Medicsight announces Chinese State Food and Drug Administration approval for MedicRead Colon workstation and new marketing partnership with INFINITT

New York 10 April 2008Medicsight PLC, a subsidiary of MGT Capital Investments Inc., and an industry expert in the development of Computer-Aided Detection (CAD) and image analysis software which assists in the early detection and diagnosis of disease, has received approval from the Chinese State Food and Drug Administration (SFDA) for its MedicRead Colon workstation. Medicsight will launch this workstation via a Chinese dealer network which gives the company access to almost 1000 sales representatives. The company also has signed a new global partnership with INFINITT, a medical imaging and picture archiving and communication systems (PACS) company. Combined INFINITT-Medicsight products for the detection of colorectal cancer will be distributed using INFINITT's global network of offices in six strategic countries and partners and sales channel representatives in 20 other countries worldwide.

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David Sumner, Chief Executive of Medicsight, commented: "This is another significant milestone for Medicsight and we are delighted to have received approval from the SFDA. China is one of the world's fastest growing medical imaging markets and is one of Medicsight's core target markets, with a high installed base of Multidetector Computed Tomography (MDCT), high incidence of colorectal cancer and a large population. In anticipation of this approval, Medicsight has been working closely with its Chinese dealer network in preparation for the national launch in Guangzhou during the May Chinese Society of Abdominal Radiology congress."

President Qi Ji, President of the Chinese Society of Radiology, stated: "We have been working with Medicsight for three years as part of their Chinese clinical programme. We have been delighted with the performance of Medicsight's products, which have proven to make a marked difference in the speed and accuracy of our diagnosis. As the number of patients in China increases, CAD software is becoming increasingly important for radiologists where improved work flow and productivity support their efforts to save lives. I am delighted that Medicsight's products will now be available to radiologists across China."

MedicRead Colon is an advanced visualization workstation for CT Colonography and combines Medicsight's ColonCAD computer-aided detection technology with 3D imaging tools to assist radiologists in the detection of colorectal neoplasia (polyps). This software reduces the workload of radiologists by automatically highlighting suspicious areas on scan images, and may also help radiologists detect possibly malignant tumours at an early stage when treatment is most likely to be successful.

Regarding the INFINITT partnership deal, David Summer stated: "I am delighted to announce this new global partnership with INFINITT, already the PACS market leader in Korea and growing rapidly in other major markets. Strategic partnerships such as this one are a key component of our strategy to build a broad base distribution channel enabling the company to penetrate global markets quickly and thereby move into profitability."

"This is the ideal time for INFINITT to partner with Medicsight", stated Sun-Joo Lee, President and CEO of INFINITT. "The partnership will enable us to bring the next generation of INFINITT solutions combined with the CAD and image analysis solutions of Medicsight to meet the demanding needs of our global customers."

Dr. Se Hyung Kim, Assistant Professor, Department of Radiology, Seoul National University, also commented: "CT Colonography for the screening of colorectal cancer is now at the forefront of screening technologies for this potentially fatal disease. Partnerships such as that between Medicsight and INFINITT which deliver cutting edge 3D and CAD technologies to radiologists around the world are vital to increase the adoption of this very important and life saving technique."

Medicsight's ColonCAD software will be integrated into INFINITT's PACS and 3D Rapidia Virtual Colonoscopy workstations. The latter is a next-generation colorectal cancer screening tool. Integration has already commenced and a successful work-in-progress project was demonstrated at the Radiology Society of North America (RSNA) meeting in November 2007, the major radiology event of the year. Medicsight and INFINITT will work together to prepare for a 2008 global launch campaign.

INFINITT Co. Ltd. is a company specialized in medical imaging and information management. INFINITT, founded in 1997, develops, manufactures and markets PACS systems, 3D medical imaging workstations and imaging software that are now implemented in over 1000 medical institutions in 14 countries, making the company one of the fastest growing vendors in the global PACS industry. INFINITT is the market leader in the South Korea PACS market, and is aggressively pioneering worldwide market expansion through joint ventures in four strategic regions: Japan, China, Taiwan, and the United States, with a branch office in Malaysia.

MGT Capital Investments Inc. is a holding company that focuses on investments in the global health care information technology market. The company has two subsidiaries, Medicsight PLC and Medicexchange PLC.

Medicsight PLC is a developer of computer-aided detection (CAD) software solutions. Medicsight's CAD solutions help clinicians utilizing Computed Tomography (CT) scans to identify, measure and analyse suspicious pathology within the colon and lungs. The Medicsight CAD products are validated against one of the world's largest databases of verified CT scan data collected from leading health care institutions from around the world. Medicsight products allow radiologists and physicians to review scans more quickly and accurately - saving both time and lives.

Medicexchange PLC provides medical imaging professionals with a global web portal containing an on-line sales, jobs and information channel for diagnostic, treatment and surgery planning solutions. This combined with a variety of relevant clinical papers, training materials and content gives these professionals access to information and products that they otherwise would have difficulty accessing.

More Medicsight news is available in the VMW April 2007 article CT colonography study demonstrates effectiveness of Medicsight CAD for colorectal cancer detection in symptomatic patients.


Leslie Versweyveld

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