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Mbeach Software Inc. Retains Wakabayashi Fund, LLC for Institutional Investor Relations and Capital Procurement Services
Nov 22, 2011 (03:11 PM EST)
NEW YORK, Nov. 22, 2011 /PRNewswire/ -- Mbeach Software Inc. ("MBHS") (OTCPK: MBHS) announced today that the company has engaged Wakabayashi Fund, LLC ("Wakabayashi"), a Japanese and New York consulting firm, to provide investor and public relations services, capital funding services, and to present the company to institutional investors. These services will augment the funding commitment of Southridge Partners II LP to extend the company an equity line of up to $10 million per the agreement signed in August 2011.
"Wakabayashi Fund, LLC is very pleased to have been retained by Mbeach Software Inc. and share with the company's experienced management team the full scope of our services in the financial markets," said Tadaharu Wakabayashi, President of Wakabayashi Fund, LLC. "Once the company's capital needs have been met, we believe they should be well-positioned to implement their R&D to launch a market ready product for the early detection of skin cancer, apply for regulatory approvals and initiate their preliminary marketing agenda."
Mbeach, through Skin Cancer Scanning Ltd. ("SCS"), its wholly owned subsidiary, is in the advanced stages of developing a state-of-the-art medical device, SkinScan 650, which can be used by health practitioners in clinics for more accurate and early diagnostics of Skin Cancer and precursors.
Clinical trials conducted by the company so far have demonstrated a 92.4% accuracy level in diagnosing non-melanoma skin cancer (NMSC). Those results are significantly higher than the average 75% accuracy rate, achieved by dermatologists and 60% accuracy achieved by a general practitioner. Mela Sciences Inc., a developer of a similar medical product for this use, was recently reported to have obtained FDA approval for their product.
Mbeach CEO Yossi Biderman commented, "We expect that working alongside the Wakabayashi team in the implementation of the funding program and the market awareness program will greatly enhance our ability to achieve our designated goals."
About Wakabayashi Fund, LLC:
Our medical device, SkinScan 650's state-of-the-art technology will enable physicians to improve their diagnostic abilities using SkinScan 650. This will replace current diagnostic procedures that have many disadvantages, such as being relatively subjective and dependent on the experience of the examiner. Errors in diagnosis can be fatal. Cancers can remain undetected, grow further and lower chances of survival. A biopsy, the intrusive removal of tissue sample, is usually needed for further diagnoses.
For more information on SCS, visit the company's new website at www.scs-med.com.
Forward Looking Statements
SOURCE Mbeach Software Inc.