OAKLAND, Calif., July 27, 2022 (GLOBE NEWSWIRE) -- Promaxo, Inc. (“Promaxo” or the “Company”), a medical imaging, robotics, and AI technology company, today announced the sale of its in-office MRI system to two physician practices in the East Coast of the United States. Sovereign Health System, a community healthcare system with specialty urology care provided under Sovereign Health Medical Group in ten offices in New Jersey, and North Florida Urology Associates, a comprehensive urological care practice focused on men’s health with three clinics in Florida, each acquired a Promaxo system. Promaxo’s single-sided MRI with AI based imaging system, FDA cleared for in-office use, empowers practices and hospitals to accurately and seamlessly guide prostate interventions under the Promaxo scanner.
Dr. Amit Vohra, Founder and CEO of Promaxo said, “On positive momentum, we are pleased to steadily add new practices to our physician network, fueling growth in our business. With flexible sales plans tailored to private practices and physicians, our compact MRI system is well priced and featured for this market, while still providing an attractive business model with multiple recurring software, services and ancillary revenues. We are excited about our pipeline and continue to track to our revenue expectations.” Dr. Vohra continued, “Our technology is specifically designed and developed to enable point of care diagnostic biopsies and treatment of cancers, safely and cost effectively. By addressing limitations of traditional MRI systems, we are actively pursuing a $3 billion market for in-office urology procedures and advancing point of care MRI enabled interventions.”
Dr. John Hajjar, Founder, Chairman, and Chief Executive Officer of Sovereign Health System commented, “Sovereign Medical Group is proud to provide state of the art, office based Promaxo MRI to its patients. We feel that this technology will deliver the highest quality of care that is available for the treatment of prostate disease. It will allow us to biopsy precisely the suspicious prostate lesions in a safe manner with minimal risk of any infections. It will allow us to focalize treatment of prostate cancer and benign prostatic hyperplasia in an office setting, with minimal side effects. We look forward to utilizing this technology.”
“Given our longstanding commitment to promoting men’s health with industry leading technologies and therapies, we are now excited to use Promaxo's MRI platform to offer treatments such as cryotherapy, in addition to MRI guided biopsies,” said Dr. Perinchery Narayan, head of North Florida Urology Associates. “Having the Promaxo system in our office also reinforces our specialization in urology and oncology as we leverage technologies that advance prostate cancer care.”
About Sovereign Health System
Sovereign Health System is a multi-specialty community healthcare system, with primary and specialty medical care provided by the physicians of the Sovereign Health Medical Group, in addition to outpatient care provided by Sovereign Health Urgent Care, Sovereign Health Cancer Care, and Sovereign Health SurgiCare. Sovereign Health Medical Group has ten urology practice locations in New Jersey.
About North Florida Urology Associates
North Florida Urology Associates is a medical practice with clinics in Ocala, Gainesville, and The Villages, Florida. With a focus on promoting men’s health for over 36 years, the practice has raised awareness and led its field in treating conditions such as prostate cancer, erectile dysfunction, and kidney stones by leveraging leading technologies. The practice utilizes technologies such as HIFU, ErosWave, cryosurgery, shockwave therapy, and stem cell therapy to address and treat their patients’ needs.
About Promaxo, Inc.
Promaxo was founded by a team of entrepreneurs and healthcare innovators to develop a minimally-invasive and patient-centric MRI and robotic platform. Based in Oakland, California, and backed by over 200 patents, the Company’s mission is to improve lives through state-of-the-art medical imaging, robotics and AI capabilities. With a compact and adaptable MRI, Promaxo is redefining the standard of care by improving the quality and speed of patient diagnosis and interventions. The Company has formed numerous long-term and strategic partnerships with investor groups and corporation as it drives commercialization of the Promaxo MRI system.
To learn more about the technology behind the MRI system and its scope, please visit: Promaxo.com.
LinkedIn: Promaxo
Twitter: @Promaxo
Facebook: Promaxo
Investors
Gilmartin Group
Vivian Cervantes
e: IR@promaxo.com
