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Lantis Laser, Inc. (OTC: LLSR)
Untitled Document
Lantis Laser, Inc.
11 Stonebridge Court
Denville, NJ 07834
Phone: 203-300-7622
Fax: 619-789-0454
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Market Data:
Symbol / Exchange
Coverage Initiated
Current Price
Price Target
Outstanding Shares
Market Cap.
Average 3M Volume
Nov 1st, 2007
Speculative Buy
92.35 million
$16.62 million
Company Background
Investment Highlights
Company Overview
Industry Outlook
Financial Analysis
Company Background

Lantis Laser, Inc. (OTC PK: LLSR) is developing and commercializing advanced technologies for applications in dentistry. The Company has exclusive rights to the application of Optical Coherence Tomography (OCT) technology for dental diagnostic imaging through its license agreements with LightLab Imaging and Lawrence Livermore National Laboratory.

LLSR is currently in Phase II development of its first product, the “OCT Dental Imaging System”. The System has an unprecedented high resolution of up to 10 times that of traditional dental x-rays and is designed to provide early detection of - tooth decay, periodontal disease and microstructural defects in teeth. Early detection allows the dentist to promptly halt or even reverse the progress of the disease using non- or minimally invasive procedures, thus improving outcomes and enhancing the quality of patient care.

The Company plans to introduce the OCT Dental Imaging System in the third quarter of 2008 after the successful completion of Phase III development and clinical trials. This System addresses a potential market consisting of over 100,000 dental offices in the US and an estimated 100,000 offices in developed countries of Europe and Asia Pacific. Assuming every office purchases one OCT Dental Imaging System at the $20,000 retail price, potential product sales could reach $4.0 billion.

Investment Highlights

A business model capitalizing on technology advances

LLSR’s business model leverages novel, advanced technologies developed in recent years, which enable high resolution imaging of biological structures. Optical coherence tomography (OCT) is essentially an optical analog to ultrasound imaging, which is based on time delay and magnitude. Its ability to provide resolutions approaching that of standard histopathology in real time and in-situ are fundamental advantages for medical imaging. The Company’s OCT System developed for dental applications provides up to 10-times more detailed images than x-ray, can image occlusal (biting) surfaces where almost 80% of decay starts, and is the first dental imaging system to detect both tooth decay and periodontal disease at an early stage. The System has the potential to change the way dental care is provided by enabling dentists to detect disease at earlier stages and immediately initiate a treatment plan to cure it.

Advantages create large potential market for LLSR’s System

The OCT System has significant advantages over traditional x-ray systems currently used in dental offices. The OCT System can:

  • Detect demineralization of enamel, the first sign of decay, which cannot be done with x-ray;
  • Detect decay at an early stage before it shows up on x-ray;
  • Detect decay in occlusal (biting) surfaces, which cannot be done with x-ray;
  • Detect secondary caries around restorations at an early stage, which cannot be done with x-ray;
  • Document the need for early stage treatment for insurance reimbursement. Early stage decay is not visible on traditional x-rays and cannot be documented at present;
  • Capture images of soft tissue (gums) in real time.

Rapid progress through development pipeline

LLSR has already initiated FDA Phase II testing and is building five Beta OCT Dental Imaging Systems to specifications that will allow clinicians to image in the mouth and obtain high resolution scans that can display the characterization of oral diseases. The Beta Systems will be placed in clinical use settings with leading clinicians and universities to gather data and to solicit feedback regarding the user interface and for the final design of the commercial Systems.

Because the System is classified as a diagnostic “aid,” the OCT Dental Imaging System faces minimal FDA regulatory scrutiny. OCT has already been cleared for bio-medical use in the ophthalmology and for other biomedical imaging. The Company expects to complete product development and clinical testing in the second quarter of 2008 and to introduce the System to the dental market in the third quarter of 2008.

Exclusive license for technology through 2020

The Company’s licenses from Lawrence Livermore National Laboratories and LightLab Imaging give it exclusive rights to manufacture, use and sell diagnostic products for dental applications that incorporate technologies covered by Livermore’s and LightLab’s patents. With exclusive rights on some License Agreements through 2020, LLSR will have several years to establish its footprint, build market share and leverage its industry-leading position to introduce additional new technologies and products.

Highly qualified management team

LLSR’s management team has broad knowledge and extensive experience in both the dental and optical/laser markets. The Company’s specialists are highly regarded authorities in clinical dentistry, laser dentistry and OCT. Their research results have been published in numerous industry publications and some of the Company’s researchers have been interviewed on national TV and radio shows. In addition, the business skills and track record for growing profitable businesses of LLSR’s CEO Stanley Baron improves the Company’s growth prospects and chance of success.

Favorable sales outlook

LLSR plans to enter the commercialization phase with its dental OCT System in August 2008. Management expects to sell 360 units in 2008, with sales rising to 6,500 units in 2011. Sales are projected to exceed $71 million in 2011. We consider these estimates to be rather conservative given a potential market consisting of approximately 200,000 installed OCT Systems. Management’s estimates assume only a 5% penetration rate in the first four years of commercialization.

Large market opportunity

US dental industry revenues exceeded $85 billion in 2007 and are expected to grow 6-7% per year. US sales of dental equipment are expected to growth 4% per year and exceed $8 billion by year-end 2011. The dental industry is desperately in need of new modalities for the early detection of oral diseases since available treatments are very effective in treating diseases in the early-stage. Factors impacting the industry’s growth include:

  • Favorable demographic trends (senior population will reach 60 million by 2020);
  • Growing demand for dental procedures;
  • Increasing dental insurance coverage;
  • Increasing evidence of link between oral health and overall health.

The OCT Dental Imaging System addresses the need for early detection and is a superior alternative to existing x-ray based solutions. The US has approximately 100,000 dental offices. Another 100,000 dental offices are located in developed countries of Europe and Japan. The initial market for the OCT System is the installed base of digital x-ray/camera (50,000 systems), accounting for approximately 25% of worldwide dental offices. These represent the technologically advanced users who are more likely to adopt further advanced digital modalities. Even at a modest 5-10% penetration rate, LLSR’s revenues from System sales could easily exceed hundreds of million of dollars annually.

Company Overview

Company Overview

LLSR’s business model is focused on developing and commercializing hi-tech dental equipment. The Company’s OCT Dental Imaging System is based on Optical Coherence Tomography technology - the latest imaging modality for biomedical applications. Using a non-invasive coherent light source without any harmful radiation, cross-sectional tomographic slice images are captured of the internal microstructure of teeth and gums, up to 3 mm in depth, which will enable dentists to detect oral diseases such as decay and periodontal disease at early stages.

Given the fact that current solutions can’t provide timely detection of common oral diseases such as periodontitis, the dental market is constantly searching for better equipment for disease detection. A recent grant given by the American Dental Association to a research pioneer investigating techniques for detecting caries underscores the need for novel technologies such as the OCT Dental Imaging System and indicates the strong growth potential of the Company’s business model.

LLSR operates under licenses from Livermore and LightLab giving it exclusive rights to make, use and sell diagnostic products for dental applications incorporating Optical Coherence Tomography technology. LLSR has licensed seven patents from Livermore. The expiration date for the last issued patent is February 18, 2020. LightLab’s portfolio of patents was acquired from MIT, Harvard University, Massachusetts General Hospital, Tufts University, and the Zeiss Foundation. LLSR has also licensed a patent titled “Vertical Displacement Device” from the University of Florida Research Foundation for use in connection with the micro-mirror component of the OCT probe that captures information in the mouth at the point of interest.


Optical Coherence Tomography (OCT) is a promising new diagnostic medical imaging technology that utilizes advanced photonics and fiber optics to obtain images and tissue characterization on a scale never before possible within the human body. OCT is considered the sixth modality of imaging after PET Scan, MRI, CT Scan, Ultrasound and x-ray. OCT was invented in the early 1990’s at the Massachusetts Institute of Technology and has been commercialized by Carl Zeiss Meditec, Inc. for applications in ophthalmology and by LightLab Imaging for cardiovascular imaging. In November 2006, Carl Zeiss Meditec AG announced the sale of its 6,000th OCT Stratus System. This System was initially introduced in 2002. At an approximate retail price of $65,000 per System, Stratus generated almost $400 million in sales.

OCT is an interferometric, non-invasive optical tomographic imaging technique offering millimeter penetration (approximately 2-3 mm in tissue) with micrometer-scale axial and lateral resolution. The technique was first demonstrated in 1991 with ~30ىm axial resolution. Since then, OCT has achieved sub-micrometre resolution as a result of the introduction of wide bandwidth light sources (sources emitting wavelengths over a ~100 nm range). OCT is now a widely accepted imaging technique, especially in ophthalmology, other biomedical applications and art conservation. OCT has critical advantages over other medical imaging systems. Medical ultrasonography, magnetic resonance imaging (MRI) and confocal microscopy are not suitable for morphological tissue imaging; the former two have poor resolution and the latter lacks millimeter penetration depth. OCT has image resolution 8-25 times greater than any of the above-mentioned imaging modalities.

Infrared light is delivered to the imaging site through a single optical fiber only 0.006” in diameter (about the size of the period in this sentence). The imaging guidewire contains a complete lens assembly for performing a variety of imaging functions. The guidewire can be deployed independently or integrated into existing therapeutic or imaging catheters. OCT imaging can be performed over approximately the same distance of a biopsy at high resolution and in real-time, making OCT especially attractive in applications where conventional biopsies cannot be performed or are ineffective. While standard electronic techniques are adequate for processing ultrasonic echoes that travel at the speed of sound, interferometric techniques are required to extract the reflected optical signals from the infrared light used in OCT. The output, measured by an interferometer, is computer-processed to produce high resolution, real-time, cross-sectional or 3-dimensional tissue images. This powerful technology provides in-situ images of tissues at near histological resolution without the need for excision or processing of the specimen.


Source: LightLab Imaging Technology (http://lightlabimaging.com/oct.html)

OCT Dental Imaging System


Source: Company’s presentations

OCT is the first modality in dentistry capable of imaging both “hard” tissue (teeth) and “soft” tissue (gums) in the mouth at a very high resolution. Using the hand-held scanner, the operator captures cross-sectional images, or tomographic slices, up to 3 mm deep into dental tissue. These cross-sectional images are then displayed individually in real-time on a chair-side monitor and can be saved to the patient’s digital file. Because of the high resolution images and method of information capture, the OCT System enables:

  • Early detection of demineralization of enamel, tooth decay, secondary decay, integrity of restorations, and periodontal disease;
  • Early detection, enabling non-invasive or minimally invasive treatment to be deployed using an expanding array of techniques to arrest and even reverse demineralization and early decay;
  • Less invasive, early-stage treatment, which is less traumatic, less painful and potentially less costly for patients and results in a higher standard of care;
  • More loyal patients, resulting in more regular visits and increasing the opportunity for cross-selling other services such as tooth bleaching and cosmetic procedures;
  • OCT images can be used chair-side to visually demonstrate to patients the need for a particular procedure. Intraoral cameras are extensively used to show the patient a surface view of a particular problem; OCT can reinforce the diagnosis with a view into the tissue;
  • OCT Systems provide an image that can be used for insurance reimbursements when claims are made for treatment of early disease. Since early-stage decay is not visible on traditional x-rays, there is at present no formal way to document the need for treatment.

The OCT Dental Imaging System will initially be available in a cart configuration, includingthe computer and monitor, that will enable the capture and transfer information to the office’s main computer for inclusion into patient files. An add-on System that will integrate with existing digital platforms will be available at a later date. OCT would significantly enhance the scope and effectiveness of chair-side modalities by providing an advanced chair-side, computer-based platform for diagnostics, patient communication and digital storage of patient information. Scans are captured by the dentist using a hand-held scanner that relays the information to the interferometer and then to the computer and monitor for display in real-time.

Classified as a diagnostic “aid,” the LLSR’s OCT Dental Imaging System faces minimal FDA regulatory hurdles and will likely be introduced in the US dental market in the third quarter of 2008. FDA device regulatory consultants have been engaged at the beginning of Phase II development to ensure that the System complies with FDA and CE regulations. FDA 510(k) clearance will be sought after the completion of Phase II trials. Clearance is typically obtained within 90 days of application.


Exhibit 1: Product development status:

Source: Company’s presentations

Corporate strategy

The Company’s goal is to capture a leading share in the dental equipment market and establish its Systems as an essential modality of modern dentistry. Key elements of LLSR’s corporate strategy include:

  • Increase awareness of OCT Systems among dentists and patients. LLSR intend to further penetrate the dental market by educating dental practitioners and patients about the clinical benefits of the OCT System. It intends to participate in key industry trade shows, conferences, dental school forums and other educational forums.
  • Expand sales and distribution capabilities. The Company plans to begin US distribution of the OCT System in August 2008. LLSR is establishing relationships with leading US dental products and equipment distributors and building the distribution infrastructure needed to support its US and international sales objectives.
  • Extend product applications. LLSR plans to extend its product line and product applications by developing enhancements and additional technologies. The Company is also considering the acquisition of complementary products and technologies. For these purposes, the Company recently formed Lantis Acquisition Corp., a wholly-owned subsidiary.
  • Offer high quality manufacturing and customer service. LLSR intends to continually develop and refine its manufacturing processes to increase production efficiency and product quality. The Company also plans to provide maintenance and support services through its dedicated support center and staff.

Marketing and distribution

LLSR plans to sell its OCT System through strategic alliances with OEM’s of digital x-ray, digital dental office technology platforms and intraoral cameras. These OEMs will market the OCT System with their existing products lines. Manufacturing of System components and parts will be outsourced. LLSR will perform final assembly and quality inspection at its own facility before shipping the products to distributors. Initially the System will be sold in a standalone cart configuration including computer and monitor. Lantis Laser, Inc. will provide a complete package of informational support for OCT Systems installation, servicing, training and marketing.

Per unit manufacturing costs for the OCT Cart System (includes mobile cart with computer and monitor) are estimated at $6,300 initially, then expected to decline to approximately $5,700 per unit by 2009 as the Company benefits from economies of scale. The OCT Cart System will be sold to distributors for approximately $11,000. The System is priced to be affordable for most dentists. The Company expects to achieve at least 5% market penetration within the first four years of commercialization.

Industry Outlook

The global dental market (dental products sold worldwide) is estimated to be worth approximately $16 billion annually and producing consistent 4-6% annual growth.


Exhibit 2: Dental markets

Source: Dental Trade Alliance 2007 Annual Meeting Report (www.dentaltradealliance.org)

The US dental equipment and supplies industry produces a wide variety of products for professional and laboratory use, such as artificial teeth; dental metals, alloys and amalgams; and various equipment, instruments, and supplies. Freedonia Group estimates that US demand for dental equipment will grow 3.8% annually through 2011 to $8 billion, aided by favorable population trends and rapid acceptance of new technologies. In general, advanced equipment such as lasers, intra-oral cameras, digital radiography and CAD/CAM systems will drive gains. Dental offices are forecast to remain the largest segment and produce the fastest growth. Today there are about 100,000 registered dental offices in the US.


Exhibit 3: US sales of dental equipment and supplies*, ($ million)

*Excludes dental x-ray equipment Source: Dental Trade Alliance 2007 Annual Meeting Report (www.dentaltradealliance.org)

The factors that fuel growth in the dental market include:

  • Favorable demographic trends;
  • Rising standards of living and increasing dental expenditures in developing nations as disposable income grows;
  • Growing evidence of the link between oral health and overall health: periodontal disease may put humans at greater risk of serious medical conditions such as heart disease and stroke, complications during pregnancy, uncontrolled blood sugar, and pneumonia;
  • Expanding dental insurance coverage: in 2005, private health insurance covered 53% of dental service payments (vs. 50% in 1990, 30% in 1980, and 5% in 1970);
  • Increasing demand for specialty and aesthetic dentistry;
  • Technological advancements and dental practice dynamics: advanced-technology products, such as laser, digital radiography systems and chair-side CAD/CAM restoration systems are experiencing strong demand because of improving dental office efficiency and productivity.

With the first baby boomers now reaching 60 years of age, the dental market is expected to remain strong over the next five years. US Census Bureau data indicate that the US population is getting older. An increase in America’s median age reflects the aging of the very large Baby Boomer population born between 1946 and 1964. In 2011, the first Baby Boomers will reach 65 years of age.


Exhibit 4: America’s 65+ Aged Population (millions)

Source: US Census Bureau (www.census.gov/prod/1/pop/p25-1130.pdf)

Another important driver of industry growth is a more educated consumer. More Americans are becoming aware of the benefits of a healthy-looking smile and the importance of dental care to overall health. The US Centers for Medicare & Medicaid Services of the National Health Statistics Group estimated that dental services expenditures in current dollars were $81.5 billion in 2004, 17 times greater than 1970 expenditures. The US Centers for Medicare & Medicaid Services projects 5-7% annual growth between 2006 and 2015.


Exhibit 5: US dental expenditures

Source: www.dentaltradealliance.org/pdfs/2007-July-AM-Jeff-Johnson.pdf

Financial Analysis

Income statement

The Company is in an early development stage and has yet to record revenues. All of its current resources are allocated to the development of its OCT Dental Imaging System. The Company anticipates it will begin producing revenues after the successful completion of Phase III trials and the commencement of marketing its OCT System in August 2008.

During the first six months of 2007, the Company’s operating expenses increased $0.7 million year-over-year. The increase is mainly due to costs related to Phase II investigations, the establishment of a development facility in Pinellas Park, Florida and an increase in professional, consulting and marketing fees, which represented about 55% of total operating expenses.


Exhibit 6: Income statement items, $ Thousands

Source: SEC Filings; Pink Sheets financial reports; fiscal year ending December 31.

On May 31, 2007, the Company entered into an exclusive royalty-based licensing agreement with The University of Florida Research Foundation for a novel mirror scanning technology.

Liquidity and capital resources

The Company had cash and equivalents totaling approximately $2.2 million at June 30, 2007 due to capital raising activities consisting of the issuance of convertible notes and warrants. These activities also resulted in an increase in net working capital to $813,000.


Exhibit 7: Balance sheet items, $ Thousands

Source: SEC Filings; Pink Sheets Financial Reports; year ending December 31.

To date, LLSR has financed its operations mainly through private placements of equity and debt.

In October 2006 LLSR completed a private placement of 5,850,000 shares of common stock that generated -proceeds of $585,000.

In April/May of 2007, the Company completed a private placement of 5% Senior Convertible 3-Year Notes in the amount of $2,526,500. The Convertible Notes are convertible into shares of the Company’s common stock anytime in the three-year period at a fixed conversion price of $0.15. The proceeds of these private placements will be used to finance the Company’s Phase II and Phase III development. In addition, LLSR plans to improve share liquidity by becoming a fully reporting company and listing on a national stock exchange.


Revenue forecast

The OCT System addresses a potential market consisting of over 200,000 dental offices in developed countries. If each office purchases one OCT Dental Imaging System, product sales would approach $4.0 billion at retail or $2.2 billion at Lantis’ selling price to the distribution network.

Following the completion of its clinical trials in 2008, the Company plans to commercialize its product and has a goal of placing 360 units in the last six months of 2008. Going forward, the Company plans a rapid rollout of operations, with revenues growing at triple-digit rates to $71 million in 2011. Management’s forecasts assume a conservative 5% market penetration rate in the first four years of commercialization.


Exhibit 8: Revenue forecast

Source: Management guidance

We believe management’s forecasts are conservative, given a potential market that could readily absorb 200,000 OCT Systems in the developed countries.

In addition, the Company targets achieving profitability in 2009 and anticipates strong margin gains as it benefits from economies of scale.

Peer comparison

We based out peer analysis on publicly-traded medical equipment companies with significant interests in dental and imaging segments. The valuation of these peer companies is strong, a reflection of the medical industry’s robust growth outlook. The peer group median value is 2.62 times 2007 sales, with a median revenue growth rate of 11%.

Despite its development-stage business risks, we think LLSR warrants a better valuation, given the Company’s triple-digit growth outlook, technology leadership and huge potential market. We believe a 60% premium to the peer average 2007 P/S multiple is justified by LLSR’s favorable growth prospects.


Exhibit 9: Peer group

Source: Yahoo Finance!, Analyst Estimates

Analyst Summary

Lantis Laser, Inc. has exclusive rights to dental market applications for Optical Coherence Tomography. OCT technology provides high resolution images comparable to standard histopathology and up to 10 times higher than standard x-rays in real time and in-situ. LLSR is currently in Phase II development of its OCT Dental Imaging System which promises to be the dental market’s first effective tool for the early detection of tooth decay and periodontal disease.

Classified as a diagnostic “aid,” the OCT Dental Imaging System faces minimal FDA regulatory challenges. The Company expects to complete product development and testing in the third quarter of 2008 and introduce its new product to the dental market by year-end 2008.

The Company expects to place 360 OCT System units in 2008 and anticipates triple-digit revenue growth and sales exceeding $71 million in 2011. Management’s estimates assume a very conservative 5% penetration rate in the first four years of marketing the product.

Taking into account LLSR’s technology advantage, exclusive licenses and the huge potential market, we are initiating coverage of Lantis Laser, Inc. with a Speculative Buy rating and a $1.70 price target.


Limited operating history

The Company has a limited operating history, which makes difficult to evaluate its future prospects. LLSR has not reported revenues to-date and will incur an increased operating loss this year as it ramps up research, development and commercialization efforts.

Dentists and/or patients may be slow to adopt OCT System technology

The Company’s OCT dental system represents a relatively new technology in the dental market. As it is a new product, the Company will need to demonstrate the product’s performance advantages and safety versus existing technologies to a wide audience of dentists and patients. Dentists and/or patients may be slow to embrace OCT technologies, affecting our valuation case.

Dependence on a single product

Although the Company plans to develop a wide range of novel technology products, at present, it depends entirely on the success of a single product – the OCT Dental Imaging System. Sales of this product will account for the vast majority of Company revenues for the foreseeable future. There can be no guarantee that the product will achieve the Company’s unit sales targets.

Market competition

The dental equipment market is highly competitive. There can be no assurance that the Company can successfully compete with new products and technologies introduced by competitors. Additionally, certain competitors may have greater financing, marketing and distribution resources than the Company.

Need for additional capital

The Company may need to raise additional capital to support the commercial launch of its product. LLSR expects that the proceeds of 2006/2007 private placements will be sufficient to support Phase II and III development. However, the Company may need to raise additional capital to commercialize it technology. There can be no assurance that the Company will be able to secure additional financing on favorable terms.

Stanley B. Baron,
Chairman, President & Chief Executive Officer
Mr. Baron brings to the Company over 25 years experience in the dental industry. He has served as the Company’s Chairman, President & CEO since November 2004. In 1989, Mr. Baron moved to the US and began working with dental companies to identify, license and commercialize new technologies such as intraoral camera imaging system for dentistry and novel surface disinfections technology for biomedical application. In 1979, Mr. Baron and his family immigrated to Israel from Zimbabwe. In Israel, he purchased a partnership in a small dental equipment company that represented Adec, the leading US dental equipment manufacturer, as well as other leading European and Japanese companies. The company quickly became the leading dental equipment company in Israel. Capitalizing on the opportunity to become a full service dental distributor, Mr. Baron merged his business with the then largest sundry distributor Healthco (Israel), a subsidiary of Healthco International, at that time the world’s largest dental company. Under Mr. Baron’s management, Healthco (Israel) grew rapidly to annual sales of $8 million and the leading dental distributor in Israel. In 1971, in Zimbabwe (Rhodesia) he founded a consumer products wholesale distribution business, which expanded rapidly to become the largest distributor of packaged foods in Zimbabwe, with sales approaching $100 million annually. The Company was subsequently sold to Metro, a large European food company.
Craig B. Gimbel,
DDS — Executive Vice-President Clinical Affairs
Dr. Gimbel has over 16 years of clinical and research experience in laser/photonic dentistry. Dr. Gimbel has held positions with LLSR as Executive Vice-President Clinical Affairs and a Director since November 2004. He is responsible for developing the applications and the techniques required to use laser technology in an efficacious and safe manner. Prior to joining LLSR, Dr. Gimbel practiced clinical dentistry and worked on numerous dental technology projects that included clinical research, publishing and teaching throughout the world. He has appeared on numerous television programs, including Dateline NBC, to discuss new technologies in dentistry and has published and presented worldwide on the integration of emerging technologies and dentistry. Dr. Gimbel was Principal Investigator for the first FDA human hard tissue clinical trials of the Er: YAG laser from 1993 to 1997. He is a past Chairperson of the Scientific Committee of the Academy of Laser Dentistry and its current President. Dr. Gimbel is the 2003 recipient of the prestigious T. H. Maiman Award for Excellence in Dental Laser/Photonics Research. He is a Fellow of the American College of Dentists, American Society of Dentistry for Children, Academy of General Dentistry and Academy of Dentistry International. Dr. Gimbel achieved Advanced Proficiency Certification in Laser Dentistry in 1993. Dr. Gimbel graduated from New York University College of Dentistry in 1977.
Douglas Hamilton,
Vice-President R&D
Mr. Hamilton has been the Company’s Vice-President R&D since November 2004. He has extensive experience in the development of optical products. As former President and Director of Operations of Aries International Inc., he was responsible for project team management including systems development and integration of optical, digital and radiographic products. Mr. Hamilton has successfully developed over 14 hardware and software products for industrial and medical markets, with his specialty being image capture, processing, manipulation and storage. A large part of his experience was in the NDE industry and included contract development and contract negotiations for manufacturing. Among his major clients were DuPont, Siemens, TVA, Duke University, and the National Institute of Environmental Health. He has successfully designed and built the demonstration model for the OCT Dental Imaging System and is managing the development of the pre-production OCT System.
Linda Otis,
Vice-President Clinical Research
Dr. Otis is a foremost authority on OCT and is active in research relating to new methods for diagnosing common oral conditions as a principal investigator of a National Institute of Health research grant. Dr. Otis initiated the application of OCT for use in dentistry while she was at the University of California, San Francisco Dental School in 1994 and implemented the research on OCT with the Medical Technology Program scientists at Lawrence Livermore National Laboratory. The results of this pioneering research were published in numerous articles showing that OCT could be used for the early detection of disease in hard and soft tissue. Dr. Otis has published widely, including 35 publications and many published abstracts. She is named on three of the patents relating to OCT applications in dentistry. Dr. Otis is currently Professor of Oral and Maxillofacial Radiology at the University of Maryland, Baltimore College of Dental Surgery, in Baltimore, Maryland. She received her DDS at University of Nebraska, Lincoln and did her postgraduate work in diagnostic science at University of Texas, San Antonio.

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