BROSSARD, Quebec, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Diagnos Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK) (OTCQB: DGNOF), a leader in early detection of critical health issues using advanced Artificial Intelligence (AI), is pleased to announce the signing of a financing agreement in the form of an interest-free loan of up to $2,000,000 from the government of Québec via the Economic Development Fund to support the commercialization of CARA globally.
"Thanks to this financial assistance from the government of Quebec, we will be able to accelerate the commercialization of CARA in markets where the prevalence of diabetes and its complications is high. Among other things, teams of professionals dedicated to marketing and commercialization will be set up to cover each of these markets. We would like to thank the people of the government and Investissement Québec for their trust in our team and our innovative screening technology for diabetic retinopathy, a disease that can cause blindness if left untreated", said André Larente, President of DIAGNOS.
The CARA's commercialization project is valued at $4,065,710. Under the financing agreement, loan disbursement will be made in installments corresponding to 49% of the eligible expenses incurred up to June 30, 2022 for which the Corporation is requesting disbursement, up to $2,000,000. The interest-free loan has a term of 10 years and principal repayment will start after the 24th month following the first disbursement. The Corporation estimates that it will avoid up to $1,350,000 in financing costs due to the loan being interest-free.
The Corporation also announces that last April it had undertaken a cost-reduction exercise to reduce its fixed operating costs through layoffs and the negotiation of a new lease agreement for its head office. Taking into account governmental aid programs related to Covid-19, the Corporation's disbursements have been reduced by nearly 50% from the pre-pandemic level.
DIAGNOS is a publicly-traded Canadian corporation with a mission of early detection of critical health issues through the use of its Artificial Intelligence (“AI”) tool CARA (Computer Assisted Retina Analysis). CARA is a tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care. CARA’s Artificial Intelligence image enhancement algorithms make standard retinal images sharper, clearer and easier to read. CARA is accessible securely over the internet and is compatible with all recognized image formats and brands of fundus cameras and is EMR compatible. CARA is a cost-effective tool for screening large numbers of patients in real-time. CARA complies with local regulations, is FDA cleared for commercialization in the United States of America is Health Canada licensed for commercialization in Canada and is CE marking compliant in Europe.
This news release contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. DIAGNOS disclaims any intention or obligation to publically update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information about this press release, please contact: Mr. André Larente, President DIAGNOS Inc. Tel: 450-678-8882 ext. 224 firstname.lastname@example.org