IMI provides fiscal 2003 commercial update and previews year-end results

IMI provides fiscal 2003 commercial update and previews year-end results
- Expanded clinical program through new research partnerships - Well positioned
to move forward on product development plans - Solid financial foundation at
year end 


TORONTO, March 9  /PRNewswire-FirstCall/ -- IMI International Medical
Innovations Inc. (TSX: IMI; Amex: IME), a world leader in predictive medicine,
today provided investors with a year-end operating update and previewed
financial results for its fourth quarter and fiscal year ended December 31,
2003.

"Fiscal 2003 was a significant year of growth for IMI, during which we
demonstrated steady progress towards our strategic goals, for both our products
and the company as a whole. We continued to gain global exposure for IMI's
cardiovascular and cancer franchises while building awareness and acceptance of
new approaches to predicting disease," said Dr. Brent Norton, President and CEO
of IMI.

"In addition, our partner, McNeil Consumer Healthcare, took significantsteps in
marketing PreVu(x) Coronary Heart Disease Predictor, IMI's skin sterol test for
heart disease. We are pleased with the progress to date and have every
confidence that McNeil will make PreVu(x) a success in heart disease risk
assessment. In addition, we are actively negotiating licensing partnerships for
the U.S. and European markets with several companies."

Dr. Norton continued, "Our achievements in fiscal 2003 represent a strong
platform for long-term, sustainable value creation. With a solid financial
position and prudent management, IMI is poised to advance its strategic plan --
- the commercialization of multiple products united by the single vision of
predictive medicine."

  Fiscal 2003 Operating Highlights
  --------------------------------

  New research partnerships
    -  Established two major collaborative research partnerships, with
       AtheroGenics, Inc., a pharmaceutical company focused on the
       discovery, development and commercialization of novel
       anti-inflammatory drugs, including one for the treatment of
       atherosclerosis, and the International Early Lung Cancer Action
       Program (I-ELCAP), a large, international study sponsored by the
       National Cancer Institute.

  Presentation of new clinical data for cardiovascular and cancer products
    -  IMI's skin test was the subject of a presentation at the American
       Heart Association (AHA) in November as researchers from Johns
       Hopkins University presented data from the Multi-Ethnic Study on
       Atheroscerlosis (MESA). This data showed that IMI's skin test can
       help to identify subclinical, or hidden, heart disease.

    -  IMI's pivotal skin-cholesterol study, published in the December 2003
       edition of Atherosclerosis, an international medical journal,
       demonstrated that skin cholesterol is an independent risk factor for
       coronary artery disease that provides new information about
       cardiovascular disease risk.

    -  In July, positive study results for all three of IMI's
       cancer-detection tests were presented at the American Association
       for Cancer Research (AACR) meeting in Washington, DC, with new data
       showing continued strong performance of the test in detecting
     early-stage colorectal, lung and breast cancers.

  Advancing commercialization of first product
    -  In November, IMI partner McNeil Consumer Healthcare announced the
       brand name of IMI's skin sterol testing product in Canada as
       PreVu(x) Coronary Heart Disease Predictor.

    -  Advanced development of two new skin sterol test formats, one for
       lab processing and the other for home use.

    -  In late 2003, McNeil Consumer Healthcare initiated an education and
       awareness-building phase for its customers and expects to begin
       supplying PreVu(x) in 2004.

  Established quality management systems
    -  Achieved ISO certification in October, which means that IMI meets
       the highest international standards for quality control and customer
       service. This certification is a regulatory requirement in Canada
       and Europe for new product license submissions.

  Increased U.S. market presence
    -  Listed on American Stock Exchange in September, which positions IMI
       to capitalize on U.S. investor interest in the field of predictive
       medicine.


  Subsequent to Year End
  ----------------------


In January 2004, the company announced that a scientific abstract featuring
LungAlert(TM) will be presented at the American Thoracic Society (ATS)
international annual conference on May 24, 2004 in Orlando, Florida. The ATS
annual conference attracts 14,000 delegates and is the premier international
forum for physicians and scientists who work in pulmonary and critical care
medicine.

The abstract accepted for presentation is Examination of the Association of
Galactose Oxidase Reactivity in Sputum with Lung Cancer. The findings further
support that GOS reactivity in sputum samples may be useful as an initial
screening test to identify high-risk subjects.

  Financial Highlights (unaudited)
  --------------------------------


IMI's cash burn for the fourth quarter was within management's expectations
while expenses were consistent with historical rates.

As at December 31, 2003, the company had cash, cash equivalents and short-term
investments totaling approximately CDN$6.7 million. Based on historic burn rates
and the expectation that revenues from partnering activities and product sales
will begin in 2004, management believes the company's cash resources, together
with investment tax credits receivable, are sufficient to meet its current
operating and capital requirements.

The company will report full financial results for the year uponcompletion of
its audit.

About IMI

IMI is a world leader in predictive medicine, dedicated to developing rapid,
non-invasive tests for the early detection of life-threatening diseases,
particularly cardiovascular disease and cancer. The company's head office is
located in Toronto, and its research and product development facility is at
McMaster University in Hamilton, Ontario. For further information, please visit
the company's website at http://www.imimedical.com/.

  -------------------------------------------------------------------------
  Conference Call and Webcast
  IMI will hold a conference call and webcast today, March 9, 2004, at
  10:30 a.m. ET. To access the conference call, please dial [phone]
  in Toronto, or 1 [phone] elsewhere in North America. A live audio
  webcast will be available at http://www.imimedical.com/, and will be
subsequently
  archived for three months. To access the replay via telephone, which
  will be available until March 16, 2004, please dial [phone] or
  [phone] and enter the passcode 21041345 followed by the number
  sign.
  -------------------------------------------------------------------------



This release contains forward-looking statements that reflect the company's
current expectation regarding future events. The forward-looking statements
involve risk and uncertainties. Actual events could differ materially from those
projected herein and depend on a number of factors including, but not limited
to, changing marketconditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process, establishment
of corporate alliances and other risks detailed from time to time in the
company's quarterly, annual and other regulatory filings. 

DATASOURCE: IMI International Medical Innovations Inc.



CONTACT: Sarah Borg-Olivier, Director, Communications,

; Ron Hosking, Vice President and CFO,

[phone]

Copyright