On January 09, 2023 BT BeaMedical Technologies ("BeaMed"), a private company minority-owned by Innovation Pharmaceuticals (OTC: IPIX) (the "Company") developing a next-generation laser based platform for epilepsy and cancer surgery, reported that the Company that it has entered into a definitive strategic agreement with Shina Systems Ltd. ("Shina"), a company specializing in medical imaging software platforms, in order to build on unique capabilities of Shina and accelerate the development, regulatory clearance, and commercial deployment of BeaMed’s StingRay Laser System for brain surgery (Press release, Innovation Pharmaceuticals, JAN 9, 2023, View Source [SID1234626070]).
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BeaMed is the inventor and developer of the StingRay Laser System (the "StingRay System"), a novel laser-based thermal ablation technology designed for treatment of previously inoperable cases of epilepsy and for improvement of outcomes and minimally invasive surgical options for brain tumors. The activation of the StingRay System for brain surgery is done under real time MRI guidance, requiring special software for real time laser control based on MRI thermometry. In addition, special software tools will be developed to leverage the unique laser-based surgical tools developed by BeaMed. Shina brings forward decades of relevant experience in rapid development and deployment of medical imaging software suites, including advanced CT/MRI imaging platforms for strategic health companies.
"We are excited about yet another major step in the execution of BeaMed’s vision for a transformative product platform within a short time. We are confident that this partnership will help enable rapid implementation of all key requirements for FDA submission and subsequent successful product launch," commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals.
"This agreement provides us with two key strategic advantages," said Gil Shapira, Chief Executive Officer of BeaMed. "The first is immediate access to decades of experience and knowledge regarding design and implementation of high end medical imaging platforms including MRI access, 3D image processing and visualization, and superlative usability. The second is acceleration of our development timeline to get through FDA clearance and market launch quickly. This path underscores the execution-focused strategy of BeaMed to successfully bring its innovation to the market efficiently and expeditiously."
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 (View Source), a bi-national organization supporting Israel-US collaboration. Gil Shapira brings forward 26+ years of engineering and product development and management experience, with over 17 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 1,200 global installations and performing 50,000+ 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).
Shina Systems Ltd. develops and markets clinical image management, PACS and medical imaging analysis application software for almost 3 decades. Shina is recognized for its unique tools and intuitive, clinician-friendly application workflow. Clinically effective and technologically distinguished, Shina’s software is installed in thousands of clinical sites worldwide, including OEM partners from the top 10 global medical imaging and equipment companies.