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Verisante Technology Inc.


Verisante Technology Inc. is committed to helping save lives through the commercialization of innovative systems for the detection of cancer. The company's initial focus is skin cancer, including basal cell carcinoma, squamous cell carcinoma and melanoma. Verisante has licensed a technology developed by the BC Cancer Agency for in vivo, real-time, noninvasive skin measurements. This platform technology may also be applied to detection systems for other types of cancer including lung, gastrointestinal, colorectal and cervical cancers.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Brian Marckx, Zacks Small-Cap Research (4/10/14) "Verisante Technology Inc.'s Aura officially launched in Canada and Europe. . .we expect more substantial revenue going forward. . .in March 2014, the company closed a private placement of 2.8M shares (at $0.17/share) with 100% warrant coverage (24 months, $0.25 strike) for gross proceeds of $481K." -Zacks Small-Cap Research

The Life Sciences Report Interview with Brian Marckx (12/19/13) "Verisante Technology Inc. has a CE mark, meaning that it is approved and can be marketed in Europe, and in October 2011 it got a medical device license from Health Canada to market the Aura [a noninvasive device for detection of skin cancer] in that country. The device is for sale in both Europe and Canada, and also in Australia. Distribution is lined up in Canada and Europe, including in Germany. U.S. approval probably will not happen in the near term. Approval will require a U.S. clinical trial, probably through a premarket approval (PMA) pathway. That's down the road, but it is certainly a goal.

"The Aura technology uses what's called Raman spectroscopy, named after C.V. Raman, who won the Nobel Prize for physics in 1930. A laser is used to determine the biochemical composition of the tissue, which is then compared to a database. The technology has racked up a number of awards in the last few years. The beauty of the skin cancer market is that, as far as detection goes with a device, the market is virtually untapped. Verisante is one of two companies with a marketed device for skin cancer detection.

"The company is Mela Sciences Inc. (MELA:NASDAQ). Verisante's device looks very competitive [compared to Mela Science's Inc.'s MelaFind device]. . .it looks like Verisante's Aura is superior in accuracy and is certainly much faster, which is important if clinicians want to be able to do full body scans. Verisante's technology is also potentially applicable in other cancers, such as lung and oral cancers, which are derivative applications that Verisante is looking at. . .at this point it's still not clear exactly how FDA will treat the Aura in terms of a regulatory pathway, but if the agency does not characterize it as a substantially equivalent device to MelaFind, then, yes, Verisante will likely have to pursue FDA approval via PMA. . .it is realistic to assume that the Aura can be approved in the U.S." More >

Brian Marckx, Zacks Small-Cap Research (12/2/13) "Verisante Technology Inc.'s Aura continues to be recognized as one of the leading novel medical technologies throughout the world and has racked up several high-profile awards and accolades over the last 2 years. . .gross margin continues to improve and came in at 57% in Q3/13, up from 31% in Q2/13 and just 13% in Q1/13. The company noted that it continues to leverage efficiencies from their production and manufacturing processes."

SeeThruEquity (9/9/13) "We are initiating coverage on Verisante Technology Inc. with a fair value of $1.05/share. . .with the initiation of sales in Canada and new distribution agreements in Europe, we see sales of Aura quickly escalating over the next few quarters. . .once the results of the current study are peer tested and published, we expect that the company will be able to seek and obtain regulatory approval for Core's lung cancer application."

Brian Marckx, Zacks Small-Cap Research (9/3/13) "Verisante Technology Inc.'s Q2/13 revenue was $178K from sales of Aura to the company's distributors in Canada and Europe. Revenue came in better than our $109K estimate. . .gross margin, at 31%, was a significant improvement from the slim 13% in Q1/13. . .our near term outlook remains largely intact with the expectation that Verisante books additional sales throughout the current year." -Zacks Small-Cap Research

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The Life Sciences Report Interview with Jim Letourneau (8/15/13) "I like a company called Verisante Technology Inc. because it has an amazing spectroscopic device that detects skin cancer with good accuracy. The current state of the art in skin cancer detection is a visual inspection; if something looks suspicious, a biopsy is ordered. Verisante's skin cancer device is looking good, and new data should come out shortly on a device that detects lung cancer, which could be exciting news.

"Verisante's skin cancer device, called Aura, is game-changing technology for dermatologists. Yet the company's share price is low and its market cap is about $20M. One reason for the undervaluation is that the skin cancer detection instrument has not yet been approved by the FDA. The firm is talking to consultants about how to best get its device into the regulatory approval system. That can be a big challenge for a small company. A device may be approved in Canada, Europe, Japan and China, but the big market is the U.S., and that requires FDA approval." More >

The Life Sciences Report Interview with Brian Marckx (8/8/13) "Verisante Technology Inc. makes a device called the Aura for the detection of skin cancer. It has both a CE mark in Europe and Health Canada approval, has recently launched its device in those regions and already has distribution in Canada and Europe, including in Germany, which is a very big medical device market. It booked initial sales in Q1/13. Skin cancer is a virtually untapped market as far as detection devices go. The way that skin cancer is diagnosed or screened now is somewhat antiquated. A dermatologist essentially looks at the skin and makes a determination of whether a particular lesion should be biopsied.

"There is only one other device on the market that's of significance in terms of competition. . .but Verisante's technology looks to be more accurate, which is very important. It also has a number of other significant advantages, one being that it's much faster—you can scan a whole body rapidly. The U.S. market is a goal, but it's probably down the road, after some U.S.-based studies are done. Verisante's game plan is to roll the Aura out overseas first, to help finance the U.S. studies." More >

The Life Sciences Report Interview with Hugh Cleland (6/27/13) "A stock that I am revisiting after having made money on it in the past is Verisante Technology Inc. Verisante, after years of development, has begun selling the Verisante Aura, a best-in-class noninvasive technology (based on Raman spectroscopy) to assist in detection of skin cancers. The Aura is approved for sale in Canada, Europe and Australia, and the company is pursuing additional approvals in Mexico and Brazil, as well as FDA approval. FDA approval should be a major catalyst for sales and for the stock." More >

Brian Marckx, Zacks Small-Cap Research (5/31/13) "Verisante Technology Inc.'s Aura officially launched in Canada and Europe. Initial sales commenced in Q1/13. We expect more substantial revenue towards the back half of the year as the roll-out will likely be measured and drawn out. . .we view the recent progress with establishing greater distribution as a meaningfully positive operational development and the recent string of various award wins and recognitions as important votes of confidence in the technology and product from the medical and scientific communities. . .we are maintaining our $2.25/share price target and Outperform rating." -Zacks Small-Cap Research

The Life Sciences Report Interview with Jim Letourneau (1/17/13) "Verisante Technology Inc. has a technology that uses Raman spectroscopy to get compositional data that indicates whether a mole is cancerous or not. Other technologies use pattern recognitions from millions of images of moles. Such methods don't utilize compositional data and, consequently, don't work very well. While Verisante has a long road to commercialization, I think dermatologists will be open to using this tool because it's a fast and efficient way to screen. The exciting part is that Verisante's technology doesn't just work on skin cancer. Strong data from a 2011 pilot study and a 2012 follow-up have led to the company working on applications for regulatory approval. Overall, Verisante's platform is very compelling. The technology behind the Verisante Core for lung cancer detection was also named a top 10 cancer breakthrough of 2011 by the Canadian Cancer Society." More >

Brian Marckx, Zacks Small-Cap Research (12/3/12) "Verisante Technology Inc. management continues to hit milestones and at the same time is driving awareness of Aura. . . Aura continues to be recognized as one of the leading novel medical technologies throughout the world . . .Aura has gained significant recognition and racked up an impressive number of awards related to novel, high-potential medical device technologies over the past 18 months. . .we continue to model an assumed U.S. launch in mid to late 2015." -Zacks Small-Cap Research

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