FINANCIALS PAGE
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BioScan is in the forefront
of research & development and manufacture of products
that are spin-offs from research in physics. Its research
has resulted in two types of apparatus:
· IRIS (Interactive Radiotherapy Imaging System),
which is a very sensitive system of imaging, presenting
a very high level of contrast. This product, intended
for the treatment of cancers, enables control of the positioning
of a patient during the session of radiotherapy.
Patent Numbers
#CH691006
(Swiss)
#EP1004039 (European)
#US
6,552,347 B1 (USA)
#B3569227
(Japan)
·
PIXRAY (Picturing X-Rays on-line), which
is a new generation of a radiological system using x-rays
without film, intended for diagnosis or treatment.
KEY CONSIDERATIONS
FOR INVESTMENT
The chances of success for the BioScan project
depend essentially on the following elements which became
apparent during our analysis of the company :
For a financial
invester, the valorisation (exit) of an investment in
BioScan would probably be made in the form of the sale
of a majority or the totality of the shares to an industrial
partner or to the management (trade sale). The probability
of a quotation on the stock-exchange (IPO) is less likely.
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THE MARKET
BioScan is active
in the field of medical equipment (imaging equipment for
radiology – conventional and interventional –
and for radiotherapy). The world market in this type of
equipment was estimated in 1996 at 13 billion dollars
and has an annual growth rate currently in the order of
7% to 8%.
Within the scope of this study, we interviewed clients
and potential competitors of BioScan in order to evaluate
the way the products are perceived from the viewpoint
of the market. By means of these interviews we were able
to identify the following trends:
· The technology developed
by the company is innovative and the applications derived
from it are perceived very positively by the market (buyers
and competitors) in that they make it possible to reduce
considerably the doses of X-rays and to obtain good quality
images.
· No competitor
has achieved this performance to date.
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ORGANISATION AND
ACTIVITIES OF BioScan SA
BioScan has concluded a certain number of partnership
agreements with the following institutions, which enables
it to react rapidly in matters concerning research and
development :
· the Swiss Confederation
· the University Hospital of Geneva
· the Universities of Geneva and Lausanne
· CERN
Twenty percent of the suppliers of BioScan are Swiss.
They supply BioScan principally with standard equipment.
However, a supplier is a strategic element as regards
the industrial control of the products. Information relating
to this supplier has not been communicated to us, as previously
stated by Mr Dimcovski.
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COMMERCIAL ACTIVITIES
AND MARKETING OF BioScan SA
It is anticipated that BioScan will distribute its products
directly for the first two years of its development. However,
because of the very active competitors in the same field
of research who will be ready to penetrate this market
within the next two to three years according to what they
say, we strongly recommend that BioScan establishes itself
as an OEM (Original Equipment Manager) supplier for the
marketing of its products and thus envisages very rapidly
a collaboration with one or other of the large manufacturers.
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