We would like to extend a warm congratulations to our affiliate company, NorthSpring Capital Partners, on their first portfolio company, Perimeter Medical Imaging, going public.

Perimeter Medical Imaging AI (PMI), a Toronto-based Medical Imaging and AI company with operation in the U.S., announced its stock exchange listing on June 29th, 2020, after closing of oversubscribed C$10M round in private financing.  

Common Shares began trading on the TSX-V under PMI’s reserved stock ticker symbol, “PINK” on July 6, 2020. The ticker symbol is an allusion to the pink ribbons used for Breast Cancer Awareness Month by the Canadian Cancer Society and the American Cancer Society, highlighting the company’s dedication to helping in the fight against breast cancer.

The public listing followed the news that Perimeter received a USD $7.44M grant from the Cancer Prevention and Research Institute of Texas (“CPRIT”), and the amalgamation of Perimeter with New World Resource Corp. under the name Perimeter Medical Imaging AI, Inc.

Founded in 2013, Perimeter has been transforming the specimen imaging landscape. Perimeter’s OTIS™ platform is an FDA-cleared point-of-care imaging system that provides clinicians with real-time, ultra-high-resolution, sub-surface image volumes of the margin of an excised tissue specimen to improve long-term outcomes for patients and reduce healthcare costs. Perimeter is additionally developing advanced AI/machine learning image assessment tools to increase review efficiency.

The funding from CPRIT will allow Perimeter to achieve FDA clearance for an AI-enhanced version of their proprietary OTIS™ technology while PMI’s new status as a publicly-traded company will allow access to new sources of capital to accelerate commercialization and refine their AI technology.

In a press release provided by the company, Jeremy Sobotta, PMI’s CFO and President of U.S. Operations, noted that “Taking Perimeter public at this stage of the company’s life cycle will be instrumental in the success of the organization. Our technology should be in the hands of as many physicians as possible, and being a public company provides us access to the capital needed to scale in support of our growth.”

Congratulations to the whole Perimeter team on their achievement, we look forward to seeing the commercialization of their innovative technology!