The same study on follow-up costs cited above provides additional insight into costly false-positives: 71% of breast biopsies in the US are found to be negative and the expenditure associated is estimated to be $2.18B USD annually. It also reported the average amount paid for a breast biopsy procedure to be $1,938 USD, not including the average costs of additional services or billings to complete the diagnostic process: $1,264 for pathology testing of the biopsy sample, $735 for a follow-up office visit, totalling an average of $3,937 USD.
Given the significant financial and time costs associated with the current care pathways to breast biopsy, and the ability of breast CT to routinely detect small tumors in the 3-5mm range (the average size tumor detected with mammography is 11mm), the Company feels meaningful advances are forthcoming in the earlier detection and diagnosis of breast cancers with dedicated Breast CT and breast CT biopsy devices.
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The Company also announces the issuance of 150,000 stock options to a consultant at an exercise price of $0.26 per share for a 6-month term, expiring at the close of business on November 6, 2020. The options vest immediately.
ON BEHALF OF THE BOARD
Robert Thast
Chief Executive Officer
About Izotropic Corp.
Izotropic Corporation and its wholly owned U.S. operating subsidiary, Izotropic Imaging Corp. have been established to commercialize the next generation of breast imaging technology for early diagnosis of breast cancer. The Izotropic Breast CT Imaging System produces high resolution breast images in 3D. A single 10 second breast CT scan acquires approximately 500 images, without painful breast compression, providing radiologists with fully 3D viewing of the scanned breast. Mammography scanning requires compression of the breast between 2 imaging plates, resulting in 2D images.
The Company has the exclusive worldwide license from the University of California, Davis (UC Davis) to commercialize the technology developed by principal founder and Company director Dr. John M. Boone and researchers at UC Davis. The license includes all intellectual property, trade secrets, patents and patent-pending applications that are the foundation of the Company’s breast CT imaging platform.
Approximately $20 million in research funding and over 15 years of research and development have been invested in developing this groundbreaking breast CT imaging technology. Research includes a current, ongoing $2.9M U.S. clinical trial at UC Davis Medical Center.
The Company founders believe that this technology will be a disruptive entry to the market, overcoming many of the challenges faced by existing breast imaging modalities.
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