The company's President and CEO Jim Hutchens commented, "The sudden impact of the pandemic on the global economy has made it imperative for us to be flexible and quickly adapt our business to current conditions...We have implemented emergency measures to decrease non-essential expenses in all areas of our business in order to extend Imagin's cash runway. We have reduced salaries company-wide, put a freeze on employee travel, and switched to virtual development and operational meetings."
"At the same time, we remain deeply committed to advancing the i/Blue™ Imaging System toward commercialization," Hutchens added.
The company advised that it is paying close attention to the situation and is implementing recommendations received from local and national authorities. The firm noted that the health and safety of its team members and their communities is its highest priority.
"Imagin has acted decisively to lower expenses and improve overall cost structure. We will continue to adjust our operations to the evolving situation to ensure the company emerges from the pandemic in a healthy position to move forward," stated CEO Hutchens.
Imagin Medical is a surgical imaging company based in Vancouver, B.C., that is involved in developing new cancer visualization methods for use in minimally invasive surgical procedures. The firm's initial focus is targeted in the area of bladder cancer. The company stated that it believes "the i/Blue™ Imaging System, with its proprietary optics and light sensors, will greatly increase the efficiency and accuracy of detecting cancer for removal, helping to reduce recurrence rates."
The company advised that since the duration and full extent of the COVID-19 pandemic's effect on economies and global financial markets is not completely known, it is not presently possible to estimate the full impact of the situation on current or future financial results.
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