TORONTO, July 31, 2017 (GLOBE NEWSWIRE) -- With reference to its press release dated June 30, 2017, Profound
Medical Corp. (TSXV:PRN) (OTCQX:PRFMF) (“Profound”) announced today that all closing conditions have been satisfied and it has
completed the acquisition of Royal Philips’ (NYSE:PHG) (AEX:PHIA) (“Philips”) Sonalleve MR-HIFU business.
Sonalleve MR-HIFU is an innovative therapeutic platform that combines real-time MR imaging and thermometry with
high intensity focused ultrasound to enable precise and incision-free ablation of diseased tissue.
Philips will continue to distribute Profound’s TULSA-PRO® system, which is designed specifically for
ablation of prostate tissue and also uses real time MR imaging with thermal ultrasound for precise ablation. In addition, Philips
and Profound have now expanded this non-exclusive strategic sales relationship to include distribution of Sonalleve MR-HIFU.
For a limited time, Philips will also provide other services, including, but not limited to, manufacturing and
installation.
With the completion of this acquisition, Profound becomes the only company to provide a therapeutics platform
that provides the precision of real-time MR imaging combined with the safety and ablation power of directional (inside-out) and
focused (outside-in) ultrasound technology for the incision-free ablation of diseased tissue.
“This transaction with Philips is truly transformative for Profound, and represents an opportunity for us to
immediately transition from a development-stage to a growth-stage company,” commented Dr. Arun Menawat, Profound’s CEO. “From a
commercial perspective, our strengthened MR-Ultrasound ablation technology platform not only benefits Profound by significantly
increasing the total opportunity size and creating synergies, but also benefits hospital customers by providing them with the
ability to better utilize their MR system assets. In addition to the contribution the acquisition of the Sonalleve MR-HIFU
business will make to our revenue base, we believe that it will also help accelerate our growth going forward.”
“We are excited about our enhanced close collaboration with Profound, as we aim to accelerate the development of
new clinical applications and address the evolving needs of our current and future customers,” said Rob Cascella, Chief Business
Leader Diagnosis and Treatment at Philips.
About Profound Medical Corp.
The Profound Medical team is committed to creating the powerful combination of real-time MR-guidance as the
imaging platform and ultrasound as the energy source for delivering non-invasive ablative tools to clinicians. These key technology
pillars, linked with intelligent software and robotics, have the potential to fulfill unmet needs of patients and clinicians in
many anatomies and disease states, including prostate cancer, uterine fibroids, and bone metastases. Our mission is to profoundly
change the standard of care by creating a tomorrow where clinicians can confidently ablate tissue with precision; a tomorrow where
patients have access to safe and effective treatment options, so they can quickly return to their daily lives.
Profound Medical is commercializing a novel technology, TULSA-PRO®, which combines real-time Magnetic
Resonance Imaging with transurethral, robotically-driven therapeutic ultrasound and closed-loop thermal feedback control that is
designed to provide precise ablation of the prostate while simultaneously protecting critical surrounding anatomy from potential
side effects. TULSA-PRO® is CE marked and Profound Medical is currently conducting a pilot commercial launch of the
technology in key European and other CE mark jurisdictions. The Company is also sponsoring a multicenter, prospective
FDA-registered clinical trial, TACT, which, if successful, is expected to support its application to the FDA for approval to market
TULSA-PRO® in the United States.
Profound Medical is also commercializing Sonalleve MR-HIFU an innovative therapeutic platform that combines
real-time MR imaging and thermometry with thermal ultrasound to enable precise and incision-free ablation of diseased tissue.
Sonalleve is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. The Company is also
in the early stages of exploring additional potential treatment markets for Sonalleve MR-HIFU, such as non-invasive ablation of
abdominal cancers and hyperthermia for cancer therapy, where the technology has been shown to have clinical application.
Forward-Looking Statements
This release includes forward-looking statements regarding Profound and its business which may include, but
are not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer. Often,
but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects",
"scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and
circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result
of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry,
economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has
attempted to identify important factors that could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as
required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts For further information, please contact: Stephen Kilmer Investor Relations skilmer@profoundmedical.com T: 647.872.4849 Or Rashed Dewan Vice President, Finance T: 647.476.1350