Correction: Modulight receives a purchase order for a pilot project from a large pharmaceutical company, highlights the company’s technology’s relevance in the market

MODULIGHT CORPORATION, COMPANY RELEASE, INSIDE INFORMATION, 31 MARCH, 2022, AT 10.40 A.M. FINNISH TIME 

Modulight has yesterday, on 30 March 2022, received a binding purchase order from one of the largest pharmaceutical companies in the world to deliver laser equipment and related services for a research project at its concept phase. The purchase order is related to a research project which the customer has started, and which strives to find new ways to treat lung cancer. Lung cancer is a common and fatal disease that causes the most cancer deaths in the world. Laser-assisted therapy is one of the selected therapies to be studied and Modulight is the chosen partner for this particular treatment method. 
 
“While this study is still in a very early phase and the pilot project will not have a significant impact on Modulight’s financials during this year, the purchase order is significant for two reasons. Firstly, the fact that this major pharmaceutical company has chosen Modulight as its partner to develop laser-assisted treatments for this disease is a recognition of Modulight's unique knowhow and expertise. Secondly, the project highlights the usability of our technological platform for a number of different indications. At the same time, our inclusion in the research project further strengthens the role of laser-assisted therapies overall as one key form of treatments for cancer. It is precisely because of such projects that Modulight exists”, describes Seppo Orsila, CEO of Modulight. 
 
The ordered laser equipment is scheduled to be delivered during the third quarter of 2022, and the order includes supporting services for one year. The product is the cloud-connected Modulight ML7710 laser platform that can be flexibly used for a variety of medical purposes, including other customized and high value-added products. 
   
The company’s projects typically begin with a proof-of-concept phase of the concept and then progress to clinical trials and pilot production. If successful, the projects may eventually lead to commercialization, before which the customer must apply for regulatory approval for the application (US: FDA, EU: CE). The overall process from pilot production to a fully commercialized project typically takes several years and there is significant uncertainty associated with each step. 
 
Modulight is currently on its silent period and will publish it’s 1Q22 results on 28 April 2022. 
 
 
For further information, please contact: 
CEO: Seppo Orsila, m. +358 40 830 4671   
IR: Ulla Haapanen m. +358 40 830 4676 
Email: [email protected] 
 
Certified Adviser: Danske Bank A/S, Finland Branch, m. +358 40 414 5358 
 
www.modulight.com 
Twitter: @modulight, @orsila 
 
 
Modulight in brief 
 
Modulight Corporation is a biomedical laser company that designs and manufactures products for oncology, ophthalmology and genetics. The company also provides solutions for selected high value-add applications including quantum computing and digital press. The company’s products include medical devices, subsystems, software, cloud services and specialized semiconductors. Modulight's products are used worldwide by many Fortune 500 companies, international pharmaceutical companies, and well-known cancer centers and universities. Modulight was founded in 2000 and is headquartered in Tampere, Finland.