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PMI wins 2 categories at TiEQuest-2010 Business Venture Competition, and recipient of sponsor "Expression-of-Interest" for up to C$ 1,000,000 investment from HTX

Profound Medical Inc. (PMI) is delighted to announce that Thursday it won 2 awards, as chosen by a panel of angel investors, venture capitalists, and intellectual property experts, ahead of 199 other competitors at the TiEQuest 2010 business entrepreneurship awards.The mission of TiEQuest is to connect entrepreneurs and business enthusiasts with the private equity and venture capital industry.

The first award was presented by the Ontario Centres of Excellence (OCE) for the Best Intellectual Property (IP) in the competition.The second award was the Best-in-Class award for Healthcare and Life Sciences, and with it an "expression-of-interest" for up to C$ 1,000,000 from HTX.

Paul Chipperton (MBA'04), Co-founder & CEO of Profound Medical said "With >60% of the contestants representing new technology companies, it's very pleasing that PMI's IP portfolio was recognized by an adjudication panel staffed with seasoned entrepreneurs, investors, and IP professionals. Not only is our technology truly cutting-edge, but the Best-in-Class award, coupled with the Expression-of-Interest from HTX, is confirmation that we are building a business strategy capable of exploiting it to its fullest."

About PMI

PMI's innovation is a new medical device that allows for a rapid, minimally-invasive, out-patient procedure for the treatment of prostate cancer. "You might be surprised to learn that the many patients who are diagnosed with prostate cancer, numbering >500,000 new cases globally each year, have a very difficult decision when it comes to undergoing treatment. While there are many surgical and some minimally-invasive ways of treating the disease, there remains an alarmingly high level of post-treatment impotence and incontinence." PMI's technology is set to enter clinical trials in the USA and Canada in the near future.

For more information on Profound Medical please contact Paul Chipperton:
T: 647 291 8545
E: pchipperton [at] profoundmedical.com

About TiEQuest

TiEQuest is an annual business venture competition held in Toronto to encourage entrepreneurship, engage emerging entrepreneurial talent and to create an ecosystem of entrepreneurship. TiEQuest provides them with the tools to develop a promising business venture, and a competition judged by venture capitalists to give them a forum and a link to experts in the industry.

About OCE

The Ontario Centres of Excellence (OCE) is the pre-eminent research-to-commercialization vehicle in Ontario that takes ideas to income. Created in response to Ontario's most critical competitive challenges, we facilitate economic growth through support for industrially relevant R&D, the opening of new market opportunities and the commercialization of leading edge discovery. We build strong industry and academic relationships. And, we stimulate knowledge transfer through the development of bright minds, moving their skills to the market.

About HTX

HTX will become the leading resource and catalyst for accelerating the growth of Ontario's Medical and Assistive Technologies industry cluster, ensuring Canada's position as a global leader in commercializing related innovation technologies. HTX supports the growth of a dynamic, prosperous Ontario medical and assistive technologies industry sector that aligns with and advances world class health care, enabling enhanced healthy living for its citizens.