Steve Plymale, CEO of Profound Medical (PRN:TSX.V), discusses the company’s new and innovative way to treat prostate cancer.
Profound Medical is developing a new medical device to treat prostate cancer. In about 40 minutes we deliver enough energy to treat the entire prostate in a single treatment and this is now a new alternative to either surgery or radiation. We use a trans-urethral approach, we use ultra sound energy to produce heat and we use real time image guidance. When those attributes are combined, we have an absolutely unique and novel offering and it has been embraced clinically.
One in one seven men will be diagnosed in their lifetime with prostate cancer and this is what we are tackling with our device. Today’s current therapies bring many complications and side effects. Erectile dysfunction rates can be as high as 50-60 percent or higher. Profound has demonstrated rates of erectile dysfunction at eight percent.
We have just received our CE mark in Europe and we’ve sold our first system. We now have agreements with Philips Healthcare, and Siemens Healthcare. We’ll be looking to continue to expand our strategic partnerships and we are also launching a pivotal trial which we will submit that data to the FDA for US market entry. What’s gratifying about this technology is that it impacts so many man and we believe this will become a new standard of care.