WAKEFIELD, MA / June 5, 2023 Innovation Pharmaceuticals (OTCQB:IPIX) (“the Company”), a clinical stage biopharmaceutical company and minority stakeholder in BT BeaMed Technologies (“BeaMed”), is pleased to inform shareholders that BeaMed, a pioneering company dedicated to revolutionizing epilepsy and cancer surgery through laser-based innovations, reported significant progress in the development of its groundbreaking StingRay Laser system (the “StingRay System”).
BeaMed has successfully completed the manufacturing of its first-ever MRI compatible fiber optic probes, marking a major technical milestone in its development of an advanced laser technology with respect to shaping energy and matching it to patient specific anatomy, a novel concept that BeaMed is proving a reality resulting in a major milestone in the advancement of the StingRay System. The completion of these probes allows for comprehensive integration tests, involving the unique MRI compatible fiber optics, an MRI interface software suite, special algorithms to simplify damage estimation, and custom insertion tools, planned to commence in late June 2023.
An initial area of emphasis of the StingRay System will be for the treatment of epilepsy. Epilepsy affects millions of people worldwide, causing recurrent seizures that significantly diminish their quality of life. Traditional treatment methods, such as medication and surgery, possess limitations and may not be effective for all patients. Recognizing the critical need for innovation, BeaMed has developed an advanced laser system designed to revolutionize epilepsy treatment.
The StingRay System, invented and developed by BeaMed, utilizes a cutting-edge laser-based thermal ablation technology specifically tailored for the treatment of previously inoperable cases of epilepsy. By employing state-of-the-art technology, this novel system precisely targets and ablates seizure-triggering brain tissues. Through controlled delivery of laser energy in a minimally invasive manner, the StingRay System offers enhanced precision and customization to address each patient's unique condition.
The StingRay System introduces entirely new designs for fiber optic probes, along with specially designed high-precision insertion tools and a new software platform for intelligent control and real-time feedback for clinicians. These innovations enable patient-specific treatments and significantly reduce navigational errors. The design and product features, including unique user interface/user experience elements, were developed in close collaboration with leading neurosurgery physicians in the US and Israel, renowned for their expertise in Laser Interstitial Thermal Therapy (LITT) procedures.
“Innovation Pharmaceuticals is delighted with the ongoing progress of BeaMed towards creating a groundbreaking product. By combining advanced technology, precision, and customization, BeaMed aims to redefine epilepsy management and provide renewed hope to patients living with this challenging condition,” commented Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals, BeaMed’s lead investor. “With BeaMed management's proven track record in developing and commercializing surgical laser technologies, we anticipate that the StingRay System will achieve similar success.”
“BeaMed is committed to bringing to market the best possible surgical solution for treating drug resistant epilepsy. Focused and in-depth discussions, alongside intimate involvement of the world’s top clinicians, has allowed us to match the StingRay product architecture to the most advanced surgical needs and requirements. We are excited about BeaMed’s transformational path ahead,” said Gil Shapira, co-founder of BeaMed.
BeaMed was founded by Moshe Eshkol and Gil Shapira, both highly experienced specialists in surgical lasers and medical devices. BeaMed and the development of the StingRay System are also supported by a special prestigious grant from the BIRD Foundation (https://www.birdf.com/), a bi-national organization supporting Israel-US collaboration. Gil Shapira brings forward 28 years of engineering and product development and management experience, with over 19 years in the surgical laser industry. Gil owns and manages neoLaser, a company he founded in 2012, and led to revenue growth and profitability, with a 43% CAGR on its way to more than 1500 global installations and performing 70,000+ surgeries annually in over 30 countries. Previously, Gil led product development and marketing at OmniGuide, a successful high-growth laser based medical device spin-off out of the Massachusetts Institute of Technology (MIT).