans representing the spectrum of innovation; including Cleantech, Telecom, Software, and Life Sciences. To win under those circumstances is vindication of our technology, but above all a wonderful testament to the dedication of PMI’s small team in building a robust product, value proposition, and company. We have done a great deal in a very short time, with a surprisingly small amount of capital.”

PMI’s innovation is a new medical device that allows for a rapid, minimally-invasive, out-patient procedure for the treatment of prostate cancer. “You might be surprised to learn that patients who are diagnosed with prostate cancer, numbering >200,000 new cases in North America each year, have a very difficult decision when it comes to undergoing treatment. While there are many surgical and some minimally-invasive ways of treating the disease, there remains an alarmingly high level of post-treatment impotence and incontinence.”

PMI’s value proposition is based on greatly improving the speed, accuracy and precision of treatment versus existing approaches. It combines the best of two technologies; MRI as the optimal imaging modality, along with thermal ultrasound as the optimal treatment modality.

Next steps include the closing of a substantive round of financing to allow the company to accelerate on planned clinical trials in North America, Canada, and EU. “We have met the FDA, we have our sites selected, and we are working with literally the most experienced and best clinicians in the world. Once additional financing has been secured, the company is prepared to immediately hire 6-10 new employees to make this happen. We can’t wait to embark on our next phase of growth!”

For more information please contact Paul Chipperton:

T: 647 291 8545

E: pchipperton [at] profoundmedical.com