Optos Founder Douglas Anderson Joins Michelson Diagnostics Board

Kent, UNITED KINGDOM


ORPINGTON, United Kingdom, July 1, 2010 (GLOBE NEWSWIRE) -- Michelson Diagnostics Ltd., a leading innovator in Multi-Beam Optical Coherence Tomography (OCT) products for scientific research and healthcare imaging, is pleased to announce that Douglas Anderson OBE FRSE FRSA has joined Michelson as non-executive Director. Anderson is the founder of Optos plc., a medical imaging company listed on the London Stock Exchange. He is currently VP of Global Advocacy of Optos.

More than 3,500 Optos retinal scanners have been installed worldwide, and more than 25M advanced retina examinations have been performed to date using Optos technology. Their scanners give practitioners the benefit of an ultra-wide field, high resolution view of the retina, enabling early detection, management and treatment of disorders and diseases in the retina such as glaucoma, diabetic retinopathy and age-related macular degeneration.

At Optos, Anderson devised an innovative business model whereby the company retains ownership of the device and the clinic pays a fee to Optos for each exam performed. Optos benefits from recurring revenue and the clinic benefits from having no capital outlay. "Having a recurring revenue model provides greater visibility and financial reliability," says Anderson, who founded Optos in 1992. "Our technology advantage and innovative business model were central to our investment proposition when we went public on the main market of the London Stock Exchange in February 2006, where we raised £50m partly for equity release for our founder shareholders and partly to fund our continued growth."

Michelson Diagnostics is planning to apply the pay-per-scan business model to sales of its innovative 'VivoSight' scanner, for the application of non-melanoma skin cancer imaging. In the USA alone, more than 3.5M non-melanoma skin cancers are diagnosed annually1, and there is a pressing clinical need for a scanner to aid the surgeon in judging how far the cancer has spread, to ensure that the whole cancer is successfully excised, but without removing too much healthy tissue. Repeat operations are costing healthcare providers enormous sums: this could be avoided if surgeons could 'see' the tumor with the Michelson Diagnostics scanner.

"I think Michelson has the basis of a sound technology advantage aimed at a real market need," says Anderson. "In the years building Optos, I uncovered many things that worked and some that did not. I hope to bring this experience to bear for the benefit of this young and energetic company and its shareholders."

According to Jon Holmes, CEO of Michelson Diagnostics, "I am delighted that Douglas has agreed to join our Board. His practical experience of building a highly profitable business around the pay-per-scan business model will be of great value to us, and will help accelerate our business growth plans."

1Rogers, H. W., et al. (2010) "Incidence estimate of nonmelanoma skin cancer in the United States, 2006" Arch Dermatol, 146(3), pp. 283-287.

About Michelson Diagnostics

Michelson Diagnostics was founded in 2006; it is privately owned and based in Kent, U.K. The company develops imaging products using a technology called Multi-Beam Optical Coherence Tomography. The technology provides real time images of up to 2mm into tissue with a resolution of better than 10 microns.

The company's products include the EX1301 OCT Microscope which is used by researchers in a variety of fields including genetics research, tissue engineering and industrial metrology and the VivoSight OCT scanner which has CE and 510(k) clearance for use to aid clinical judgments in the field of dermatology. Applications of VivoSight include guiding skin cancer surgery and blood vessel imaging for assessing laser treatment effectiveness.

Further Information

Further information about Michelson Diagnostics is available on the Internet at http://www.md-ltd.co.uk/ or by email to enquiries@md-ltd.co.uk.

For clinical use in the U.S., FDA 510(k) K093520 applies:

The VivoSight Topical OCT system is indicated for use in the two-dimensional, cross-sectional, real-time imaging of external tissues of the human body. This indicated use allows imaging of tissue microstructure, including skin, to aid trained and competent clinicians in their assessment of a patient's clinical conditions.

U.S. Federal law restricts this device to sale by or on the order of a physician.

The Michelson Diagnostics logo and the VivoSight name are the trademarks of Michelson Diagnostics Ltd. and are registered in the U.K., the U.S. & throughout the European Union.


        

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