WAKEFIELD, MA, June 05, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Innovation Pharmaceuticals (OTCQB:IPIX) ("the Company"), a clinical stage biopharmaceutical company and minority stakeholder in BT BeaMed Technologies ("BeaMed"), is pleased to inform shareholders that BeaMed, a pioneering company dedicated to revolutionizing epilepsy and cancer surgery through laser-based innovations, reported significant progress in the development of its groundbreaking StingRay Laser system (the "StingRay System").
BeaMed has successfully completed the manufacturing of its first-ever MRI compatible fiber optic probes, marking a major technical milestone in its development of an advanced laser technology with respect to shaping energy and matching it to patient specific anatomy, a novel concept that BeaMed is proving a reality resulting in a major milestone in the advancement of the StingRay System. The completion of these probes allows for comprehensive integration tests, involving the unique MRI compatible fiber optics, an MRI interface software suite, special algorithms to simplify damage estimation, and custom insertion tools, planned to commence in late June 2023.
An initial area of emphasis of the StingRay System will be for the treatment of epilepsy. Epilepsy affects millions of people worldwide, causing recurrent seizures that significantly diminish their quality of life. Traditional treatment methods, such as medication and surgery, possess limitations and may not be effective for all patients. Recognizing the critical need for innovation, BeaMed has developed an advanced laser system designed to revolutionize epilepsy treatment.
The StingRay System, invented and developed by BeaMed, utilizes a cutting-edge laser-based thermal ablation technology specifically tailored for the treatment of previously inoperable cases of epilepsy. By employing state-of-the-art technology, this novel system precisely targets and ablates seizure-triggering brain tissues. Through controlled delivery of laser energy in a minimally invasive manner, the StingRay System offers enhanced precision and customization to address each patient's unique condition.
The StingRay System introduces entirely new designs for fiber optic probes, along with specially designed high-precision insertion tools and a new software platform for intelligent control and real-time feedback for clinicians. These innovations enable patient-specific treatments and significantly reduce navigational errors. The design and product features, including unique user interface/user experience elements, were developed in close collaboration with leading neurosurgery physicians in the US and Israel, renowned for their expertise in Laser Interstitial Thermal Therapy (LITT) procedures.
"Innovation Pharmaceuticals is delighted with the ongoing progress of BeaMed towards creating a groundbreaking product. By combining advanced technology, precision, and customization, BeaMed aims to redefine epilepsy management and provide renewed hope to patients living with this challenging condition," commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals, BeaMed's lead investor. "With BeaMed management's proven track record in developing and commercializing surgical laser technologies, we anticipate that the StingRay System will achieve similar success."
"BeaMed is committed to bringing to market the best possible surgical solution for treating drug resistant epilepsy. Focused and in-depth discussions, alongside intimate involvement of the world's top clinicians, has allowed us to match the StingRay product architecture to the most advanced surgical needs and requirements. We are excited about BeaMed's transformational path ahead," said Gil Shapira, co-founder of BeaMed.
BeaMed was founded by Moshe Eshkol and Gil Shapira, both highly experienced specialists in surgical lasers and medical devices. BeaMed and the development of the StingRay System are also supported by a special prestigious grant from the BIRD Foundation (), a bi-national organization supporting Israel-US collaboration. Gil Shapira brings forward 28 years of engineering and product development and management experience, with over 19 years in the surgical laser industry. Gil owns and manages neoLaser, a company he founded in 2012, and led to revenue growth and profitability, with a 43% CAGR on its way to more than 1500 global installations and performing 70,000+ surgeries annually in over 30 countries. Previously, Gil led product development and marketing at OmniGuide, a successful high-growth laser based medical device spin-off out of the Massachusetts Institute of Technology (MIT).
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About Innovation Pharmaceuticals
Innovation Pharmaceuticals Inc. (IPIX) is a clinical stage biopharmaceutical company developing a portfolio of innovative therapies addressing multiple areas of unmet medical need, including inflammatory diseases, cancer, and infectious diseases. The Company is also active in evaluating other potential investment opportunities that can add value and diversify its portfolio.
Forward-Looking Statements: This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements concerning future product development plans, including with respect to specific indications; statements regarding the therapeutic potential and capabilities of the StingRay System; future regulatory developments; and any other statements which are other than statements of historical fact. These statements involve risks, uncertainties and assumptions that could cause actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. The Company has in some cases identified forward-looking statements by using words such as "anticipates," "believes," "hopes," "estimates," "looks," "expects," "plans," "intends," "goal," "potential," "may," "suggest," and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are risks related to conducting pre-clinical studies and clinical trials and seeking regulatory and licensing approvals in the United States and other jurisdictions, including without limitation that compounds and devices may not successfully complete pre-clinical or clinical testing, or be granted regulatory approval to be sold and marketed in the United States or elsewhere; prior test results may not be replicated in future studies and trials; the Company's need for, and the availability of, substantial capital in the future to fund its operations and research and development, including the amount and timing of the sale of shares of common stock under securities purchase agreements; and the Company's licensee(s) may not successfully complete pre-clinical or clinical testing and the Company will not receive milestone payments. A more complete description of these and other risk factors is included in the Company's filings with the Securities and Exchange Commission. Many of these risks, uncertainties and assumptions are beyond the Company's ability to control or predict. You should not place undue reliance on any forward-looking statements. The forward-looking statements speak only as of the information currently available to the Company on the date they are made, and the Company undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
INVESTOR AND MEDIA CONTACTS
Innovation Pharmaceuticals Inc.
Leo Ehrlich
info@ipharminc.com
