BioScan Technologies Ltd. Initiates Incorporation as a U.S. Company - Dr. Stephen M. Fry Appointed CEO and CTO

YOKNEAM, Israel – November 14, 2007 - BioScan Technologies Ltd, the imaging guidewire company, announced today it is initiating its reincorporation as a U.S. company and has appointed Dr. Stephen M. Fry as CEO and CTO of the new company. The announcement demonstrates that BioScan’s strategic intent to rapidly transition itself from an Israeli start-up to a U.S.-based commercial stage company is fast becoming a reality. BioScan aims to submit its novel imaging guidewire for PTCA to the FDA in H1 2008.
The company has appointed Stephen M. Fry, Ph.D. as the new CEO and CTO. Dr. Fry has over 25 years of experience in medical devices. Before joining BioScan, he was Vice President of R&D and CTO of Volcano Therapeutics Inc., where he was part of a small management team that acquired Jomed (Endosonics), redeveloped  an entire product line of intravascular ultrasound catheters and systems which grew sales from $40M to more than $100M leading to a successful IPO in 2006. He is also the founder and CEO of SBDI, a MedTech consulting firm that has advised over 100 companies in various fields of medical devices, was the founder and CEO of TomoTherapeutics, Inc. and EndiCOR Medical Inc. (bought by EV3 Inc.), General Manager of Medical Laser Center of Baxter Healthcare Corp., and Director of Business Development for American Hospital Supply Corp. He has published over 50 papers and book chapters, authored or co-authored more than a dozen books on medical devices. He has a B.S. in Physics, M.S. in Electrical Engineering, and Ph.D. in Quantum Electronics from U.C.L.A., and an MBA in Financial Analysis from National University.

About BioScan Technologies Ltd.
BioScan, founded in 2000, has developed LightWire, a multi-functional, submillimetre (1 French) imaging guidewire, monitored on the ArteroScan system. LightWire provides intra-operative guidance and monitoring of balloon/stent deployment, and postoperative evaluation, thus saving time and resources while providing safe and highly accurate PTCA treatment. It is accurate, effective, easy to operate and cost-effective. Ultrasound image guided stenting is gaining recognition in the clinical community as the method of choice to avoid procedure complications. For  example, the recent S.L.L.R study results published at TCT 2006 showed that geographical miss (longitudinal or axial) occurred 66.6% (!) of stent implantations. Geographical miss has been shown to be a major contributor to procedure complications like late stent thrombosis and target lesion revascularization.
Ultrasound measurement of vessel and lesion dimensions, pre, during and post stenting, provides the physician with the necessary information to optimize stent selection, apposition and deployment, and to ascertain successful procedure outcome. In fact, leading cardiologists have been quoted recently stating that
they choose to use ultrasound guidance in all stent implantation procedures, as recommended by the ACC/AHA Society for Cardiovascular Angiography and Interventions 2005 Guidelines Update for Percutaneous Coronary Interventions (PCI).
LightWire’s main advantages vis-à-vis the current gold standard IVUS (intravascular ultrasound) include that it can be used during the PTCA procedure, its ease of use, and the significantly reduced cost.

In order to finance the FDA and CE approval processes, clinical trials and the market introduction, BioScan is currently raising $5-10M. BioScan has retained Phoenix Corporate Finance Partners LLP as its financial advisor for this transaction. The share issue has attracted significant interest from investors in Israel, Europe and the U.S.

Contact:
Avram Matcovich
BioScan Technologies Ltd.
P.O. Box 281
20692 Yokneam
Israel
+972 (4) 993 7363
avram@bioscantech.com

Marc S Iarchy
Phoenix Corporate Finance Partners LLP
4 Park Place
London SW1A 1LP
United Kingdom
+44 (0) 20 7898 9223
miarchy@phoenixllp.com