CEO Strengthens Commitment and Focus on Medicsight (0582B)

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RNS Number : 0582B

Medicsight Plc

11 February 2011

 
 Press Release   11 February 2011 
 

Medicsight PLC

("Medicsight" or "the Company")

CEO Strengthens Commitment and Focus on Medicsight

Medicsight PLC (AIM: MDST), an industry leader in the development of Computer-Aided Detection (CAD) and image analysis software, announces that its Chief Executive Officer, Allan Rowley, is to focus entirely on Medicsight as it works towards its anticipated regulatory approvals in the US and Japan. Allan Rowley has resigned as Chief Executive Officer and as a director of MGT Capital Investments Inc. ("MGT") - the majority shareholder in Medicsight.

Whilst there can be no guarantee that regulatory approvals will be forthcoming, the Directors of Medicsight believe that as the Company works toward finalising its regulatory approvals in the US and Japan it is well placed for the development and marketing of the Company's computer-aided detection platform for use in the CT Colonography market post regulatory approval.

Tim Paterson-Brown, Executive Chairman of Medicsight, said: "I welcome Allan's decision to focus solely on Medicsight going forward, he has been instrumental in driving our regulatory approval process and has been working closely with both the US and Japanese regulatory bodies. I believe his decision to step down from MGT will be a great benefit to Medicsight."

MGT Chairman and Non-Executive Director of Medicsight, Peter Venton, said: "I thank Allan for his contributions to MGT over the past five years and fully support his decision to concentrate on Medicsight at this important time for the Company. Allan leaves MGT with our best wishes."

Additionally, further to the announcement made by the Company on the 23 November 2010 in respect of a potential redistribution of the Medicsight shares held by MGT (the "Potential Redistribution"), the Company notes the announcement made today by MGT that the Board of MGT is continuing to explore all alternatives with respect to maximising the value of its holding in MGT including considering whether to proceed with the Potential Redistribution.

- ENDS -

For further information:

 
 Medicsight plc 
 Allan Rowley, CEO                 Tel: [phone] 
                                   www.medicsight.com 
 Daniel Stewart & Co 
 Noelle Greenaway / Oliver Rigby   Tel: [phone] 
                                    6550 
                                   www.danielstewart.co.uk 
 

Media enquiries:

 
 Abchurch 
                                    www.abchurch-group.com 
 Julian Bosdet                      Tel: [phone] 
                                     7700 
 [e-mail] 
 Simone Elviss                      Tel: [phone] 
                                     7728 
 [e-mail] 
 Quincy Allan                       Tel: [phone] 
                                     7710 
 [e-mail] 
 

Notes to editors

Medicsight plc is a UK-headquartered, research driven, leading developer of computer-aided detection (CAD) and image analysis software for the medical imaging market. The CAD software automatically highlights suspicious areas on computerised tomography (CT) scans of the colon and lung, helping radiologists to identify, measure and analyse potential disease and early indicators of disease. Medicsight's CAD software has been developed using a large and population diverse database of verified patient CT scan data. Medicsight's ColonCAD(TM) and LungCAD(TM) software products are seamlessly integrated with the advanced 3D visualisation workstations of several industry-leading imaging equipment partners.

About Computer-Aided Detection

With increasingly sophisticated radiological imaging hardware such as Multi-Detector CT scanners, radiologists are facing a growing challenge in the amount of detailed patient image data that they must review for each patient examination. Some CT scan examinations generate as many as 2000 images per patient. Review of this data by the radiologist is not only time-consuming but also prone to error due to reader fatigue. CAD software can help the reviewing radiologist by analysing the image data and automatically highlighting suspicious regions of interest for closer inspection. Without CAD software some potential abnormalities or areas of disease may be overlooked. This can be critical for diagnosis and the management of patient outcomes as early detection of disease greatly increases the probability of successful treatment and a positive therapeutic outcome. In addition to supporting individual radiologists CAD also has the potential to help standardise CT interpretation across both individuals and institutions thereby supporting population based screening programmes.

About Medicsight's CAD software

Medicsight's ColonCAD(TM) and LungCAD(TM) software use an advanced CAD algorithm to analyse CT scans of the colon and lung and automatically highlight suspicious areas that may be indicators of disease. CAD may highlight areas easily overlooked by the reviewing radiologist, such as small lesions or regions that are hidden from view behind folds in the colon or normal structures and surrounding tissue in the lung.

Both CAD products seamlessly integrate with the advanced 3D visualisation platforms of industry-leading imaging equipment partners. The integrated systems provide sophisticated image viewing capabilities, including 3D reconstructed image data, with the added advantage of demonstrating automatic CAD findings to assist clinical end users in the detection and analysis of disease. This allows clinical end users to perform either a 'second read', where CAD findings are displayed to the user after completion of an initial review of the CT scan data, or a 'concurrent read' where CAD findings are displayed during the user's initial review of the original CT scan images.

Since inception, Medicsight has developed close and lasting relationships with some of the world's foremost clinicians in product related areas. This provides the Company with a wealth of clinical expertise and dedicated clinical research to support ongoing product development. Medicsight also collaborates with a number of leading academic institutions and clinical research programmes worldwide to develop the Company's comprehensive database of population diverse verified patient CT scan data, thus allowing Medicsight's products to be validated to the highest possible standards.

This information is provided by RNS

The company news service from the London Stock Exchange

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