Two big manufacturers have approached BioScan:

· Philips Medical Systems (radiology)

· Varian Oncology Systems (radiotherapy).

Other manufacturers (Siemens, Comet) whom we have contacted have also confirmed their interest.

If it is obvious that these big companies represent an interesting potential for BioScan, it would be advisable to be alert to the fact that the BioScan products are now at the pre-series stage. The weight of BioScan in the negotiations with these manufacturers will be greater as the products become more industrialised and adapted to the needs of the market.


A great effort of communication has already been achieved by BioScan, in particular through publications and participation in several radiology congresses. This effort has led to BioScan being known in its market. It is foreseen that these communication activities will be largely maintained in the forthcoming months, and in
particular after the completion of the clinical tests.

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Ernst'n'Young Report











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BioScan is in the forefront of research & development and manufacture of products that are spin-offs from research in physics. Its research has resulted in two types of apparatus:

· IRIS (Interactive Radiotherapy Imaging System)
, which is a very sensitive system of imaging, presenting a very high level of contrast. This product, intended for the treatment of cancers, enables control of the positioning of a patient during the session of radiotherapy.

Patent Numbers

#CH691006 (Swiss)

#EP1004039 (European)

#US 6,552,347 B1 (USA)

#B3569227 (Japan)

· PIXRAY (Picturing X-Rays on-line), which is a new generation of a radiological system using x-rays without film, intended for diagnosis or treatment.


The chances of success for the BioScan project depend essentially on the following elements which became apparent during our analysis of the company :

For a financial invester, the valorisation (exit) of an investment in BioScan would probably be made in the form of the sale of a majority or the totality of the shares to an industrial partner or to the management (trade sale). The probability of a quotation on the stock-exchange (IPO) is less likely.

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BioScan is active in the field of medical equipment (imaging equipment for radiology – conventional and interventional – and for radiotherapy). The world market in this type of equipment was estimated in 1996 at 13 billion dollars and has an annual growth rate currently in the order of 7% to 8%.

Within the scope of this study, we interviewed clients and potential competitors of BioScan in order to evaluate the way the products are perceived from the viewpoint of the market. By means of these interviews we were able to identify the following trends:

· The technology developed by the company is innovative and the applications derived from it are perceived very positively by the market (buyers and competitors) in that they make it possible to reduce considerably the doses of X-rays and to obtain good quality images.

· No competitor has achieved this performance to date.

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BioScan has concluded a certain number of partnership agreements with the following institutions, which enables it to react rapidly in matters concerning research and development :

· the Swiss Confederation
· the University Hospital of Geneva
· the Universities of Geneva and Lausanne

Twenty percent of the suppliers of BioScan are Swiss. They supply BioScan principally with standard equipment. However, a supplier is a strategic element as regards the industrial control of the products. Information relating to this supplier has not been communicated to us, as previously stated by Mr Dimcovski.

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It is anticipated that BioScan will distribute its products directly for the first two years of its development. However, because of the very active competitors in the same field of research who will be ready to penetrate this market within the next two to three years according to what they say, we strongly recommend that BioScan establishes itself as an OEM (Original Equipment Manager) supplier for the marketing of its products and thus envisages very rapidly a collaboration with one or other of the large manufacturers.

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