Mr. Adrian Mendes reports

PERIMETER MEDICAL IMAGING AI REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

Perimeter Medical Imaging AI Inc. today released financial results for its third quarter ended Sept. 30, 2023, and has provided a corporate update.

Quarterly highlights

• Short-listed to advance to the next stage of a grant funding program sponsored by the Advanced Research Projects Agency for Health (ARPA-H) under Biden Cancer Moonshot Initiative;
• Completed positive interactions with the FDA leading to alignment on key elements of continuing clinical trial, including the introduction of enhanced AI (artificial intelligence) software and a planned interim analysis;
• Initiated additional clinical trial sites at Mayo Clinic in Florida and University of Washington/Fred Hutch Cancer Center in Seattle, Wash.;
• Strengthened Perimeter's leadership team with appointment of experienced medtech executive, Adam Hodges, as vice-president, sales and marketing;
• Hosted an investor webinar and live Q&A (question and answer) session with Perimeter management to provide an overview of key areas of the business.

Adrian Mendes, Perimeter's chief executive officer. stated: "I am pleased with the progress made across the business this past quarter, with a particular focus on advancing our next-gen AI tech currently in clinical development. Based on feedback from the FDA, we successfully introduced improved AI into the ongoing clinical trial evaluating the use of Perimeter B-Series OCT combined with AI during breast conservation surgery. We have now added three additional sites to further support patient enrolment, and we have also integrated a planned interim analysis into the clinical trial protocol. This read-out will provide us with the optionality to conclude the trial early to begin preparation of regulatory submissions supporting market clearance, or alternatively continue the trial to potentially build a stronger data package from additional subjects. Ultimately, we are driven to provide new technologies that assist surgeons with 'real-time' margin assessment in the operating room. Many physicians support our belief that combining AI with high-resolution imaging has the potential to become a new standard of care during breast conservation surgery."

Mr. Mendes continued: "I am also excited to report that Perimeter has been short-listed to advance to the next stage of a grant funding program sponsored by the Advanced Research Projects Agency for Health, or ARPA-H, under its Precision Surgical Interventions program, an important Biden Cancer Moonshot initiative. We were also thrilled to see that ARPA-H selected Dallas as one of three regional hubs in its $2.5-billion health innovation network."

Summary of third quarter 2023 financial results and corporate updates

All of the amounts are expressed in United States dollars unless otherwise indicated and are presented in accordance with international financial reporting standards (IFRS) as issued by the International Accounting Standards Board. The company changed its presentation currency from Canadian dollars to United States dollars in 2022. The change in presentation currency was made to improve investors' ability to compare the company's financial results with other publicly traded businesses in the industry. In making the change to a U.S.-dollar presentation currency, the company followed the guidance in IAS 21, The Effects of Changes in Foreign Exchange Rates and has applied the change retrospectively to all prior periods as if the new presentation currency had always been the company's presentation currency.

Operating expenses for the three months ended Sept. 30, 2023, were $4,546,255 compared with $4,557,200 during the same period in 2022.

For the three months ended Sept. 30, 2023, the net loss was $344,792 compared with $660,781 during the same period in 2022.

For the nine months ended Sept. 30, 2023, cash used in operating activities was $10,638,621 compared with $11,169,654 for the same period in 2022.

As of Sept. 30, 2023, cash and cash equivalents were $18,105,837.

For detailed financial results, please refer to Perimeter's filings on SEDAR+ and the company's website.

The company also announces that, effective today, Adrian Mendes, chief executive officer of Perimeter, has been appointed to its board of directors.

Conference call

The company will host a conference call and live audio webcast today at 5 p.m. Eastern Time to discuss its third quarter 2023 results and to provide a corporate update. To participate in the call, please dial 1-888-886-7786, or 1-416-764-8658 for international callers, and provide conference ID 19979265. The conference call will also be broadcast live online through a listen-only webcast, which will be posted on the investors section of the company's website and archived for at least 90 days. A telephonic playback of the conference call will be available for 14 days after the conference call by calling 1-844-512-2921 (North America) or 1-412-317-6671 (international) and referencing conference ID 19979265. The listed dates and times are subject to change.

About Perimeter Medical Imaging AI Inc.

Based in Toronto, Canada, and Dallas, Tex., Perimeter Medical Imaging AI is a medical technology company driven to transform cancer surgery with ultrahigh-resolution, real-time, advanced imaging tools to address areas of high unmet medical need. Available across the United States, the company's FDA-cleared (U.S. Food and Drug Administration) Perimeter S-Series OCT system provides real-time, cross-sectional visualization of excised tissues at the cellular level. The breakthrough-device-designated investigational Perimeter B-Series OCT with ImgAssist AI represents the company's next-generation artificial intelligence technology, which is currently being evaluated in a pivotal clinical trial, with support from a grant of up to $7.4-million (U.S.) awarded by the Cancer Prevention and Research Institute of Texas. The company's ticker symbol, PINK, is a reference to the pink ribbons used during Breast Cancer Awareness Month.

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