VANCOUVER, BC – May 27, 2020 – Izotropic Corporation (“Izotropic” or the “Company”) (CSE: IZO) announces that further to its News Release of January 28, 2020, five individuals (the “Individuals”) participated in the Company’s warrant incentive program and exercised an aggregate of 6,150,000 warrants (the “Warrants”) for aggregate proceeds to the Company of $1,230,000. To induce the early exercise of the Warrants, the Company issued an aggregate of 6,150,000 warrants (the “Incentive Warrants”) to the Individuals.
The issuance of The Incentive Warrants was delayed due to the closure of law offices in response to Covid-19.
The Incentive Warrants are exercisable into common shares of the Company at an exercise price of $0.20 per common share until May 26, 2022.
The Incentive Warrants and the common shares issuable upon exercise of the Incentive Warrants are subject to a four month and a day hold period from the date of the issuance of the Incentive Warrants pursuant to applicable Canadian securities laws.
ON BEHALF OF THE BOARD
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.