Mbeach Software has engaged Wakabayashi Fund, LLC, a Japan 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 USD10 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," says 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, 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, says: "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."