BURBANK, Calif., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Imaging3, Inc. (OTCQB:IGNG) announced today that it has entered into a consulting agreement with Scott R. Pancoast, whereby Mr. Pancoast will serve as special advisor to the company's executive team and its board of directors. Once the company has secured directors and officers insurance, Mr. Pancoast will be named executive chairman of the board, where he will also have an executive role; at that time, Dane Medley, currently chief executive officer and president, will relinquish his CEO role and remain president. Scott Pancoast most recently served as chief executive officer and board member of Lpath, Inc., a biotech start-up, where he built a world-class team of executives that: took Lpath public and later uplisted it to Nasdaq; forged partnerships with Pfizer, Biogen Idec, Merck-Serono, and the Department of Defense; and raised over $150 million through private and public offerings, government grants, and collaborations. Prior to that, Mr. Pancoast served as executive vice president of Western States Investment Group, a privately owned venture-investment firm, whose holdings included the start-up that introduced the "ear thermometer" [sold to Wyeth/Pfizer]; an RFID start-up that had a leading position in the electronic vehicle-identification market [sold to a JP Morgan fund]; and a medical-device start-up that designed diagnostic and therapeutic devices for gastro-esophageal reflux disease [sold to Medtronic]. In his career, Mr. Pancoast has served on the board of directors of over 15 entities, including three public companies, and been CEO or interim CEO for seven entities. He is a graduate of the University of Virginia, summa cum laude, and the Harvard Business School, with honors. Dane Medley stated, "We are extremely gratified to have someone with Scott's background and pedigree join the Imaging3 team. Scott shares our vision of Imaging3 bringing a disruptive technology to the radiology marketplace and consequently achieving sizable market share, while at the same time improving the quality of healthcare, especially for children."