Verisante Enters Into Asset Purchase Agreement With Perceptronix Medical

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Verisante Enters Into Asset Purchase Agreement With Perceptronix Medical
Marketwire.com - Jun 13, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2011) -Verisante Technology, Inc. (TSX VENTURE:VRS)(OTCQX:VRSEF) (the "Company" or "Verisante") announced today that the Company has entered into an Asset Purchase Agreement with Perceptronix Medical Inc. ("PMI").

Under the terms of the Agreement, Verisante has purchased all rights to the ClearVu™ and ClearVu Elite™ endoscopy systems for early lung cancer detection developed by PMI which are designed to provide real-time spectral, white light, and autofluorescence imaging for undisclosed consideration pursuant confidentiality terms of the Agreement.

Included in the acquisition is a portfolio of 12 international patents, rights to 5 additional patents jointly owned with the BC Cancer Agency, trade marks, data from a multi-site global clinical study, 5 ClearVu Elite Research Systems, one ClearVu bench top prototype, and other bronchoscopic and research related equipment for the detection of lung cancer.

The ClearVu™ system is a simultaneous white light and fluorescence real time video accessory which is used with a fiberoptic bronchoscope for lung cancer examinations. The ClearVu Elite™ has the addition of real time reflectance and fluorescence spectral analysis to assess the malignancy potential of suspicious lesions. An international multi-site clinical study involving bronchoscopies for lung cancer detection on 467 patients, and approximately 700 biopsies, was completed in 2007 with the ClearVu Elite™ system with encouraging results. The technology is complementary to the Verisante Core™ which uses rapid Raman spectral analysis for the detection of lung cancer.

"By adding white light and fluorescence visualization and spectroscopy to our proprietary rapid Raman spectral analysis, we can offer customers various options and features. This acquisition gives us greater freedom to operate, and a broader technology platform in the field of early cancer detection. The majority of hospitals around the world still need the visualization capability of the ClearVu™ system to find suspicious lesions and then the rapid Raman spectroscopy to determine if they are malignant and should be biopsied," said Verisante CEO, Thomas Braun. "With either the Core™ alone, or ClearVu™ and Core™ combined, we now have the potential to offer a best-in-class solution customized for the different types of endoscopes that hospitals already have in use. Lung cancer is the biggest cancer killer in the world and we possess the technology to find lesions and then distinguish between harmless benign lesions and malignant cancerous lesions. Early detection is the key to improving survival rates for lung cancer patients."

The Verisante Core™ is already the subject of a fully funded clinical study for early lung cancer detection in which the first 50 patients have been tested with encouraging results at BC Cancer Agency. The Verisante Core™ and ClearVu™ technologies are extensible to the detection of gastro intestinal tract cancers including colorectal cancer, and cervical cancer for which Verisante also has the exclusive world wide rights.

About Verisante Technology, Inc.

Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the Verisante Core™ series for lung, colon and cervical cancer detection utilize a proprietary cancer detection platform while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined on approximately 1,000 lesions at the Skin Care Centre at Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians' immediate results for many of the most common cancers. The Aura and Core have not yet been approved for sale. The Company anticipates Health Canada approval for the Aura in late 2011.

Website: www.verisante.com
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Forward Looking Statements

This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.