Chamath-backed Perimeter Medical Imaging AI appoints new CEO

 Chamath-backed Perimeter Medical Imaging AI appoints new CEO

Image courtesy: Perimeter Medical Imaging AI

Perimeter Medical Imaging AI, Inc, a portfolio company of Social Capital, has announced a change in its Chief Executive Officer. Jeremy Sobotta, the current CEO, will step down from his position on June 15, 2023, for personal reasons. The Board has appointed Adrian Mendes as the new CEO, who has 25 years of experience as a technology executive. Before joining the Chamath Palihapitiya-backed firm, Mendes served as the Chief Operating Officer at Groq Inc, an AI hardware company.

Social Capital Holdings Inc. (“Social Capital”) had made a strategic investment of CA$43.4 million in the company in December 2021. It had acquired more than 20% stake in the company then.

While making the investment, Chamath Palihapitiya, CEO of Social Capital, had expressed that Perimeter’s advanced imaging technology had the potential to enhance cancer surgery outcomes significantly. He noted that current methods relied on contemporary imaging techniques, which often led to the requirement of additional surgery. This increased payer costs, and potential delays in subsequent treatment plans. Palihapitiya’s investment intended to support the commercial launch of Perimeter’s initial imaging device for breast cancer.

Additionally, Perimeter disclosed that Josh Vose, MD, MBA, has been appointed immediately to its Board of Directors. With years of experience in latest surgical technologies, particularly in breast oncology and reconstruction, Dr. Vose is an accomplished medical device executive and corporate director. He most recently held the positions of CEO and Board Director at SIA Health, where he guided the business through its Series B financing. In addition, he also led the expansion of DuraSorb®’s commercial market and its acquisition by Integra LifeSciences (NASDAQ: IART).

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Perimeter Medical Imaging AI aiding cutting-edge cancer surgery

Perimeter (TSX-V: PINK) (OTC: PYNKF) (FSE: 4PC) is a medical technology business with offices in Toronto, Canada, and Dallas, Texas. Its aims to change cancer surgery by using ultra-high-resolution, real-time, advanced imaging techniques to address areas of unmet medical need.

The company’s FDA-cleared Perimeter S-Series OCT equipment offers cross-sectional real-time visualization of excised tissues at the cellular level. Its next-generation artificial intelligence technology is currently being tested in a pivotal clinical trial. The same also has support from a grant of up to US$7.4 million awarded by the Cancer Prevention and Research Institute of Texas. Notably, company’s ticker is “PINK”, in reference to the pink ribbons worn in support of Breast Cancer Awareness Month.

“We are grateful for Jeremy’s many contributions and service to Perimeter, particularly his prudent management of the Company’s finances as the business transitioned from development stage to commercial stage. We are excited for Adrian to join Perimeter at this exciting time in the Company’s growth as we focus on execution on commercial placements of the S-Series with continued advancement of the AI-enabled B-Series.”

Suzanne Foster, Chair of Perimeter’s Board of Directors, Perimeter Medical Imaging AI

“The hardworking team at Perimeter has done a wonderful job marrying OCT technology with world-class AI algorithms and developing products that will greatly help cancer surgery patients. I look forward to joining this amazing team as they work to deploy these products broadly and get them into the hands of surgeons everywhere.”

Adrian Mendes, incoming CEO of Perimeter

As per Crunchbase, the company was founded in 2013 and has raised a total US$50M in funding till date. Strados Labs (US), InTouch Health (US), and SyMap Medical (China) are other companies in the same domain.

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