VANCOUVER, BC – February 11, 2020 – Izotropic Corporation (“Izotropic” or the “Company”) (CSE: IZO) (OTC US: IZOZF) (FRA: 1R3) is pleased to announce the completion of the warrant exercise incentive program announced January 28, 2020.
The Company received $1,230,000 from the early exercise of 6,150,000 warrants priced at $0.20.
Proceeds will be used for ongoing development of the commercial Breast CT System, marketing, and general and administrative purposes.
The Company also announces the issuance of 400,000 stock options. 300,000 stock options to consultants assisting the Company, and 100,000 stock options to a new director. 200,000 stock options are also being cancelled that were previously issued to two directors.
All stock options are issued at an exercise price of $0.37 per share for a 5- year term, expiring at the close of business on February 11, 2025. The options vest immediately.
About Izotropic Corp.
Izotropic Corporation (the Company) 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 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, fully funded $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.