Braintree,Ma. LevelStock.com is pleased to announce to all of its members and investors information on MedPro Safety Products, Inc. (OTCBB:MPSP). The Company released news as follows:
MedPro Safety Products, Inc. (OTCBB:MPSP), a leading developer of transformational technologies that enable safer medication delivery and blood collection, announced today that it has entered into a Joint Development Agreement (JDA) with Belgium-based Helvoet Pharma for the technical development and commercialization of MedPro's pre-filled safety syringe (PFSS).
MedPro's PFSS passive safety device is a proprietary pre-filled medicament delivery system that provides automatic safety feature deployment, reducing and potentially eliminating the risk of a needlestick injury. The device can deliver a wide variety of biotech and pharmaceutical products to the patient's bloodstream and is comprised of two unique parts: (a) a standard glass cartridge that will act as both a pre-filled medicament reservoir and syringe plunger, and (b) a plastic safety syringe that incorporates a fully passive (or automatic) safety deployment system. The glass cartridge will be developed jointly with Helvoet, and inserted into the syringe at the point of use. The PFSS is designed to be compatible with existing filling technology for ease of adoption and operational efficiencies and the glass cartridge is consistent with current industry practice. The intuitive design should also appeal to healthcare workers and providers, as it is estimated that U.S. hospitals alone incur hundreds of millions of dollars of unreimbursed post-exposure testing and treatment expense from accidental needlestick injuries, not to mention the personal and emotional ramifications to the employee and their family.
Pre-filled syringes currently represent a 2.6 billion unit annual market growing at approximately 14% (Pre-filled Syringes Greystone Associates February 2008). In the United States, federal law requires the use of safety products to reduce the risk of needlestick injury and the global marketplace is moving towards implementation of similar requirements. However, there is no fully passive (no activation by the clinical user) pre-filled safety syringe currently commercially available in the U.S. and current estimates indicate that only 15% of the pre-filled market segment has converted to a safety solution.
"Our system design provides unique passive safety functionality, and we expect to be able to deliver this product at a competitive price because of the design compatibility with current pharmaceutical industry practices", Mr. Walter Weller, President and COO stated. "We are extremely pleased to be partnered with Helvoet in the design of the cartridge and its components. Helvoet is a world class company that maintains component design capabilities as a core competency."
"Helvoet will provide both critical design expertise, accelerating our time-to-market, and marketing expertise through their relationships with 19 of the top 20 pharmaceutical companies and with other leading system component providers," added Craig Turner, CEO of MedPro Safety Products. "And, since our PFSS is not specific to a medicament compound or a specific pharmaceutical company, we believe we can gain accelerated and broader market acceptance than other non-passive solutions currently available in the market." Mr. Turner concluded.
About Helvoet Pharma N.V.
Helvoet Pharma N.V. is a Belgium based leading global manufacturer and supplier of pharmaceutical grade coated rubber products, packaging components, and injectable drug closures. Their economic activities have been built on well-established partnerships with all of the major pharmaceutical companies, and they maintain a significant global presence with a focus on innovation. Helvoet is owned by the Daetwyler Group, an international multi-niche company dedicated to the component supply business. The Group is comprised of more than 50 operating companies, with sales in over 80 countries.
About MedPro Safety Products, Inc.
Headquartered in Lexington, Kentucky, MedPro Safety Products, Inc. is a leading developer of safer medication delivery and blood collection systems. The Company licenses, develops and manufactures transformational technologies to be marketed through its global medical device partners. MedPro's products address multiple product categories within the medical delivery (injection and infusion) and blood collection (blood collection sets and blood tubeholders) markets. We believe these products represent the most passive technologies available on the market as they deploy without conscious activation by the user and require little or no clinician training as compared to competitive products. The total global market opportunity currently addressed by the Company's portfolio of products is estimated to exceed $6 billion. For additional information, please refer to the 'Investor Relations' link on the Company's website (http://www.medprosafety.com).
Safe Harbor Statement
This release includes forward-looking statements based upon current expectations of the management of MedPro Safety Products, Inc. that involve risks and uncertainties, such as plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward- looking statements as a result of a number of factors, including our ability to identify and acquire medical safety device safety technologies with product development potential; our ability to successfully develop and bring products to market, including obtaining regulatory approvals; our ability to successfully increase sales of our products; our ability to obtain additional financing on satisfactory terms; our ability to attract and retain qualified employees; and governmental regulation associated with the medical safety products industry. Words such as "anticipate," "estimate," "plan,""potential," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions are used to identify forward-looking statements. We refer you to the more detailed discussion of risks and uncertainties under "Risk Factors" in our Annual Report on Form 10-K and our other reports on file with the Securities and Exchange Commission.
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