04:38 PM EDT, 03/20/2024 (MT Newswires) -- Perimeter Medical Imaging AI, Inc. ( PYNKF ) - a commercial-stage medical technology company - announced Wednesday upcoming events and provided a corporate update on grant funding opportunities to support its next-generation AI technology development.

Adrian Mendes, Perimeter's Chief Executive Officer, said in a statement, "As we continue to ramp the number of surgeons using our technology, we are excited to showcase our flagship Perimeter S-Series OCT technology at an international conference hosted by the Society of Surgical Oncology. This is an important opportunity to connect with key customers and educate the broader surgical community about the benefits of using Perimeter's innovative technology to assist with visualizing margins real-time in their ORs."

Mendes continued, "Turning to the product development side of the business, although we were shortlisted to the final stages, we did not receive funding from this tranche of the federal PSI grant program sponsored by the Advanced Research Projects Agency for Health (ARPA-H). Although disappointing, it's important to note that these funds were proposed for future tissue type investigations and related product development. All of our current clinical and product development plans remain on track and within our current financial modelling, including a planned interim read-out from our ongoing clinical trial evaluating the use of proprietary AI combined with our OCT technology during breast conservation surgery.

"We continue to explore other relevant grant funding opportunities and were pleased to receive a term extension of our existing CPRIT grant, ensuring continued access to this funding beyond the interim read-out clinical milestone. We look forward to providing a more detailed corporate update when we announce our year-end 2023 results next week," said Mendes in a statement.

The update will be provided on March 28, at 4:30 p.m. ET.

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