Innovation Pharmaceuticals (OTCQB:IPIX), a clinical stage biopharmaceutical company and minority stakeholder in BT BeaMed Technologies (BeaMed), has announced significant progress in the development of BeaMed's StingRay Laser system. BeaMed reported a major technical milestone with the completion of its first-ever MRI compatible fiber optic probes, a crucial step in advancing its laser technology for personalized epilepsy and cancer surgery. Integration tests, involving the unique MRI compatible fiber optics, an MRI interface software suite, damage estimation algorithms, and custom insertion tools, are planned to begin in late June 2023.
The initial focus of the StingRay System is on treating epilepsy, a condition that affects millions worldwide and requires innovative approaches beyond traditional treatments. BeaMed's advanced laser system aims to revolutionize epilepsy treatment through laser-based thermal ablation technology. By precisely targeting and ablating seizure-triggering brain tissues, the StingRay System offers enhanced precision and customization for each patient's specific condition.
The StingRay System introduces groundbreaking designs for fiber optic probes, high-precision insertion tools, and an intelligent software platform for real-time feedback. These innovations enable patient-specific treatments and reduce navigational errors. BeaMed collaborated closely with leading neurosurgery physicians in the US and Israel, known for their expertise in Laser Interstitial Thermal Therapy (LITT) procedures, to develop the system's design and features.
Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals, expressed satisfaction with BeaMed's progress and the potential impact of the StingRay System in redefining epilepsy management. With BeaMed's experience in developing surgical laser technologies, Ehrlich is optimistic about the system's success.
BeaMed, founded by Moshe Eshkol and Gil Shapira, specialists in surgical lasers and medical devices, has received support from the BIRD Foundation, promoting Israel-US collaboration. Gil Shapira, with extensive experience in engineering, product development, and management, founded neoLaser, a successful company with global installations and surgeries performed in over 30 countries. He also played a key role in product development and marketing at OmniGuide, a laser-based medical device spin-off from the Massachusetts Institute of Technology (MIT).