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TORONTO, ONTARIO -- (Marketwire) -- 02/13/12 -- The Medipattern Corporation ("Medipattern" or the "Company") (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(TM) is now being used in four states in the US: New Hampshire, New York, New Jersey and Pennsylvania. The Company is rolling out the product through a controlled launch which began last June in New York. The product was initially targeted for vascular surgeons and through the launch phase was opened to interventional cardiologists and vascular radiologists. In January, the customer base expanded to include general cardiologists, general radiologists and internists. Visualize:Vascular has now been deployed in 20 sites as the Company continues to validate its sales model and refine the strategy before the national launch.
Medipattern has been attentively monitoring the progress of Visualize:Vascular as the Company enters the vascular arena, and has utilized customer feedback from initial sites to make adjustments intended to ensure success in the market. The Company is now widening its market reach to a larger territory and more medical professionals. Visualize:Vascular can be used by any practice that performs carotid duplex exams on patients to identify those at risk of stroke. As well, the Company has identified other target users such as internists who provide carotid exams for their patients and then in turn have radiologists interpret the exams for them.
Commented Medipattern CEO, Jeff Collins, "Visualize:Vascular is an additional procedure which is billed on a per-use basis. We are experiencing a longer than expected lag time between closing the sale and implementing Visualize:Vascular in the practice. The practices require some time for training, modifying workflow, informing their referring physicians that they now offer a new procedure, and implementing the additional Common Procedural Terminology (CPT) code to enable reimbursement. Revenue on initial quarters will be mainly driven by initial purchases, while per-use renewal license revenue will contribute to successive quarters. To date the per-use business model has been confirmed as customers continue to order license renewals. We expect our revenue to progress as scan volumes increase while customers integrate Visualize:Vascular into their workflow throughout the calendar year."
Upcoming Events Annual Hospital - Physician March 16, 2012 Waltham, MA Leadership Conference MHA Annual Meeting - MHA June 6 - 7, 2012 Brewster, MA SVU/SVS Annual Conference June 7 - 9, 2012 Baltimore, MD
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(TM) 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: www.medipattern.com.
Medipattern?? is a registered mark of The Medipattern Corporation. Visualize:Vascular(TM) 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 www.sedar.com). 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
jcollins@medipattern.com
www.medipattern.com
Spinnaker Capital Markets Inc.
Kevin O'Connor
(416) 962-3300 ext. 226
ko@spinnakercmi.com
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