Perimeter Medical Imaging AI, Inc. (“Perimeter” or the “Company”) – a commercial-stage medical technology company – announced that Jeremy Sobotta has resigned as Chief Executive Officer of the Company, effective June 15, 2023, for personal reasons.

Perimeter has also announced that the Board of Directors has appointed Adrian Mendes as Chief Executive Officer, effective immediately. Mr. Sobotta will work closely with Mr. Mendes over the coming weeks to ensure a smooth transition of responsibilities. Mr. Mendes is an experienced technology executive with 25 years of experience building and scaling technology companies across many different industries. Most recently, he was the Chief Operating Officer at Groq Inc, an AI hardware company, which he joined shortly after formation in 2016 and helped scale to one of the leading startups in that space.

In addition, Perimeter announced that Josh Vose, MD, MBA has been appointed to its Board of Directors, effective immediately. Dr. Vose is an experienced medical device executive and corporate director with a longstanding history in scaling novel surgical technologies, and particularly in breast oncology and reconstruction. Most recently, Dr. Vose served as CEO and Board Director at SIA Health, leading the company through its Series B financing, the commercial growth of DuraSorb®, and acquisition by Integra LifeSciences (NASDAQ: IART).

Suzanne Foster, Chair of Perimeter’s Board of Directors commented, “We are grateful for Jeremy’s many contributions and service to Perimeter, particularly his prudent management of the Company’s finances as the business transitioned from development stage to commercial stage. On behalf of the staff and the Board, we appreciate his leadership, dedication and hard work and wish him the best in his future endeavors.”

Ms. Foster continued, “We are excited for Adrian to join Perimeter at this exciting time in the Company’s growth as we focus on execution on commercial placements of the S-Series with continued advancement of the AI-enabled B-Series. In addition, I’d like to welcome Dr. Josh Vose to our Board; Josh will be instrumental in providing guidance to our ongoing clinical and regulatory strategy to accelerate the B-Series through clinical development and to commercialization.”

Adrian Mendes, incoming CEO of Perimeter, commented, “The hardworking team at Perimeter has done a wonderful job marrying OCT technology with world-class AI algorithms and developing products that will greatly help cancer surgery patients. I look forward to joining this amazing team as they work to deploy these products broadly and get them into the hands of surgeons everywhere.”

Chamath Palihapitiya, CEO and Founder of Social Capital and Perimeter’s largest shareholder, commented, “We’re excited to be bringing Adrian to the Perimeter team and believe he has the operational expertise necessary to rapidly move the company forward. Adrian has spent his career focused on successfully commercializing AI-enabled hardware across a number of industries and has the right mix of skills to accelerate the adoption of both the company’s S-Series OCT technology and the forthcoming AI-enabled B-Series. We remain committed to Perimeter’s long-term vision of improving cancer outcomes for patients and are excited about the company’s next chapter under Adrian’s leadership.”

The appointments of Mr. Mendes and Dr. Vose remain subject to approval by the TSX Venture Exchange.