TORONTO, ONTARIO — (Marketwire) — 12/14/11 — Attention: Business/Financial Editors
The Medipattern Corporation (“Medipattern”) (TSX VENTURE: MKI), a pioneer in the development of medical imaging software solutions that help medical practitioners to better understand lesions and critical anatomy, announced today that the Company-s new Visualize:Vascular product has been installed and is in use with customers who occupy all market sectors: vascular surgery, cardiology and radiology. Vascular surgery practices include: Eastern Vascular Diagnostics, Bronx, NY and Northeast Philadelphia Vascular Surgeons, Philadelphia, PA. Cardiology practices include Farmingdale Heart, Farmingdale, NY. Radiology practices include: Milburn Medical Imaging, Maplewood, NJ, University Diagnostic Medical Imaging, Bronx, NY and XXI Century Radiology Imaging, Brooklyn, NY.
Medipattern launched Visualize:Vascular into a variety of practices with various types of equipment, in various states in the United States and into all of the major market sectors. The intention was to better understand the market dynamics in each segment and the Company-s product capabilities in daily use in these sectors. As with all new products, Medipattern identified some improvements to workflow in the product as it moved towards a national roll-out. As previously reported, Medipattern-s ability to generate revenue from the product to date has been impacted by workflow concerns. The Company has now taken action on some immediate workflow changes and has put a plan in place for adding improvement as the product is rolled out.
“Visualize:Vascular post processes images to perform 3D rendering of the carotid artery. 3D rendering is a standard procedure defined in the current Common Procedural Terminology (CPT) used in the United States and as such has had a CPT code assigned to the procedure for many years,” commented Medipattern CEO, Jeff Collins. “Reimbursement using this code has been validated in all three of our launch phase states across all market segments, another key component in our ability to generate revenue from the product. We have added staff and resources to the commercial side of our company to support the continued roll out. We look forward to expanding the product launch on a U.S. national basis during calendar 2012.”
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About the Medipattern Corporation:
Medipattern® is a pioneer in the development of imaging software solutions that help medical practitioners to better understand lesions and critical anatomy. Medipattern uses its Cadenza technology to process images, finding the salient region of interest and presenting them in 2D and 3D formats that enhance the reader-s perception. For more information, please visit the Company-s website: .
Medipattern® is a registered mark of The Medipattern Corporation. Visualize:Vascular is a trademark of the Medipattern Corporation.
Forward-looking statements
This document contains forward-looking statements relating to Medipattern-s performance, operations, or business environment. These statements are based on what we believe are reasonable assumptions given currently available information and our understanding of Medipattern-s current activities. We have tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential”, and similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. A number of factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements. These factors include but are not limited to those set forth in the Company-s corporate filings, (posted at ). In addition, these forward-looking statements relate to the date on which they are made. The Company disclaims any intention or obligation to update or revise any forward-looking statements for any reason. Readers should not rely on forward-looking statements.
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 release.
Contacts:
The Medipattern Corporation
Jeff Collins
CEO
(416) 744-0009 ext. 224
Spinnaker Capital Markets Inc.
Kevin O-Connor
(416) 962-3300 ext. 226
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