TechniScan signs agreement with Texas-based company to co-develop a new version of its breast imaging device

SALT LAKE CITY (January 18, 2011) – TechniScan (OTCBB: TSNI), a medical device company engaged in the development and commercialization of an automated 3D breast ultrasound imaging system, announced today that it has signed a Product Development Agreement with Austin, Texas based Womens3D, Inc. worth a minimum of $1.5 million.

TechniScan and Womens3D will co-develop technology specifically for Womens3D’s proposed target market that is directed toward women’s health practices.

Under the terms of the agreement, Womens3D acquired a prototype of the TechniScan WBU system for $250,000 and contemplates contributing at least $1.25 million more to support development of a specialized whole breast ultrasound imaging system based on the TechniScan Warm Bath Ultrasound (WBU) product now in clinical testing. In addition, TechniScan will supply technical support of the product and customization of the imaging network applications that will be used in part to store and transmit the image files.

source: Techniscan Medical Ssytems