TORONTO, Nov. 27, 2015 (GLOBE NEWSWIRE) -- Profound Medical Corp. ("Profound" or "Company") (TSXV:PRN), a medical device company developing and commercializing a unique, minimally invasive procedure to ablate the prostate gland in prostate cancer patients, today announced that it will receive the 2016 Life Science Company of the Year award from Life Sciences Ontario.
"Our team is very honoured to be the recipient of LSO's top award," says Steve Plymale, CEO. "We are proud to call Ontario home, as the root of our novel procedure originated at Sunnybrook Research Institute in Toronto. The clinical and investment community has provided tremendous support for our vision of a real-time MRI guided, transurethral ultrasound procedure. We believe it shows potential as a new standard of care and will make a significant difference in the future of men's prostate health."
Profound recently published its 12-month Phase 1 clinical trial outcomes and is preparing for a 100 patient multi-jurisdictional pivotal trial to commence in early 2016. The device, TULSA-PRO TM , will be available in Canada and Europe in 2016, and in the following year in the United States, pending approval by the FDA.
To qualify for the LSO award, Ontario-based companies must be active in life science research and development, and involved in moving innovative products into or closer to commercialization. The award is open to all companies from the life science community including, but not limited to, human health, agrifood, and industrial biotechnology. Qualifying companies are required to be pre-commercialization or early-stage commercialization and have demonstrated leadership and achieved milestones. For information on the annual gala to be held on February 24, 2016, visit http://www.lifesciencesontario.ca/events/awar.../index.php
About Profound Medical Corp.
Profound Medical is a Canadian medical device company that has developed a unique and minimally invasive procedure to ablate the prostate gland in prostate cancer patients. Profound's novel technology combines real-time MR imaging with transurethral therapeutic ultrasound and closed-loop thermal feedback control. It provides a highly precise treatment tailored to patient-specific anatomy and pathology. This method of prostate ablation offers short treatment times and low morbidity, allowing for fast patient recovery. The potential of this technology is currently being demonstrated in clinical trials. For more information, visit profoundmedical.com
About LSO
Life Sciences Ontario (LSO) is a member-driven organization that represents and promotes the province's vibrant and diverse life sciences sector. LSO collaborates with governments, academia, industry and other life science organizations in Ontario and across Canada to promote and encourage commercial success throughout this diverse sector.
Notice regarding forward-looking statements: This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound's technology in the treatment of prostate cancer. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investor and media contacts: Steve Plymale CEO Profound Medical Corp. T: 647-476-1350, Ext. 401 Rebecca von Goetz Senior Marketing & Communications Specialist Profound Medical Corp. T: 647-476-1350, Ext. 426 C: 416.917.8650
