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Profound Medical Announces Annual Meeting of Shareholders Voting Results; Welcomes Two Industry Veterans as Independent Directors to its Board

/EIN News/ -- TORONTO, June 14, 2018 (GLOBE NEWSWIRE) -- Profound Medical Corp. (“Profound” or the “Company”) (TSXV: PRN) (OTCQX:PRFMF) is pleased to announce the results of the votes on the matters considered at its Annual Meeting of Shareholders that was held today.  A total of 55,264,907 common shares, representing 51.4% of the shares outstanding, were represented in person and by proxy at the meeting.

All of the matters put forward before the shareholders, as set out in the Company's management information circular dated May 2, 2018, were approved by the requisite majority of votes cast at the Meeting.

Election of Directors

At the meeting, the shareholders of the Company elected all eight nominees for the board of directors (the “Board”), including two new independent Directors.  Detailed results of the voting in respect of the election of directors are as follows:

Director   Number of 
Shares
Percentage of Votes Cast 
(rounded)
Arun Menawat Votes For: 55,264,907 100%
  Votes Withheld: 0 0%
Damian Lamb Votes For: 55,264,907 100%
  Votes Withheld: 0 0%
Jean-François Pariseau Votes For: 55,264,907 100%
  Votes Withheld: 0 0%
William Curran Votes For: 55,264,907 100%
  Votes Withheld: 0 0%
Kenneth Galbraith Votes For: 55,264,907 100%
  Votes Withheld: 0 0%
Samira Sakhia Votes For: 55,264,907 100%
  Votes Withheld: 0 0%
Arthur Rosenthal Votes For: 55,264,907 100%
  Votes Withheld: 0 0%
Brian Ellacott Votes For: 55,264,907 100%
  Votes Withheld: 0 0%

“We are pleased that all eight of Profound’s director nominees were elected and would like to take this opportunity to formally welcome Dr. Rosenthal and Mr. Ellacott to the Company’s Board of Directions," said Damian Lamb, Chairman of Profound’s Board of Directors. "Arthur and Brian bring a wealth of industry experience in both emerging and large multinational medical device companies, and I am confident that their expertise and guidance will be of significant benefit to Profound and its shareholders.”

Dr. Rosenthal is an accomplished international medical device industry veteran.  Dr. Rosenthal currently serves as a Professor of Practice in the Biomedical Engineering Department at Boston University and also as CEO of gEyeCue, Ltd., a development stage medical device company working on a guided biopsy for lower and upper gastrointestinal cancer screening.  He has previously served as Executive Vice Chairman of Cappella Medical Devices Ltd. (now ArraVasc Ltd.), Chairman and CEO of Labcoat Ltd., Senior Vice President and Chief Scientific Officer of Boston Scientific Corporation, Vice President of Research and Development for J&J Medical and Vice President of Research and Development at CR Bard.  Dr. Rosenthal has served as a non-executive director on the Boards of several public companies, including Cyberonics, Inc., Renovo, Ltd. and Arch Technologies, Inc., and is currently a non-executive director of LivaNova PLC and Interface Biologics, Inc.  Dr. Rosenthal is a Fellow of the American Institute of Medical and Biological Engineering.  He received his Ph.D. in Biochemistry from the University of Massachusetts.

Mr. Ellacott is an experienced global medical device executive. Mr. Ellacott joined Belmont Instrument, a medical device company with a leading global position in fluid warming and infusion systems, as Chief Executive Officer in December 2017.  Prior to Belmont, he was the President and CEO of Laborie Medical Technologies.  He joined Laborie as President and CEO in July 2013 and in four years completed 14 global acquisitions tripling Laborie’s revenue and increasing EBITDA eight-fold.  The company was ranked as one of the fastest growing and most profitable medical device companies in the world. Prior to joining Laborie, Mr. Ellacott served as Executive Vice President and General Manager of Invacare’s $1 billion North and South American homecare and rehabilitation business. Mr. Ellacott has also held executive positions with Baxter International and American Hospital Supply. Mr. Ellacott serves on the board of Belmont and is the past Chairman of the Board of the Canadian Assistive Devices Association.  Mr. Ellacott holds a Bachelor of Business Administration Degree from Laurier University and is a dual United States and Canadian citizen.

The biographies of all members of the Board are available on the Company’s website at http://www.profoundmedical.com/about-us/#board.

Other Matters

The Company’s shareholders also approved the audited annual financial statements of the Company for the year ended December 31, 2017; approved the re-appointment of PriceWaterhouseCoopers LLP as the auditor of the Company for the ensuing year at the remuneration to be fixed by the Board; and confirmed an amendment to the by-laws of the Company adopted by the Board, effective July 16, 2014, to include mandatory procedures for nominations of persons for election to the Board, including an advance notice requirement for nominations by shareholders in certain circumstances.

About Profound Medical Corp.

The Profound Medical Corp. team is committed to creating the powerful combination of real-time MR-guidance as the imaging platform and ultrasound as the energy source for delivering non-invasive ablative tools to clinicians.  These key technology pillars, linked with intelligent software and robotics, have the potential to fulfill unmet needs of patients and clinicians in many anatomies and disease states, including prostate cancer, uterine fibroids, and bone metastases.  Our mission is to profoundly change the standard of care by creating a tomorrow where clinicians can confidently ablate tissue with precision; a tomorrow where patients have access to safe and effective treatment options, so they can quickly return to their daily lives.

Profound is commercializing a novel technology, TULSA-PRO®, which combines real-time Magnetic Resonance Imaging with transurethral, robotically-driven therapeutic ultrasound and closed-loop thermal feedback control that is designed to provide precise ablation of the prostate while simultaneously protecting critical surrounding anatomy from potential side effects.  TULSA-PRO® is CE marked and Profound is currently conducting a pilot commercial launch of the technology in key European and other CE mark jurisdictions.  The Company is also sponsoring a multicenter, prospective FDA-registered clinical trial, TACT, which, if successful, is expected to support its application to the FDA for clearance to market TULSA-PRO® in the United States.

Profound Medical is also commercializing Sonalleve®, an innovative therapeutic platform that combines real-time MR imaging and thermometry with thermal ultrasound to enable precise and incision-free ablation of diseased tissue.  Sonalleve® is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases.  The Company is also in the early stages of exploring additional potential treatment markets for Sonalleve®, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy, where the technology has been shown to have clinical application.

Forward-Looking Statements

This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, uterine fibroids and palliative pain treatment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.  Such statements are based on the current expectations of the management of Profound.  The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, economic factors, the equity markets generally and risks associated with growth and competition.  Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.  No forward-looking statement can be guaranteed.  Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange), nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:
Stephen Kilmer
Investor Relations
skilmer@profoundmedical.com
T: 647.872.4849

Or

Aaron Davidson
Chief Financial Officer and Senior Vice-President of Corporate Development
T: 647.476.1350

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