Mauna Kea Technologies - Corporate Presentation - November 2018
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Mauna Kea Technologies Corporate Presentation - November 2018
Disclaimer
• This document has been prepared by Mauna Kea Technologies (the "Company") and is provided for information purposes only.
• The information and opinions contained in this document speak only as of the date of this document and may be updated, supplemented, revised, verified
or amended, and such information may be subject to significant changes. Mauna Kea Technologies is not under any obligation to update the information
contained herein and any opinion expressed in this document is subject to change without prior notice.
• The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made
as to the accuracy, completeness or appropriateness of the information and opinions contained in this document. The Company, its subsidiary, its advisors
and representatives accept no responsibility for and shall not be held liable for any loss or damage that may arise from the use of this document or the
information or opinions contained herein.
• This document contains information on the Company’s markets and competitive position, and more specifically, on the size of its markets. This information
has been drawn from various sources or from the Company’s own estimates. Investors should not base their investment decision on this information.
• This document contains certain forward-looking statements. These statements are not guarantees of the Company's future performance. These forward-
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estimates of amounts not yet determinable. Forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events
and are dependent on circumstances that may or may not materialize in the future. Mauna Kea Technologies draws your attention to the fact that as
forward-looking statements cannot under any circumstance be construed as a guarantee of the Company's future performance and that the Company’s
actual financial position, results and cash flow, as well as the trends in the sector in which the Company operate may differ materially from those proposed
or reflected in the forward-looking statements contained in this document. Furthermore, even if Mauna Kea Technologies’ financial position, results, cash-
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results or developments cannot be construed as a reliable indication of the Company's future results or developments. The Company does not undertake
any obligation to update or to confirm projections or estimates made by analysts or to make public any correction to any prospective information in order
to reflect an event or circumstance that may occur after the date of this presentation. A description of those events that may have a material adverse effect
on the business, financial position or results of Mauna Kea Technologies, or on its ability to meet its targets, appears in the "Risk Factors" section of Mauna
Kea Technologies Registration Document registered with the Autorité des marches financiers on April 27, 2018 under number R.18-0429.
• Certain figures and numbers appearing in this document have been rounded. Consequently, the total amounts and percentages appearing in the tables are
therefore not necessarily equal to the sum of the individually rounded figures, amounts or percentages.
• This document does not constitute or form part of an offer to sell or to purchase securities or the solicitation of an offer to purchase securities in the
United States of America or in any other jurisdiction. The securities mentioned in this presentation have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the “Securities Act”) or under any other legislation of any jurisdiction in the United States of America and may not be
offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act.
2 ©2018 Mauna Kea Technologies
Cellvizio®: cellular vision at your fingertips
First miniaturized confocal
microscope designed to
provide physicians and
surgeons with digital cellular
visualization at the bedside
Investment opportunity : A highly attractive value proposition
1 First and only: Transformational probe-based Confocal Laser Endomicroscopy Platform
Large addressable market: early cancer diagnosis in GI, Urology, Interventional
2
Pulmonology, others
3 Clinically-validated: 1,100+ publications on endomicroscopy
4 Strong regulatory support: Approved in 40+ countries;
15 US FDA 510(k) clearances
5 Favorable economics: Strong CMS reimbursement in the US;
plan to secure commercial payers
6 Utilization-focused: Driving US adoption & recurring revenue
via pay-per-use model
7 New seasoned US based executive leadership to drive commercial expansion
8 Robust R&D pipeline to drive growth through application expansion
9 Broad IP protection: 236 issued patents on Cellvizio® technologies
4 ©2017 Mauna Kea Technologies
A breakthrough technology
platform
Digital optical biopsies: a powerful new paradigm
From H&E histology…
one image - static view
…to Cellvizio®
720 live biopsies
per minute -
functional view
Brain Colon Esophagus
“Patients are better served if biopsies can be
better targeted. That’s where in vivo
microscopy comes in”.
6 ©2018 Mauna Kea Technologies
Versatile Cellvizio® platform reveals key invisible information
pCLE (probe/catheter) Proprietary
technology
for virtual
tissue slicing
nCLE (needle)
pCLE (lap / robotics)
Miniprobes Breakthrough Confocal Laser Endomicroscopic
Clinical
for various Scanning through 30,000 custom optical fibers
Cellvizio
access methods produces 12 microscopic optical sections per
Platform
(0.8 to 2.5 mm) second during standard endoscopy procedures
7 ©2018 Mauna Kea Technologies
Seamless integration into endoscopy workflow
During an endoscopic procedure, an
1 area of interest is identified
Cellvizio miniprobe is inserted into
2 operating channel of any endoscope
Simple contact between the tip of the
3 miniprobe and the tissue generates
real-time microscopic cellular images
viewed directed on the Cellvizio screen
Our mission: eliminate diagnostic and treatment uncertainties
©2018 Mauna Kea Technologies
Core focus : Gastroenterology applications
Core commercial focus:
A significant Cellvizio U.S. gastroenterology
market opportunity
U.S. Target U.S. Procedure Key Market U.S. market
Hospitals volume Drivers opportunity
Society
3,000+* 3.6 recom- $2.8 billion*
mendations and
with large million* increased CMS
annual
GI volume annual upper GI reimbursement recurring
procedures rates revenue
* Millenium research group : Custom Urology report 2014 and 2012; 2013 U.S. laparoscopic proceduresMedtech Insight : U.S. Procedure Volume 2010iData : 2015 EUS Market; U.S. Procedure
10
volume ©2018 Mauna
2012; 2015 Kea Technologies
ERCP report, M&A acquisition figures : Covidien; Medtronic Advamed presentations : 2013 Advamed presentation; E&Y; Presentations citing other sourcesEnhancing traditional endoscopy is a recognized need…
Dr. Brian Fennerty, past President, ASGE (American Society of Gastrointestinal Endoscopy)
New York Society of Gastroenterology meeting, 17 Dec 2010, New York
11 ©2016 Mauna Kea Technologies… for important reasons
More than 25% of
esophageal adenocarcinoma are
diagnosed within a year after a
negative endoscopy
among adults with non dysplastic Barrett’s
esophagus (or Barrett’s esophagus with
low-grade dysplasia) (1)
Additional resources / technologies should
be allocated to detect missed cases
1.Visrodia K et al. Magnitude of Missed Esophageal
Adenocarcinoma After Barrett’s Esophagus Diagnosis: A
Systematic Review and Meta-analysis. Gastroenterology. 2016
12 ©2010-2018 Mauna Kea TechnologiesGrowing, unmet need in esophageal cancer
Esophageal adenocarcinoma is the fastest
growing cancer2
Symptoms of acid
25% of esophageal
reflux, including
cancers diagnosed
heartburn,
within one year of
occur monthly in
standard endoscopy3
1 Shaheen N, Ransohoff DF. Gastroesophageal reflux, Barrett's esophagus and esophageal cancer. Journal of the American Medical Association. 2002; 44% of adults
1
287: 1972-1981.
2. The Wall Street Journal - Emerging Type of Heartburn Defies Drugs, Diagnosis - online.wsj.com/news/articles/
SB10001424127887323894704578115031699278010
3. K. Visrodia, at al. Magnitude of Missed Esophageal Adenocarcinoma After Barrett's Esophagus Diagnosis: A Systematic Review and Meta-analysis.
AGA Institute, 2016.
13 ©2018 Mauna Kea TechnologiesCellvizio addresses the Random Biopsy Limitation
Seattle Protocol
…random biopsy protocol can be time-consuming,
expensive, and prone to sampling error, as very little
of the esophageal surface area is actually sampled.”2
“biopsies of columnar lined epithelium in the
esophagus[…]because of sampling error,
goblet cells may not be detected, thereby
6% yield underdiagnosing BE”3
Inefficient random
sampling1 The Cellvizio digital optical biopsy solution
Goblet cells
squamous epithelium intestinal metaplasia
1. M. Canto, et al. In vivo endomicroscopy improves detection of Barrett’s esophagus–related neoplasia: a multicenter international randomized controlled trial, GIE 2013.
2. Guidelines for Surgical Treatment of GERD. SAGES. February 2010.
14 ©2018 Mauna Kea Technologies 3.Sharma P et al. White Paper AGA: Advanced Imaging in Barrett's Esophagus. Clin Gastroenterol Hepatol. 2015High quality, long term clinical data on esophageal disease characterization
DON'T BIOPCE trial CEBE trial MODENA BARRETT’S STUDY
multi-center, randomized controlled multi-center, randomized controlled single-center, randomized trial, 100
trial, 101 patients, 2 arms 4 trial, 192 patients, 2 arms 5 patients, 2 arms
Sensitivity
Sensitivity 76% 96% 28%
68%
pCLE
x 1.7 Sensitivity Dysplasia Detection
x2
or HD-WLE
WLE
or NBI
+
White
tripled with Cellvizio
x 2.4
CLE
pCLE
45% Light + over white light
or WLE
Cellvizio
34% WLE or Biopsies could
NBI
WLE 40% 10% have been
HD-WLE avoided for 58%
White
Light of patients
WLE : White Light Endoscopy
HD-WLE : High Definition
NBI : Narrow Band Imaging
White Light Endoscopy
pCLE: endomicroscopy
CLE: endomicroscopy
~2x improvement in sensitivity for dysplasia detection
36% of patient treatment plans improved
3x diagnostic yield
1. Sharma P. et al. Real-time Increased Detection of Neoplastic Tissue in Barrett’s Esophagus with probe- based Confocal Laser Endomicroscopy: Final Results of a Multi-center Prospective International
Randomized Controlled Trial. GIE 2011.
2. M. Canto, et al. In vivo endomicroscopy improves detection of Barrett’s esophagus–related neoplasia: a multicenter international randomized controlled trial, GIE 2013.
3. Bertani H. et al. Improved Detection of Incident Dysplasia by Probe-Based Confocal Laser Endomicroscopy in a Barrett’s Esophagus Surveillance Program. Digestive Diseases and Sciences, 2013.
15 ©2016 Mauna Kea TechnologiesNew data on improved detection of Barrett’s Esophagus
>+100%
with
Cellvizio
140
120 2017 Meta analysis of detection of
100 Positive for IM neoplasia in BE with NBI vs CLE 2
Negative for IM
80
172 60
patients 40
20
Seattle Protocol
• Using Cellvizio, physicians at 8 non academic medical
centers detected more than double the number of patients
with Barrett’s Esophagus than with the Seattle Protocol.
• This number was confirmed by expert review on discrepant
cases where biopsies were negative. 1. Sharma P. et al.
Real-time Increased Detection of Neoplastic Tissue in Barrett’s Esophagus with probe- based Confocal Laser
Endomicroscopy: Final Results of a Multi-center Prospective International Randomized Controlled Trial. GIE 2011.
2. Xiong Y-Q, et al. Comparison of narrow-band imaging and confocal laser endomi- croscopy for the detection of neoplasia in
Barrett’s esophagus: A meta-analysis. Clin Res Hepatol Gastroenterol (2017), https://doi.org/10.1016/j.clinre.2017.05.005
16 ©2018 Mauna Kea TechnologiesStrong endorsements from medical societies
AGA white paper December 2015 American Society of General Surgeons
“Why should practice change?” Position Statement on Confocal Laser
Endomicroscopy published September
Screening: “BE (specifically shorter 2016
disease) is often misdiagnosed during “Cellvizio, very clearly, is integral to
endoscopy... often attributed to ...lack of
the comprehensive assessment of
goblet cells in biopsies obtained from
columnar lined epithelium in the patients suffering from reflux disease”
esophagus.”
“Clinicians and patients alike need and
“Workshop panelists agreed that in the
deserve access to Cellvizio® (pCLE) in
hands of endoscopists who have met
the PIVI thresholds with specific order to obtain a comprehensive
enhanced imaging techniques (NBI & assessment of the extent of disease and
Confocal Laser Endomicroscopy), use to make real-time therapeutic treatment
of the technique in BE patients is decisions.”
appropriate”
Sharma P et al. White Paper AGA: Advanced
Imaging in Barrett's Esophagus. Clin https://theasgs.org/position-statements/position-statement-on-confocal-laser-endomicroscopy/
Gastroenterol Hepatol. 2015
17 ©2016 Mauna Kea Technologies http://www.cghjournal.org/article/S1542-3565(15)01306-3/fulltextA shifting paradigm with in vivo microscopy
In Vivo Microscopy
for the Evaluation of
Barrett Esophagus
In vivo microscopy uses light of various wavelengths to
produce 2D and 3D microscopic images of living (in vivo)
human tissues. One important clinical application is
imaging of the gastrointestinal tract.
Where to Biopsy?
Patients with Barrett esophagus are at risk of developing
carcinoma. Patients often undergo multiple repeat
biopsies. Even using a 1 cm or 2 cm, four quadrant biopsy
protocol, the rate of detecting dysplasia can be low and
many unnecessary biopsies are taken.
Traditional “white light”
endoscopy shows Barrett-type
Targeted Biopsies epithelium in the distal
“Patients are better served if biopsies can be
Given the usual small size of esophagus. Surveillance
the dysplastic areas, traditional requires numerous biopsies.
Patients are better screening is a shotgun approach
served if the biopsies to detection. IVM can help target
better targeted. That’s where in vivo
can be better targeted. higher-yield, more diagnostic sites.
That’s where in vivo
microscopy comes in.
microscopy comes in”.
IVM Optical Biopsy Guides Site Selection
An optical biopsy, using confocal laser endomicroscopy, for
CAP is actively promoting awareness and example, is a noninvasive in vivo microscopic assessment
of tissue architectural and cellular morphology. It provides
2D images in a parallel tissue plane (en face) with
1 μm–2 μm resolution at a depth of 10 μm.
better understanding of IVM opportunities Traditional surgical
Photographs reprinted from Kiesslich R, et al. In vivo histology of Barrett’s
esophagus and associated neoplasia by confocal laser endomicroscopy.
Clin Gastroenterol Hepatol. 2006;4(8):979-987, with permission from Elsevier.
for pathologists
biopsy, taken transverse The architectural and cellular
to the tissue plane, patterns generated by in vivo
shows malignant glands microscopy are interpretable
corresponding to the by pathologists to make
in vivo confocal image differential diagnoses and
on the right. to identify areas for biopsy,
improving diagnostic yield.
The image on the left shows
a focus of malignant glands.
Prepared by the In Vivo Microscopy Work Group: Maria M. Shevchuck, MD, FCAP
(chair), and Gary Tearney, MD, PhD, FCAP (vice chair). Illustrations by
Eric F. Glassy, MD, FCAP. For more information, email ivminfo@cap.org
© 2015 College of American Pathologists. All rights reserved. cap.org
http://www.cap.org/web/home/involved/council-committees/ivm-committee/ivm-topic-center?
23487.0315
_afrLoop=817409063069337#!%40%40%3F_afrLoop%3D817409063069337%26_adf.ctrl-state%3D16bmzn84t_4
18 ©2016 Mauna Kea TechnologiesFavorable US reimbursement for Cellvizio in upper GI
Positive payment trends in the past 2 years
CPT 2017 2017
Description Setting 2016 Rate 2017 Rate Change 2018 Rate
Code Change ($) (%)
Upper gastrointestinal endoscopy Hospital $1,088.00 $2,509.64 $1,421.64 131% $2743.26
including esophagus, stomach,
43252 and either the duodenum and/or
jejunum as appropriate; with
optical endomicroscopy ASC $608.39 $1,134.02 $525.63 86% $1212.19
Endomicroscopy in upper GI
CMS endoscopy procedures, including
Covered GERD, Barrett’s Esophagus and
Services pancreatic lesions
! Catalyst for Cellvizio adoption and utilization
! Enhances economical model for Cellvizio customers
Effective January 1, 2017
! Positive tailwind for commercial coverage
19 ©2018 Mauna Kea Technologies2018 Hospital and ASC Reimbursement for Upper GI Endoscopy
WITHOUT Endomicroscopy
Patient with
Biopsy
GERD/BE getting
(Seattle Protocol)
an EGD
CPT 43239 : $743 Hospital / $387 ASC medicare payment
WITH Endomicroscopy
Patient with Targeted biopsy
GERD/BE getting protocol with
an EGD improved
sensitivity
CPT 43252 + (CPT 43239)/2 : $3,114* HOPPS / $1,405 ASC medicare payment
*Multi-Procedure Rule
20 ©2016 Mauna Kea TechnologiesNew business model and sales team to address large market
Focus on upper GI endoscopies (EGDs) Potential US Customers
• 60% in hospital outpatient setting
# of centers
• 40% in the 1200 GI-focused ASCs
• New pay-per-use business model
provides attractive adoption option for
hospitals
Potential number of procedures per year
• New sales team in place since February
# of procedures in thousands
2018
• 2 divisional sales manager, 12 area sales
managers, 6 clinical account managers
Sources:
Burden of Gastrointestinal Disease in the United States: 2012 Update; Peery et al, Gastroenterology. 2012
November ; 143(5): 1179–1187.e3. doi:10.1053/j.gastro.2012.08.002.
Repeated Upper Endoscopy in the Medicare Population, Pohl et al, Ann Intern Med. 2014;160:154-160.
US census;
Medicare website.
21 ©2016 Mauna Kea TechnologiesContinuous momentum with new US sales team
Consignment systems placed per quarter
since launch of pay-per-use program • Consignment (Pay-per-use or PPU)
20 program enables physicians to utilize
20
2017 2018 Cellvizio without upfront capital
15 equipment purchase
• Confirmed U.S. commercial traction with
10 11 20 systems placed under consignment
in Q3 2018 and 36 ytd vs 12 ytd last
5 6
year.
5 4 • Pay-per-use approach provides
0
2 attractive economical model for
Q1 Q2 Q3 physicians and hospitals / ASCs
• Q3 2018 Pay-per-use revenue up 81%
New US sales compared to Q3 2017
team trained end
of January 2018
22 ©2018 Mauna Kea TechnologiesCorporate information and
performanceLeadership Transition to Support New Phase of Growth
"I share Sacha’s enthusiasm for Cellvizio’s transformational
nature and commercial potential both in the United States
and globally. Moreover, I am confident that my experience as
a CEO and marketing executive will allow me to build on the
remarkable foundation that Sacha and his team have created
over the past 18 years. I welcome the responsibility of
building value on behalf of our employees, shareholders and
clinical partners.“ – Robert L. Gershon
Mr. Rob Gershon Rob Gershon
Chief Executive Officer (CEO)
• Brings 30 years of commercial
• CEO of Bovie Medical (NYSE: BVX) between 12/2013-12-2017,
leadership experience where he oversaw the successful repositioning of the Company’s
• Joins Mauna Kea’s board of product portfolio and commercial operations
directors
• Prior roles included leadership positions with Henry Schein and
Covidien (now Medtronic)
• Rob has been serving as an advisor to Mauna Kea for several
months
24 ©2018 Mauna Kea Technologies Proprietary and Confidential. Not to be distributed or reproduced without permissionUnrivaled regulatory foundations create high barriers to entry
“Cellvizio® 100 Series Systems with
15 510(k)
Clearances Confocal Miniprobes™ are confocal laser
systems with fiber optic probes that are
intended to allow imaging of the
internal microstructure of tissues
including, but not limited to, the
identification of cells and vessels and
their organization or architecture” —
Above images are not FDA
FDA clearance December 2017 cleared and are shown as
illustrative examples
Clearances in
2 Chinese FDA
Korea, Japan, CE mark
clearances
Turkey, ...
25 ©2018 Mauna Kea TechnologiesA growing installed base worldwide
Clinical Clinical
Clinical
130+ 100+
160+ Preclinical
Preclinical units 70+ units Preclinical
units 30+ 60+
units
units units
Approx. 645 systems
installed worldwide
26 ©2018 Mauna Kea TechnologiesStrong clinical evidence and intellectual property
Articles on PubMed for
1,100+ endomicroscopy across
multiple applications Optoelectronics
Image Processing
Machine Learning
Number of publications
150
230+ issued patents in
optics, optronics, image
100
processing on probe-
based Confocal Laser
50 Endomicroscopy (CLE)
0 4 05 06 07 08 09 10
011 12 013 014 015 016 017 018
0 0 0 0 0 0 2 0 2 2 0 2 2 2 2 2 2
2 2 2 2 2 2
27 ©2018 Mauna Kea Technologies See appendix for referencesQ3 2018: Continued Momentum of U.S. Sales Team
Q3 2018 Highlights
• 20 U.S. PPU placements in Q3 vs. 4 in Q3 2017
• 38% year-over-year increase in U.S. consumable miniprobes sales
• Global sales up 4% year-over-year, with global miniprobes sales up 31%
Re-orders & Pay-Per-Use Probe Units
20 220
20
15 165
2017
2018
10 11 110 215
161
146
5 6 55 107 101 108
5 4
2
0 0
Q1 Q2 Q3
Q1 Q2 Q3
Placed more PPU systems in 3Q18 than 1H18 and FY17
28 ©2018 Mauna Kea Technologies 28H1 2018 Key figures
Contacts
Net Sales Gross Opex Ebitda Cash
margin
€ 2,7m € 1,7m € -7,7m € -5,5m € 15,1 m
Down Up down Vs
-18% 64% Vs 68% 3,4% -0,7m € 9,4 m
• Restart in Q1 with new sales team negatively impact 1H Sales
• Gross margin at 64% Vs 68% due to COGS of PPU probes (Costs and
transportation) with differed logs revenues.
• Effective management of Operating expenses
• Strong cash position at €15 million
29 ©2018 Mauna Kea TechnologiesH1 2018 Sales
System Sales & Consignment Sales
30 • U.S. commercial focus gaining traction
23 9 with 16 systems placed under consignment
15
14
(compared to 8 systems in 1H17)
16
8
8
• APAC sales +8% above last year,
0
1H17 1H18
• EMEA and LATAM still low.
New Consignments Placed NewSystem Straight Sales
1H18 Sales 1H18 Sales
by Product by Category
1H18 vs. 1H17 Sales
3 285 520
3 300 3 500 18,4%
2 707
2 475 2 625 990
1 650 1 750
825 875
1 197 81,6%
'- 0 '- 0
1H17 1H18
Systems Probes Services Pre Clinical Clinical
Sales Systems (LTM*) Consumables (LTM*)
30 ©2018 Mauna Kea Technologies1
Balance sheet
ASSETS (in K€) 30/06/2018 31/12/2017 LIABILITIES (in K€) 30/06/2018 31/12/2017
Intangible assets 1 873 2 100 Equity 13 738 16 744
Property, plant, and equipment 1 813 1 466 Long-term loans and borrowings 2 749 6 567
Non-current financial assets 140 138 Non-current provisions 379 283
Total of non-current assets 3 825 3 704
Inventories & Work in progress 2 251 1 969 Total of non-current liabilities 3 128 6 850
Trade receivables 1 618 2 034 Short-term loans and borrowings 4 333 386
Other current assets 2 333 2 462 Trade payables 1 910 1 663
Current financial assets 40 125 Other current liabilities 2 091 2 104
Cash and cash equivalents 15 132 17 453
Total of current asets 21 374 24 043 Total of current liabilities 8 334 4 153
TOTAL OF ASSETS 25 199 27 747 TOTAL OF EQUITY AND LIABILITIES 25 199 27 747
• PPE increases due to PPU model deployment, • Swap of 4M€ from LT debts to Short term
with 16 new LSU installed in 1H 2018 due to IPF covenants renegotiation.
• Inventories mainly increase due to anticipated
• Other short term debt includes Coface
purchases.
advance (150 K€), fully reimbursed as of
sept 2018.
31 ©2017 Mauna Kea TechnologiesStrong cash position at the end ofJune 2018
Key drivers to Cash burn
HY 2018 Cash variation - in K€
Hausse Baisse Total • Change in EBITDA drives the change in
20 000 cash (€ 0,7m
18 000 17 453
16 000 3 625 15 193
• Change in working capital
14 000 - Increase in inventories due to sales gap.-
12 000
-5 638 - 248
10 000 - Positive impact on trade payables
8 000
6 000 •Capex
4 000
2 000
- New web sites, PLM software development
0 • Cash flow from financing
BoP Cash Operating CF Investing CF Financing CF EoP Cash
- Paceo capital raise for 3.8 M€
32 ©2018 Mauna Kea TechnologiesSeasoned Board of Directors
Molly O'Neill
Sacha Loiseau, Ph.D Member of the Board
Founder, Chairman of the Board Chair of the Audit Committee
Chair of the Strategic Committee
Chief Growth and Strategy Officer Medforth
Global Healthcare Education Group
Joseph DeVivo
Robert L. Gershon Member of the Board
Chief Executive Officer and
Member of the Board CEO of InTouch Health
Christopher D. McFadden, CFA
Jennifer F. Tseng, M.D.
Member of the Board
Member of the Board
Chair of the compensation and
nomination committee
Chief and chair of surgery at Boston
University School of Medicine
Managing Director at KKR
33
33 ©2018 Mauna Kea TechnologiesShareholding Profile
Contacts
Shares
Market Cap (1) Coverage Liquidity (2)
outstanding
• Goetz Partners-M.Brunninger
• Kepler Chevreux- A.Guekam
66 M€ 25,2 MM • Gilbert Dupont - X.Regnard
92 K / day
Total Float > 80% Contacts
Shareholders Shareholders by Region Lee Roth
Investor Relations The Ruth Group
Free Floating U.S. +1 (646) 536-7012
France lroth@theruthgroup.com
Institutional investors Switz.
Other registered Germany Newcap
Investor Relations Pierre Laurent
Directors & Management Benelux Europe +33 (0) 1 44 71 94 94
maunakea@newcap.fr
Mauna kea Technologies Japan
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
(1) As of Oct. 12, 2018
(2) 6 months Avg as of Oct. 12, 2018
34 ©2018 Mauna Kea TechnologiesApplications and products
pipeline previewRobotic Assisted Radical Prostatectomy
Cellvizio now FDA cleared and CE marked for use in conjunction with
surgical robotics systems. User experience is easy and seamless.
Provide specificity to pre-op imaging report on tumor extension in order to
improve on resection margins
Lymph node interrogation / Nerve sparing guidance
Lopez et al, “Intraoperative Optical Biopsy during Robotic Assisted Radical Prostatectomy Using
36 ©2018 Mauna Kea Technologies Confocal Endomicroscopy”. Journal of Urology, April 2016
* source Intuitive Surgical investor presentationPeripheral Nodules / Lymph Nodes / Mediastinal Nodules
Unique through-the-scope access to the lungs now
through needles for direct access to the inside of
peripheral and mediastinal lesions
0.8 mm AQ-Flex probe
compatible with 19 gauge needles
Compatible with Electro-Magnetic Navigation
systems and novel flexible robotics systems
* CE marked, not yet FDA cleared Target missed On target
37 ©2018 Mauna Kea TechnologiesInflammatory Bowel Disease
Real-time in vivo visualization of mucosal barrier at
cellular level during conventional endoscopy with
Cellvizio
Accurate and immediate mucosal barrier structure
and function characterization leading to direct
assessment of mucosal barrier healing and
dysfunction
Patients in endoscopic and clinical remission
Patients in inflammation
30 %
70 % 40 %
Mucosal barrier defect
Mucosal healing
80% Accuracy of Cellvizio (1,2)
60 % for the prognosis of flare and
remission at 12 months
1. Kiesslich, R., Duckworth, C. A., Moussata, D., Gloeckner, A., Lim, L. G., Goetz, M., … Watson, A. J. M. (2012). Local barrier dysfunction identified by confocal laser endomicroscopy predicts relapse in inflammatory
bowel disease. Gut, 61(8), 1146–1153. https://doi.org/10.1136/gutjnl-2011-300695
2. Karstensen, J. G., Săftoiu, A., Brynskov, J., Hendel, J., Ciocalteu, A., Klausen, P., … Vilmann, P. (2016). Confocal laser endomicroscopy in ulcerative colitis: a longitudinal study of endomicroscopic changes and
response to medical therapy (with videos). Gastrointestinal Endoscopy, 84(2), 279–286.e1. https://doi.org/10.1016/j.gie.2016.01.069
38 Mauna Kea Technology Confidential - 2018Pancreatic cystic lesions : addressing a key medical need
Mucinous
(9)
cystic lesions can be
confirmed with very high specificity
in about 7 cases out of 10 (1, 2)
Sensitivity: 59 - 77%
Specificity: 100%
0 %INSPECT study, 65 patients, multi-centric (9)
25 % 50 % 75 % 100 %
DETECT study, 30 patients, mono-centric (10)
Serous cystadenomas can be
confirmed with very high specificity
in 9 cases out of 10 (3)
Sensitivity: 95%
Specificity: 100%
CONTACT 2 study, 78 patients, multi-centric (11)
0% 25 % 50 % 75 % 100 %
Addressing a fast growing interventional market (3-10% prevalence) with unique solution
1. Konda V.J. et al. A pilot study of in vivo identification of pancreatic cystic neoplasms with needle-based confocal laser endomicroscopy under endosonographic
guidance. Endoscopy 2013
2. Nakai Y. et al. Diagnosis of pancreatic cysts: EUS-guided, through the needle confocal laser-induced endomicroscopy and cystoscopy trial: DETECT study. GIE 2015
39 ©2018 Mauna Kea Technologies 3. Napoleon B, et al. Needle-based Confocal Laser Endomicroscopy (nCLE) for the diagnosis of pancreatic cystic lesions: preliminary results of the first prospective
multicenter study, presentation at UEGW 2016Upper Tract Urothelial Cancer (UTUC)
• Important unmet medical needs:
• Limitations of white light endoscopy
• Suboptimal yield of endoscopic biopsy
• Suboptimal clinical staging
• Optimizing patient selection for organ sparing
endoscopic management
•Solid clinical data showing Cellvizio can impact UTUC
patient management significantly
• Bui et al, 2015; Villa et al 2016; Breda et al 2017; Liem et al 2018
• Use of Cellvizio for UTUC now in short list of
very promising technologies in EAU guidelines
40 ©2018 Mauna Kea TechnologiesEndomicroscopy + AI: a perfect combination
Diagnostic Accuracy of Cellvizio in Bladder
100 %
90%
87%
82%
79% 79%
80 % 77%
60 %
40 %
20 %
0%
Accuracy Sensitivity Specificity
Machine Urologists (n=8)
Work performed by the Stanford Bioinformatics program on a dataset of 81
subjects (458 Cellvizio videos, 171,000 images, 21 layer CNN)
Chang et al. EUS 2017
41 ©2018 Mauna Kea Technologies Szegedy C, et al. Proceedings of the IEEE Conference on Computer Vision and Pattern Recognition, 2015:1-9Endomicroscopy is now a booming field
Carl Zeiss announced its Convivo Confocal
Laser Endomicroscopy system for
neurosurgical applications at the latest
Neurosurgery shows
Olympus announced the launch of its
Endocytoscopy system, integrated in vivo
microscopy in a high-end endoscope.
Caliber ID obtained strong reimbursement for
skin optical biopsy with Confocal Microscopy.
Cellvizio and its future generations
are unparalleled products for in vivo
optical biopsy applications
42 ©2017 Mauna Kea TechnologiesIn vivo microscopic molecular imaging roadmap
Mauna Kea is the
unique provider of in
vivo molecular
microscopic dual-
band imaging*
Molecular markers
Fluorescence-guided surgery (open, +
laparoscopic, robotic) is now the Cellvizio
eliminates wide-field fluorescence
norm with wide-field imaging
systems from a dozen players uncertainties and +
(Stryker+Novadaq, Olympus, Intuitive provides micro- in vivo microscopy
Surgical, Bracco, Fluoptics, guidance =
SurgVision…) precision surgery
43 ©2018 Mauna Kea Technologies * Not cleared by FDA for human useUnlimited discoveries with Cellvizio
March 27th, 2018
44 ©2018 Mauna Kea TechnologiesCellvizio is at the core of key trends in medicine and surgery
Data-driven
digital surgery
Our technologies Endoluminal
therapies
are key to the
future of image-
guided and data- Robotic
Surgery
driven interventions Minimally invasive
interventions
Real time
microscopic
imaging &
characterization
45 ©2018 Mauna Kea TechnologiesAppendix
Beating uncertainty with CLE
(1) DONT BIOPCE study, 101 patients, multi-centric
(2)FOCUS study, 112 patients, multi-centric
(3)Shahid et al., 92 patients, multi-centric
(4)CONTACT study, 31 patients, multi-centric
(5)INSPECT study, 65 patients, multi-centric,
DETECT study, 30 patients, mono-centric
State of the art + pCLE
BE Metaplasia (1) 66 32
BE Dysplasia (1) 55 24
Inflammatory Biliary Strictures (2) 27 (73 % NPV) 18 (82 % NPV)
Malignant Biliary Strictures (2) 44 15-24 11
Hyperplastic Polyps (3) 28 0
Adenocarcinoma (3) 9 (91 % NPV) 0 (100 % NPV)
Serous cystadenoma (4) 50 40 31 0
Mucinous Cysts (5) 50 40 23-41 0
% False Negatives % False Positives % False Negatives % False Positives
47 ©2016 Mauna Kea TechnologiesReferences - Clinical Evidence
GENERAL
1. Wang, K. K., Carr-Locke, D. L., Singh, S. K., Neumann, H., Bertani, H., Galmiche, J. - P., Arsenescu, R.I.; Caillol, F.; Chang, K.J.; Chaussade, S.; Coron, E.; Costamagna, G.; Dlugosz, A.; Ian Gan,
S.; Giovannini, M.; Gress, F.G.; Haluszka, O.; Ho, K.Y.; Kahaleh, M.; Konda, V.J.; Prat, F.; Shah, R.J.; Sharma, P.; Slivka, A.; Wolfsen, H.C.; Zfass, A.. (2015). Use of probe-based confocal
laser endomicroscopy (pCLE) in gastrointestinal applications. A consensus report based on clinical evidence. United European Gastroenterol J, 3(3), 230–254.
2. Queneherve L et al., nouvelles stratégies d'analyse endoscopique des maladies digestives. Médecine/sciences 2015 ;31:777-83
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627e638
4. Ussui Vivian et al. Probe-based confocal laser endomicroscopy with cap for image stabilization… Endosc Int Open 2015
BE/GERD
1. Guo, J., Li, C. - Q., Li, M., Zuo, X. - L., Yu, T., Liu, J. - W., et al. (2015). Diagnostic value of probe-based confocal laser endomicroscopy and high-definition virtual chromoendoscopy in
early esophageal squamous neoplasia. Gastrointest Endosc, 81(6), 1346–1354.
2. Robles, L. Y., Singh, S., & Fisichella, P. M. (2015). Emerging enhanced imaging technologies of the esophagus: spectroscopy, confocal laser endomicroscopy, and optical
coherence tomography. J Surg Res, 195(2), 502–514.
3. Muthusamy, V. R., Kim, S., & Wallace, M. B. (2015). Advanced Imaging in Barrett's Esophagus. Gastroenterol Clin North Am, 44(2), 439–458.
4. Singh, R., Yeap, S. P., & Cheong, K. L. (2015). Detection and characterization of early malignancy in the esophagus: What is the best management algorithm? Best Pract Res Clin
Gastroenterol, 29(4), 533–544.
5. Leggett CL, Gorospe EC, Chan DK, Muppa P, Owens V, Smyrk TC, Anderson M, Lutzke LS, Tearney G, Wang KK, Comparative Diagnostic Performance of Volumetric
Laser Endomicroscopy and Confocal Laser Endomicroscopy in the Detection of Dysplasia Associated with Barrett’s Esophagus, Gastrointestinal Endoscopy (2015)
6. Prueksapanich, P., Pittayanon, R., Rerknimitr, R., Wisedopas, N., & Kullavanijaya, P. (2015). Value of probe-based confocal laser endomicroscopy (pCLE) and dual focus narrow-band
imaging (dNBI) in diagnosing early squamous cell neoplasms in esophageal Lugol's voiding lesions. Endosc Int Open, 3(4), E281–8.
7. Massimiliano di Pietro , Elizabeth L. Bird-Lieberman ,Bchir, , Xinxue Liu , Mphil, Tara Nuckcheddy-Grant , Helga Bertani ,Maria O’Donovan, Rebecca C. Fitzgerald,Autofluorescence-
directed confocal endomicroscopy in combination with a three-biomarker panel can inform management decisions in Barrett's Esophagus, Am J Gastroenterol, 2015
8. Rzouq F, Vennalaganti P, Pakseresht K, Kanakadandi V, Parasa S, Mathur SC, Alsop BR, Hornung B, Gupta N, Sharma P, In-class didactic versus self-directed teaching of the porbe-
based confocal laser endomicroscopy (pCLE) criteria for Barrett's Esopahgus, Endoscopy. 2015 Oct 1
9. Sharma P, Brill J, Canto M, DeMarco D, Fennerty B, Gupta N, Laine L, Lieberman D, Lightdale C, Montgomery E, Odze R, Tokar J, Kockman M. White Paper AGA: Advanced
Imaging in Barrett's Esophagus. Clin Gastroenterol Hepatol. 2015 Dec;13(13):2209-18.
STOMACH
1. Li, Z., Zuo, X. - L., Li, C. - Q., Liu, Z. - Y., Ji, R., Liu, J., et al. (2015). New Classification of Gastric Pit Patterns and Vessel Architecture Using Probe-based Confocal Laser Endomicroscopy. J
Clin Gastroenterol, .
2. Li, C. - Q., Zuo, X. - L. I., Guo, J., Yuan, J., Liu, J. - W., & Li, Y. - Q. (2014). Sa1492 A Paralleled Comparison Between Two Sets of Confocal LASER Endomicroscopy in Gastrointestinal
Tract. Gastrointestinal Endoscopy, 79(5), Ab233.
3. Imaeda, A. (2015). Confocal laser endomicroscopy for the detection of atrophic gastritis: a new application for confocal endomicroscopy? J Clin Gastroenterol, 49(5), 355–357
©2018 Mauna Kea TechnologiesReferences - Clinical Evidence
BILIARY
1. Slivka, A., Gan, I., Jamidar, P., Costamagna, G., Cesaro, P., Giovannini, M., et al. (2015). Validation of the diagnostic accuracy of probe-based confocal laser endomicroscopy for
the characterization of indeterminate biliary strictures: results of a prospective multicenter international study. Gastrointest Endosc, 81(2), 282–290.
2. Baillie, J. (2015). Distinguishing malignant from benign biliary strictures: can confocal laser endomicroscopy close the gap? Gastrointest Endosc, 81(2), 291–293.
3. Kahaleh, M., Giovannini, M., Jamidar, P., Gan, S. I., Cesaro, P., Caillol, F., Bernard Filoche, Kunal Karia,1 Ioana Smith, Monica Gaidhane and Adam Slivka. (2015). Probe-based confocal laser
endomicroscopy for indeterminate biliary strictures: refinement of the image interpretation classification. Gastroenterol Res Pract, 2015, 675210.
4. Johannes-Matthias Löhr, R. L., Serena Stigliano1, 2, Stephan L Haas1, Fredrik Swahn, Lars Enochsson, Rozh Noel, Ralf Segersvärd, Marco Del Chiaro, Caroline S Verbeke and Urban Arnelo.
(2015). Outcome of probe-based confocal laser endomicroscopy (pCLE) during endoscopic retrograde cholangiopancreatography: A single-center prospective study in 45 patients.
United European Gastroenterol J, .
5. Tringali, A., Lemmers, A., Meves, V., Terheggen, G., Pohl, J., Manfredi, G., Hafner, M.; Costamagna, G.; Deviere, J.; Neuhaus, H.; Caillol, F.; Giovannini, M.; Hassan, C.; Dumonceau, J.-M.
(2015). Intraductal biliopancreatic imaging: European Society of Gastrointestinal Endoscopy (ESGE) technology review. Endoscopy, 47(8), 739–753.
6. Coté GA., Probe-based confocal laser endomicroscopy for indeterminate bile duct strictures : the inaccuracies of accuracy when appraising the value of a diagnostic test,
Gastroenterology, 2015 Sep;149(3):817-9
7. Karia K, Jamal-Kabani A, Gaidhane M, Tyberg A, Sharaiha RZ, Kahaleh M, Probe-based confocal endomicroscopy in primary sclerosing cholangitis : not all inflammatory strictures are the
same, Dig Dis Sci, 2015 Aug 2 Epub ahead of print
8. Singh A, Siddiqui UD. The Role of Endoscopy in the Diagnosis and Management of Cholangiocarcinoma. J Clin Gastroenterol. 2015;49(9):725-37.
9. Balderramo D, Probe-based confocal laser endomicroscopy contribution in the evaluation of indeterminate biliary strictures, Gastrointest Endosc. 2015 Nov;82(5):970
PANCREAS
1. Nakai, Y., Iwashita, T., Park, D. H., Samarasena, J. B., Lee, J. G., & Chang, K. J. (2015). Diagnosis of pancreatic cysts: EUS-guided, through-the-needle confocal laser-induced
endomicroscopy and cystoscopy trial: DETECT study. Gastrointest Endosc, 81(5), 1204–1214.
2. Krishna, S. G., Swanson, B., Conwell, D. L., & Muscarella, P. 2nd. (2015). In vivo and ex vivo needle-based confocal endomicroscopy of intraductal papillary mucinous neoplasm of
the pancreas. Gastrointest Endosc, 82(3), 571–572.
3. Karstensen, J. G., Cartana, T., Klausen, P. H., Hassan, H., Popescu, C. F., Saftoiu, A., Vilmann, P. (2015). Endoscopic ultrasound-guided needle-based confocal laser endomicroscopy: a
pilot study for use in focal pancreatic masses. Pancreas, 44(5), 833–835.
4. Maria, K., Waxman, I., Konda, V. J., Gress, F. G., Sethi, A., Siddiqui, U. D., Sharaiha, R.Z.; Kedia, P.; Jamal-Kabani, A.; Gaidhane, M.; Kahaleh, M. (2015). Needle-based confocal endomicroscopy
for pancreatic cysts: the current agreement in interpretation. Gastrointest Endosc, .
5. Tsujino, T.; Yan-Lin Huang, J.; Nakai, Y.; Samarasena, J.B.; Lee, J.G.; Chang, K.J. Tsujino, T.; Yan-Lin Huang, J.; Nakai, Y.; Samarasena, J.B.; Lee, J.G.; Chang, K.J. In vivo identification of
pancreatic cystic neoplasms with needle-based confocal laser endomicroscopy. Best Practice & Research Clinical Gastroenterology. 20145 29:601-610
6. Napoleon B, Lemaistre AI, Pujol B, Caillol F, Lucidarme D, Bourdariat R, Morellon-Miahle B, Fumex F, Lefort C, Lepilliez V, Palazzo L, Monges G, Poizat F, Giovannini M, In
vivo characterization of pancreatic cystic lesions by needle-based confocal laser endomicroscopy (nCLE) : proposition of a comprehensive nCLE classification confirmed by an
external retrospective evaluation, Surg Endosc. 2015 Oct 1
©2018 Mauna Kea TechnologiesReferences - Clinical Evidence
COLON/IBD
1. Tontini, G. E., Mudter, J., Vieth, M., Atreya, R., Gunther, C., Zopf, Y.,Wildner, D.; Kiesslich, R.; Vecchi, M.; Neurath, M.F.; Neumann, H. (2015). Confocal laser endomicroscopy for
the differential diagnosis of ulcerative colitis and Crohn's disease: a pilot study. Endoscopy, 47(5), 437–443.
2. Nguyen, D. L., Lee, J. G., Parekh, N. K., Samarasena, J., Bechtold, M. L., & Chang, K. (2015). The current and future role of endomicroscopy in the management of inflammatory bowel
disease. Ann Gastroenterol, 28(3), 331–336.
3. Buchner, A. M., & Wallace, M. B. (2015). In-vivo microscopy in the diagnosis of intestinal neoplasia and inflammatory conditions. Histopathology, 66(1), 137–146.
4. Gabbani, T., Manetti, N., Bonanomi, A. G., Annese, A. L., & Annese, V. (2015). New endoscopic imaging techniques in surveillance of inflammatory bowel disease. World J Gastrointest
Endosc, 7(3), 230–236.
5. Kattah, M. G., & Mahadevan, U. (2015). Confocal laser endomicroscopy for membrane-bound tumor necrosis factor predicts response to therapy in Crohn's disease. Gastroenterology,
148(5), 1067–1069.
6. Mace, V., Ahluwalia, A., Coron, E., Le Rhun, M., Boureille, A., Bossard, C., Jean-François Mosnier, Tamara Matysiak-Budnik and Andrzej S Tarnawski. (2015). Confocal laser
endomicroscopy: a new gold standard for the assessment of mucosal healing in ulcerative colitis. J Gastroenterol Hepatol, 30 Suppl 1, 85–92.
7. Cheon, J. H. (2015). Advances in the Endoscopic Assessment of Inflammatory Bowel Diseases: Cooperation between Endoscopic and Pathologic Evaluations. J Pathol Transl Med,
49(3), 209–217.
8. Rasmussen, D. N., Karstensen, J. G., Riis, L. B., Brynskov, J., & Vilmann, P. (2015). Confocal Laser Endomicroscopy in Inflammatory Bowel Disease – A Systematic Review. J Crohns
Colitis, .
9. Tontini GE, Pastorelli L, Ishaq S, Neumann H. Advances in endoscopic imaging in ulcerative colitis. Expert Rev Gastroenterol Hepatol. 2015 ; 12:1-13.
10. Neurath M. F. Molecular endoscopy and in vivo imaging in inflammatory bowel diseases, Dig Dis 2015;33(suppl 1):32-36
11. Ott C., From bench to bedsite – predictor of response to an anti-TNF-therapy in patients with Crohn's disease during confocal laser endomicroscopy, Z Gastroenterol,2015 Oct;53(10):
1202-3
DUODENUM
1. Nonaka, K., Ohata, K., Ban, S., Takita, M., Matsuyama, Y., Tashima, T., et al. (2015). In vivo imaging of duodenal follicular lymphoma with confocal laser endomicroscopy. Endoscopy, 47
Suppl 1 UCTN, E16–7.
2. Ohata, K., Nonaka, K., Ban, S., & Matsuhashi, N. (2015). Gastroenterology: Simultaneous practice of narrow band imaging and confocal laser endomicroscopy for a case of early
duodenal cancer. J Gastroenterol Hepatol, 30(6), 966.
3. Rodriguez-Diaz E, Baffy G, Singh SK. Probe-based confocal laser endomicroscopy quantitative morphometric markers associated with portal hypertension in duodenal mucosa. Liver
Int. 2015
4. Dolak, W., Mesteri, I., Asari, R., Preusser, M., Tribl, B., Wrba, F., Schoppmann, S.F.; Hejna, M.; Trauner, M.; Hafner, M.; Puspok, A. (2015). A pilot study of the endomicroscopic assessment
of tumor extension in Barrett's esophagus-associated neoplasia before endoscopic resection. Endosc Int Open, 3(1), E19–28.
5. Rapat Pittayanon1, Rungsun Rerknimitr1, Boonlert Imraporn1, Naruemon Wisedopas2, Pinit Kullavanijaya, Diagnostic values of dual focus narrow band imaging and probe-based
confocal laser endomicroscopy in FAP-related duodenal adenoma, Endosc Int Open, 2015
6. Nonaka K, ohata K, Ichibara S, Ban S, Hiejima Y, Minato Y, Tashima T, Matsuyama Y, Takita M, Matsuhashi N, Takasugi R, Neumann H, Development of a new classification for in vivo
diagnosis of duodenal epithelial tumors with confocal laser endomicrosocpy – a pilot study, Dig Endosc. 2015 Oct 29
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UROLOGY
1. G.A. Sonn, K.E. Mach, K. Jensen, P.L. Hsiung S.N. Jones, C.H. Contag, T.D. Wang, J.C. Liao. Fibered Confocal Microscopy of Bladder Tumors: An ex Vivo Study. Journal
of endourology 2009;23:2.
2. G.A. Sonn, S.E. Jones, T.V. Tarin, C.B. Du, K.E. Mach, K.C. Jensen and J.C. Liao Optical Biopsy of Human Bladder Neoplasia With In Vivo Confocal Laser Endomicroscopy. The Journal of
Urology, 2009
3. W. Adams, K. Wu, J.J. Liu, S.T.T. Hsiao, K.C. Jensen, and J.C. Liao Comparison of 2.6- and 1.4-mm Imaging Probes for Confocal Laser Endomicroscopy of the Urinary Tract. Journal of
endourology 2011;25:6
4. K. Wu, J.J. Liu, W. Adams, G.A. Sonn, K.E. Mach, Y. Pan, A.H. Beck, K.C. Jensen, and J.C. Liao Dynamic real-time microscopy of the urinary tract using confocal laser endomicroscopy. The
Journal of Urology, 2011.
5. JJ. Liu, TC. Chang, Y . Pan, et al Next generation of optical diagnostics for bladder cancer using probe-based confocal laser endomicroscopy. Proceedings of SPIE, 2012
6. JL. Bonnal, A. Rock, A. Gagnat, et al Confocal laser endomicroscopy of bladder tumors associated with photodynamic diagnosis : an ex vivo pilot study. Journal Urology, 2012
7. TC. Chang, JJ. Liu, ST Hsiao, et al Interobserver agreement of confocal laser endomicroscopy for bladder cancer.J Endourol, 2013
8. J. Liao Optical biopsy of upper tract urothelial carcinoma with confocal laser endomicroscopy (accepted at the congress of American Urological Association AUA, oral presentation
2013)
9. Stephanie P. Chen & Joseph C. Liao Confocal Laser Endomicroscopy of Bladder and Upper Tract Urothelial Carcinoma: A New Era of Optical Diagnosis? Curr Urol Rep (2014) 15:437
10. Aristeo Lopez & Joseph C. Liao Emerging Endoscopic Imaging Technologies for Bladder Cancer Detection Curr Urol Rep (2014) 15:406
11. Lopez A, Liao JC, Emerging endoscopic imaging technologies for bladder dancer detection, Curr Urol Rep, 2014 May ; 15(5):406
12. Chen, S. P., & Liao, J. C. (2014). Confocal laser endomicroscopy of bladder and upper tract urothelial carcinoma: a new era of optical diagnosis? Curr Urol Rep, 15(9), 437.
13. von Rundstedt, F. - C., & Lerner, S. P. (2014). New imaging techniques for nonmuscle invasive bladder cancer. Curr Opin Urol, 24(5), 532–539.
14. Bus, M. T. J., de Bruin, D. M., Faber, D. J., Kamphuis, G. M., Zondervan, P. J., Laguna Pes, M. P., de Reijke, T.M.; Traxer, O.; van Leeuwen, T.G.; de la Rosette, J.J.M.C.H. (2014). Optical
Diagnostics for Upper Urinary Tract Urothelial Cancer: Technology, Thresholds, and Clinical Applications. J Endourol,
15. Pan, Y., Volkmer, J. - P., Mach, K. E., Rouse, R. V., Liu, J. - J., Sahoo, D., Chang, T.C.; Metzner, T.J.; Kang, L.; van de Rijn, M.; Skinner, E.C.; Gambhir, S.S.; Weissman, I.L.; Liao, J.C.. (2014).
Endoscopic molecular imaging of human bladder cancer using a CD47 antibody. Sci Transl Med, 6(260), 260ra148.
16. Zlatev et al., Optical biopsy of bladder cancer using crowd sourced assessment, JAMA surgery, 2015
17. Seong Uk Jeh, Hae Do Jung*, Jong Kyou Kwon et al.,Diagnostic accuracy of probe based confocal laser endomicroscopy in bladder cancer, AUA, 2015
18. Zlatev, D. V., Altobelli, E., & Liao, J. C. (2015). Advances in imaging technologies in the evaluation of high-grade bladder cancer. Urol Clin North Am, 42(2), 147–57, vii.
19. Su LM, Kuo J, Allan RW, Liao JC, Ritari KL, Tomeny PE, Carter CM, Fiberoptic Confocal Laser Endomicroscopy of Small Renal Masses: Towards Real-time Optical Diagnostic Biopsy, The
Journal of Urology® (2015),
20. Bui D, Mach KE, Zlatev DV, Rouse RV, Leppert JT, Liao JC, A pilot study of in vivo confocal laser endomicroscopy of upper tract urothelial carcinoma, J Endourol. 2015 Oct 6
21. Lopez A, Zlatev DV, Mach KE, Bui D, Liu JJ, Rouse RV, Harris T, Leppert JT, Liao JC, Intraoperative optical biopsy during robotic-assisted radical prostatectomy usinf confocal
endomicroscopy. The Journal of Urology 2015, doi: 10.1016/j.juro.2015.10.182
22. Villa L, Cloutier J, Côté JF, Salonia A, Montorsi F, Traxer O, Confocal laser endomicroscopy (CLE) in the management of endoscopically treated upper urinary tract transitional cell
carcinoma (UUT-TCC) – preliminary data, J Endourol. 2015 Oct 16 (in press)
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