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Company Also Recognized With "People's Choice" Award

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Mahwah, New Jersey, March 14, 2002. DOBI Medical Systems, LLC, announced today it was honored with the "Most Innovative Product for 2002" award for its ComfortScan™ Dynamic Optical Breast Imaging System by the New Jersey Technology Council (NJTC) at the 2002 Venture Fair held recently at the Liberty Science Center in New Jersey. DOBI Medical's ComfortScan™ System is a new, accurate and potentially lifesaving diagnostic tool intended to detect cancer through imaging angiogenesis - the body's creation of new blood vessels which act to support and sustain cancer and other disease development in the body. In addition, DOBI Medical Systems also received the "People's Choice" Award voted by the attendees and exhibitors at the Venture Fair for the most outstanding company. In announcing the award, Joseph Allegra, representing Edison Venture Fund, said that the award usually went to a company different from the ones receiving awards from the NJTC judges, but that this year was an exception. DOBI Medical Systems was the only company to receive multiple awards during the evening's ceremonies.

The NJTC Venture Fair is one of the largest events of its kind in the metropolitan New York/New Jersey area with a reported attendance of nearly 700 investors, entrepreneurs and service providers.

The initial application for the ComfortScan™ System is as an adjunct to mammography for breast cancer diagnosis, with future applications expected to include broad based cancer screening and the non-invasive monitoring of cancer therapy treatments. The ComfortScan™ System is currently involved in the overall FDA approval process although final approval by the FDA has not yet been received. As noted, the ComfortScan™ System is designed to quickly, inexpensively, and painlessly provide images of angiogenesis development in the body, believed to be a vital element in the development and growth of virtually all cancers and a number of other serious diseases of the human body. According to the Boston-based Angiogenesis Foundation, over 70 human diseases are angiogenesis related and more than 500 million persons suffer from angiogenesis-based diseases in Western nations. Today, the ability for medical and scientific professionals to accurately and cost effectively image angiogenesis in the human body is extremely limited.

"The Company is diligently working toward FDA approval to bring women a pain-free and accurate adjunct to the breast cancer diagnostic process intended to significantly reduce the need for the vast majority of breast biopsies performed today," said Phillip Thomas, President and CEO of DOBI Medical. "We are pleased to be recognized for the hard work and creativity which has produced the ComfortScan™ System. Although there is more work to be done, we are poised to provide the medical community and women everywhere with a new tool to help in the fight against breast cancer."

About DOBI Medical Systems
DOBI Medical Systems is a privately held high tech growth company headquartered in northern New Jersey. The Company's first product, the Dynamic Optical Breast Imaging (DOBI) System is designated an investigational device at this time and may be used only for research purposes in the U.S. pending FDA approval. Use abroad is also subject to the regulations of the respective country.

Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition to the factors set forth above, other important factors that could cause actual results to differ materially include, but are not limited to, technical risks associated with new technology development, government regulatory approval, market acceptance of our product, competition and technological change.

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For further information:
Please contact: Phillip C. Thomas, Chief Executive Officer
201-760-6464
pct@igaot.pt

DOBI Medical International
1200 MacArthur Blvd.
Mahwah, New Jersey 07430
Voice: (201) 760 6464
Fax: (201) 760 8860
e-mail: information@igaot.pt

 
 


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