LAS VEGAS, Oct. 10, 2002 (PRIMEZONE) -- Coyote Ventures Corp. (OTCBB:CYTV) (the "Company") entered into an option agreement to acquire the patent "Fluorescence scope system for dermatologic diagnosis." Under the terms of the option agreement, the Company paid $20,000 US for an option expiring January 30, 2003 to acquire the patent for $180,000 US. The patent is for an apparatus for the diagnosis of a skin disease site by visual fluorescence inspection. The fluorescence image is used to aid the medical assessment and diagnosis of skin conditions by supplementing the visual assessment of skin lesions made with the naked eye. The Company believes that this will strengthen its intellectual property position for its main product the "CERVeyor(TM)." In addition, it creates the potential to add new diagnostic products that could aid in screening for oral cancers and enhance the ability to delineate tumor margins during neurosurgical procedures. The patent is subject to royalties totaling 2.5% of gross revenues in favor of the British Columbia Cancer Agency ("BCCA") and the original inventors.
The CERVeyor(TM) System is based on a patented technology developed at the BCCA. Researchers at the BCCA are known internationally for their work on the natural fluorescence of tissues. The three key areas of knowledge on which the CERVeyor(TM) system is based are: a detailed and comprehensive understanding of the optical properties of tissue and how those "signature" properties change as cancer develops; the second is a thorough understanding of optics, spectral imaging and light sources for tissue illumination; and the third is a comprehensive understanding of human vision. This encompasses the physiological and optical properties of the eye, the neural post-processing of optical signals from the rods and cones of the retina and the role of the brain in extracting shape and colour information from these neural signals.
Cervical cancer is the second most common cancer in women worldwide and the leading cause of cancer mortality in women in developing countries. In the United States alone, over $6 billion is spent annually in the evaluation and treatment of low-grade precursor lesions. Cervical cancer goes undetected in developing countries because of the high cost of the tests (Papanicolaou smear "PAP," scraping the ectocervix with a wooden or plastic spatula and the endocervix with a brush) and the lack of trained personnel and resources to screen and diagnose. In the U.S., Canada and Europe, resources are wasted on the evaluation and treatment of lesions not likely to progress to cancer. As a result, the CERVeyor(TM) system has the potential to vastly improve both the screening for and detection of cervical cancer while decreasing the cost.
Coyote Ventures Corp. and its subsidiaries, are engaged in the research, development and commercialization of medical-imaging technologies, which aid in the detection and localization of cancer.
Public Company Disclosure
This document may contain certain forward-looking statements regarding Coyote Ventures Corp., including statements about its operations, prospects and expectations about future financial results, including, but not limited to, future revenues and earnings. The words "estimate," "possible," "expects," "anticipates," "believes," "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. These forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially and are subject to change at any time. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including those risks and uncertainties detailed in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2001 filed with the SEC as well as subsequent forms 8-Ks, 10-Qs, 14-C and S-8 registrations.