FOR IMMEDIATE RELEASE
TechniScan Completes Reverse Merger and Becomes a Publicly Traded Company
– Currently Testing 3-D Breast Imaging Device Using Warm Bath Ultrasound –
SALT LAKE CITY, Utah, October 20, 2009 – TechniScan, Inc. (OTCBB: TSNI) (“TechniScan”
or the “Company”), a medical device company engaged in the development and
commercialization of an automated breast ultrasound imaging system, has become a publicly
traded company through a reverse merger with and into Castillo, Inc., a Delaware corporation.
In accordance with the merger agreement, which became effective October 9, 2009, the
surviving entity in the reverse merger will be known going forward as TechniScan, Inc., a
Delaware corporation. The Company’s common stock is now trading on the OTC Bulletin Board under the symbol “TSNI.”
TechniScan’s imaging system, named Svara™, after the Hindu Goddess of Sound, surrounds
the breast in a warm bath of water, which allows ultrasound transducers to transmit sound
waves into and through the breast, capturing 3-dimensional images of the interior of the breast.
Svara™ is designed to provide physicians with a new, non-invasive, ultrasound imaging tool
that will provide detailed information about the physical structures within the breast. David C. Robinson, President and CEO of TechniScan said, “Becoming a public company is a significant milestone for TechniScan as we continue to improve the resolution and gather clinical data from our Svara™ WBU™ automated breast imaging system. We expect that our current clinical testing sites in the United States and in Europe will provide us with the data we need for a successful commercial introduction of the system in 2010.”
Robinson continued, “This reverse merger allows TechniScan to become a publicly traded
company, which we believe will help us continue to raise the funds needed to make refinements in our imaging system and introduce a commercial version within the next year. We expect that these developments will create broader opportunities for TechniScan, and our European partner, Esaote (www.esaote.com), in the use of automated ultrasound as another effective imaging tool to help radiologists more effectively detect and diagnose breast cancer."
“In light of October being Breast Cancer Awareness Month,” added Robinson, “I think this is a
propitious time for TechniScan to become a publicly traded company.”
TechniScan has raised more than $24 million in equity financing and $5 million in federal grant funding from the National Institutes of Health (NIH) and the National Cancer Institute (NCI), bringing the total raised to approximately $29 million.
About TechniScan, Inc.
Based in Salt Lake City, TechniScan, Inc. is a medical device company engaged in the development and commercialization of a non-invasive imaging tool designed to provide physicians with automated ultrasound images of the human breast. The system uses a process called Warm Bath Ultrasound™ (WBU) to provide physicians with automated, 3D, ultrasound images of the physical structures within the breast. TechniScan's WBU™ imaging device is limited by U.S. law to investigational use unless, and until, cleared by the FDA. For more information, please visit www.techniscanmedical.com.
Forward Looking Statements
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "potential," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of TechniScan, Inc. (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov, including the Company's Annual Report on Form 10-K filed on March 22, 2010. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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For More Information:
Press and Media
Tracy Harden
TechniScan Medical Systems
(801) 994-2968
tharden@techniscanmedical.com
Investment Banking Contact
Jesup & Lamont Securities Corp.
Mark Diamond
212-918-0415
mdiamond@jesuplamont.com
David Bocchi
212-918-0472
dbocchi@jesuplamont.com
News & Links
- TechniScan's technology featured in video on NVIDIA's nTersect blog
View the Video - TechniScan uses NVIDIA graphics chips to speed up medical imaging
San Jose Mercury News, 8/31/2009
Read the full article here.
- TechniScan in the press and on the NVIDIA website.
See all the links here.
- TechniScan and NVIDIA break the speed barrier
Read the full article here.
- NVIDIA Goes Pink in Honor of Breast Cancer Awareness
Read the full article here
- Case study for NVIDIA and TechniScan.
Read the full article here.
- TechniScan uses GPGPU to make a better breast ultrasound device
Read the full article here.







