Perimeter Announces Appointment of Ian Mortimer as Director and Stock Option Grants

TORONTO, ON / ACCESSWIRE / July 3, 2020 / Perimeter Medical Imaging AI, Inc. (“Perimeter” or the “Company”) is pleased to announce that Ian Mortimer has been appointed to the Board of Directors, effective immediately.

“We are delighted to have Mr. Mortimer join our board,” commented Dr. Anthony Holler, Chair of Perimeter’s board of directors. “Mr. Mortimer brings a wealth of pharmaceutical industry and public company governance experience to Perimeter from his service in the pharmaceutical industry and will be a great asset to our company going forward.”

Mr. Mortimer has been President and Chief Financial Officer of Xenon Pharmaceuticals Inc. (XENE on NASDAQ) since March 2018 and additionally has served as Xenon’s Corporate Secretary since June 2015. Mr. Mortimer previously served as Xenon’s Chief Financial Officer and Chief Operating Officer since March 2015 and as its Chief Financial Officer since October 2013. Mr. Mortimer previously served in senior executive roles at Tekmira Pharmaceuticals Corporation (now Arbutus Biopharma Corporation), a NASDAQ-listed biotechnology company, and at Inex Pharmaceuticals. Mr. Mortimer also serves as chair of the Board of Directors of Appili Therapeutics Inc., a publicly-traded biopharmaceutical company focused on developing treatments for infectious diseases. Mr. Mortimer has an M.B.A. from Queen’s University, a B.Sc. in Microbiology from the University of British Columbia and is a Chartered Professional Accountant, Certified Management Accountant.

In addition, the Company announces that stock options to purchase up to 90,000 common shares of the Company have been granted to Mr. Mortimer, and stock options to purchase up to 90,000 common shares of the Company have also been granted to each of the other non- executive board members of the Company (namely Dr. Anthony Holler, Dr. Franklyn Prendergast, Suzanne Foster, Doug Janzen, Imed Zine, PhD and Hugh Cleland) in the aggregate being options to purchase 630,000 common shares. All options were granted pursuant to the Company’s stock option plan and are subject to TSX-V acceptance. Each stock option is exercisable to purchase one common share of the Company for $1.45 (being the issue price of the securities issued in the Company’s recent financing) for a period of ten years from the grant date. One-quarter of each option grant vests immediately and the remaining will vest in equal installments of one-quarter on each anniversary of grant, until the options are fully vested on the third anniversary of the grant date. Following these grants, the Company has a total of 5,693,214 stock options outstanding (and options to purchase up to 2,042,940 common shares remain available for future issuance under the Company’s stock option plan).