Innovation Pharmaceuticals visits BeaMed about StingRay progress

Innovation Pharmaceuticals informs shareholders that development of the BeaMed StingRay Laser System is progressing smoothly and ahead of estimated schedule. The Company’s CEO and other financial stakeholders in BeaMed recently returned from a visit to Israel to see the StingRay System first-hand. The StingRay System is a novel laser-based thermal ablation technology designed for treatment of previously inoperable cases of epilepsy, and for improvement of outcomes and minimally invasive surgical options for brain tumors. The first-in-class system is a comprehensive design, with planned robust safety features to constantly monitor thermal energy to minimize risk to healthy tissue. These unique features differentiate the StingRay System from other laser-based surgical technologies. During the visit, BeaMed founders Moshe Eshkol and Gil Shapira provided updates on recent BeaMed progress, including a demonstration of data integration software, as well as a review of different fiberoptics undergoing rigorous testing in advance of final selection and planned submission to the U.S. FDA for marketing clearance. A tour of an onsite FDA-approved facility where the StingRay System is being manufactured was also conducted.Having already obtained FDA clearance for the laser component of the StingRay System, BeaMed expects soon to make additional requisite submissions to the FDA for clearance of its fiber optics and its software integration package with Siemens and GE imaging systems.