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VSM MedTech Announces Award of MEG Contract by Top-Five Neuro Hospital in U.S.


Al Musella's Comments: (This is his personal views and are not necessarily the views of the Musella Foundation!)



Website: http://www.stockhouse.ca/news/news.asp?tick=VSM&newsid=1383013

Posted on: 11/01/2002

VSM MedTech Announces Award of MEG Contract by Top-Five Neuro Hospital in U.S.

11/1/02

VANCOUVER, Nov 01, 2002 (Canada NewsWire via COMTEX) -- VSM MedTech Ltd. (TSX:VSM) today announced that its wholly owned subsidiary, CTF Systems Inc., has been awarded a contract by the University of California at San Francisco (UCSF) to build and install an OMEGA 275-Channel Magnetoencephalography (MEG) system. A final agreement is expected shortly. USCF Medical Center is one of the top five hospitals in the United States for neurology and neurosurgery, including the treatment of brain tumor, epilepsy and stroke, and has the largest brain tumor treatment program in the United States. UCSF is upgrading its existing MEG technology to VSM MedTech's OMEGA system from a competitor's system.

"This is an important sale for VSM as UCSF has world class research and is committed to developing additional clinical applications for MEG," said Barry Allen, President and Chief Executive Officer, VSM MedTech Ltd. "Combined with the recently announced proposal to increase MEG reimbursement rates in January 2003, this relationship with one of the most respected and progressive neurological hospitals in the U.S. will help drive MEG growth in the key clinical market. UCSF's decision is a further endorsement of both the strength of our technology and the tremendous potential for MEG in both research and clinical applications."

UCSF Medical Center will use VSM MedTech's OMEGA system for both research and clinical applications. UCSF has significant experience with MEG technology and, at present, does more clinical pre-surgical functional mapping MEG procedures than any other site in the U.S.

Drs. Srikantan Nagarajan, Director Biomagnetic Imaging Lab, and Gregory Simpson, Director Dynamic Neuroimaging Lab in the Department of Radiology where the MEG system will be housed, said, "We are excited at the opportunity to use this state-of-the-art Electromagnetic Source Imaging (ESI) system from CTF Inc. that combines 275-channel MEG with 128-channel EEG. A major goal at UCSF is the development and integration of ESI as an essential component of multi-modal functional brain imaging. We look forward to developing new capabilities for basic research and novel clinical applications for ESI."

About CTF Systems Inc.

A wholly owned subsidiary of VSM MedTech Inc., CTF Systems Inc. develops and markets magnetoencephalography (MEG) systems, which provide precise information about the location of brain function for both diagnosis and treatment of brain disorders. Complementary to MRIs, PETs and CTs, the Company's OMEGA MEG system is approved for use in the U.S., Europe, Asia and Canada and the system's use is reimbursable in the U.S. for the pre-surgical mapping prior to tumor excision, assessment of brain trauma and epilepsy localization. The OMEGA is currently being used in leading neuro centers around the world for research into areas such as Alzheimer disease, autism, cerebral palsy, chronic pain, stroke, Parkinson's disease, multiple sclerosis and a wide range of development disorders. CTF has developed the world's only fetal MEG system, which safely and passively measures fetal heart and brain activity in-utero. Applications for fetal MEG may include diagnosis of fetal brain and heart abnormalities, prediction of pre-term labour and research into childhood development.

About VSM MedTech Ltd.

VSM MedTech Ltd. is a Canadian medical device company with a growing portfolio of commercial and near commercial diagnostic medical devices. VSM's proprietary, non-invasive solutions include applications for the accurate measurement of blood pressure in both primary and acute care health care environments and imaging systems for the assessment of adult and fetal brain function.

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=26788

For further information: Terry Vanderkruyk, Director, Business Development, CTF Systems Inc., (604) 468-3135 tel, (604) 941-8565 fax, tvanderkruyk(at)ctf.com, www.vsmmedtech.com; Lawrence Chamberlain, Investor Relations, The Equicom Group Inc., 1-800-385-5451, (416) 815-0700 ext. 257 tel, (416) 815-0080 fax, lchamber(at)equicomgroup.com, www.equicomgroup.com

News release via Canada NewsWire, Toronto 416-863-9350

Copyright (C) 2002 CNW, All rights reserved



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