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Michelson Diagnostics Ltd, a leading innovator in Multi-Beam Optical Coherence Tomography (OCT) products for scientific research and healthcare imaging, is pleased to announce that Douglas Anderson OBE FRSE FRSA has joined as non-executive Director. Anderson is the founder of Optos plc, a medical imaging company listed on the London Stock Exchange. He is currently VP of Global Advocacy of Optos.

More than 3,500 Optos retinal scanners have been installed worldwide, and more than 25M advanced retina examinations have been performed to date using Optos technology. Their scanners give practitioners the benefit of an ultra-wide field, high resolution view of the retina, enabling early detection, management and treatment of disorders and diseases in the retina such as glaucoma, diabetic retinopathy and age-related macular degeneration.

At Optos, Anderson devised an innovative business model whereby the company retains ownership of the device and the clinic pays a fee to Optos for each exam performed. Optos benefits from recurring revenue and the clinic benefits from having no capital outlay. Having a recurring revenue model provides greater visibility and financial reliability, says Anderson, who founded Optos in 1992. Our technology advantage and innovative business model were central to our investment proposition when we went public on the main market of the London Stock Exchange in February 2006, where we raised £50m partly for equity release for our founder shareholders and partly to fund our continued growth.

Michelson Diagnostics is planning to apply the pay-per-scan business model to sales of its innovative 'VivoSight' scanner, for the application of non-melanoma skin cancer imaging. In the USA alone, more than 3.5M non-melanoma skin cancers are diagnosed annually1, and there is a pressing clinical need for a scanner to aid the surgeon in judging how far the cancer has spread, to ensure that the whole cancer is successfully excised, but without removing too much healthy tissue. Repeat operations are costing healthcare providers enormous sums: this could be avoided if surgeons could see the tumor with the Michelson Diagnostics scanner.

I think Michelson has the basis of a sound technology advantage aimed at a real market need, says Anderson. In the years building Optos, I uncovered many things that worked and some that did not. I hope to bring this experience to bear for the benefit of this young and energetic company and its shareholders.

According to Jon Holmes, CEO of Michelson Diagnostics, I am delighted that Douglas has agreed to join our Board. His practical experience of building a highly profitable business around the pay-per-scan business model will of great value to us, and will help accelerate our business growth plans.

1Rogers, H. W., et al. (2010) "Incidence estimate of nonmelanoma skin cancer in the United States, 2006" Arch Dermatol, 146(3), pp. 283-287.

Douglas Anderson OBE FRSE FRSA