BURBANK, Calif., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG) announced today that it has entered into a consulting agreement with Scott R. Pancoast, whereby Mr. Pancoast will serve as special advisor to the company’s executive team and its board of directors. Once the company has secured directors and officers insurance, Mr. Pancoast will be named executive chairman of the board, where he will also have an executive role; at that time, Dane Medley, currently chief executive officer and president, will relinquish his CEO role and remain president.
Scott Pancoast most recently served as chief executive officer and board member of Lpath, Inc., a biotech start-up, where he built a world-class team of executives that: took Lpath public and later uplisted it to Nasdaq; forged partnerships with Pfizer, Biogen Idec, Merck-Serono, and the Department of Defense; and raised over $150 million through private and public offerings, government grants, and collaborations. Prior to that, Mr. Pancoast served as executive vice president of Western States Investment Group, a privately owned venture-investment firm, whose holdings included the start-up that introduced the “ear thermometer” [sold to Wyeth/Pfizer]; an RFID start-up that had a leading position in the electronic vehicle-identification market [sold to a JP Morgan fund]; and a medical-device start-up that designed diagnostic and therapeutic devices for gastro-esophageal reflux disease [sold to Medtronic]. In his career, Mr. Pancoast has served on the board of directors of over 15 entities, including three public companies, and been CEO or interim CEO for seven entities. He is a graduate of the University of Virginia, summa cum laude, and the Harvard Business School, with honors.
Dane Medley stated, “We are extremely gratified to have someone with Scott’s background and pedigree join the Imaging3 team. Scott shares our vision of Imaging3 bringing a disruptive technology to the radiology marketplace and consequently achieving sizable market share, while at the same time improving the quality of healthcare, especially for children.”
Added Scott Pancoast, “I was presented with many opportunities over the last couple of years, but it was the promise of Imaging3 that brought me out of retirement. After conducting extensive due diligence, I am convinced of the upside potential of Imaging3’s technology, and I look forward to working with Dane as we build out the management team and position the company for success.”
Imaging3, Inc., founded in 1993, has developed a patented medical imaging technology, called SmartScan™, that will produce 3D medical diagnostic images in real time. Imaging3’s SmartScan technology will allow healthcare professionals to perform diagnostic and therapeutic procedures more quickly and accurately, with fewer risks for the patient. Imaging3’s technology exposes patients to significantly less harmful radiation than current imaging technologies such as CT scans—this, the company believes, will allow scans to be used in more pediatric applications than are currently prescribed. The technology also allows for greater portability, easier installation, and a significantly reduced cost burden for the healthcare system overall. Imaging3 is planning to submit a 510K application to the FDA during 2017 in order to gain approval to commercialize the SmartScan technology.
Visit the company’s website at http://www.imaging3.com for detailed information about the Company’s technology.
Safe Harbor Statement
Imaging3 cautions you that any statement included in this press release that is not a description of historical fact is a forward-looking statement. Many of these forward-looking statements contain the words "anticipate," "believe," "estimate," "may" "intend," "expect" and similar expressions. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties inherent in Imaging3’s business, including, without limitation: the company may not ever obtain FDA approval for any of its devices; the company may not be able to secure the funds necessary to support its product development plans; and the company may not ever achieve the market success to sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger companies, technological obsolescence, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Imaging3 (and the specific risk factors that may affect the realization of forward-looking statements) is set forth in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. Such documents may be read free of charge on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Imaging3 undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
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