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Biotech / Medical : XILLIX FDA APPROVED -- Ignore unavailable to you. Want to Upgrade?

To: Brad who wrote (265)	5/5/1998 3:46:00 PM
From: Raymond McIsaac	Respond to of 572

Hello all: Here is some progress. Are there further ,milestone payments to anyone's knowledge? Also, will this 2 nd generation devise need FDA approval and how complex would that be given current acceptance? How long to market with this Life Lung 2? Tuesday May 5, 2:12 pm Eastern Time Company Press Release Xillix Commences Clinical Testing for the Second Generation Device for Lung Cancer Detection RICHMOND, British Columbia--(BUSINESS WIRE)--May 5, 1998--XILLIX (TSE:XLX. -news) has delivered the second generation prototype system for the early detection and localization of lung cancers to key clinical test sites. This will result in a milestone payment from Olympus Optical Co. Ltd. (Olympus) of Tokyo of $1M in the second quarter. Under the terms of the exclusive joint distribution and development agreement between Olympus and Xillix, signed in January 1997, Xillix agreed to commence development of a second generation medical device for lung cancer detection. ''We have made significant progress in the area of fluorescence imaging technology over the past year,'' said Mr. Pierre Leduc, President and CEO of Xillix. ''We are in a position to significantly improve the medical images that we provide to physicians who are working in the area of lung cancer management.'' The Company expects to gain clinical and technical experience from the medical sites that will be using the devices on a test basis over the next several months. The information gained be used in the final design of the second generation of the Xillix LIFE-Lung Fluorescence Endoscopy System. Xillix Technologies is a leader in the development and commercialization of proprietary medical imaging technology which helps physicians diagnose early-stage cancer. When tissue containing abnormal cells is exposed to light from Xillix's fluorescence imaging devices, physicians are able to detect precancerous and cancerous cells. The Company's lead product, called the Xillix LIFE-Lung Fluorescence Endoscopy System has been approved for sale in the U.S., Canada,Europe and Japan. Worldwide marketing has been granted to Olympus Optical Co. Ltd. of Tokyo, the international endoscopy market leader. Contact: Xillix Technologies Corp. Laurie McMichael, 604/278-5000 E-mail: lmcm@xillix.com