Fully passive safety needle system for insulin injections in the home healthcare setting
Lexington, KY – January 19, 2010 – MedPro Safety Products, Inc. (OTCBB: MPSP), a leading developer of transformational technologies that enable safer medication delivery and blood collection systems, has purchased product development rights for a unique, fully passive Insulin Guard self-injector from Visual Connections, owned by Hooman Asbaghi. Mr. Asbaghi is the inventor of MedPro’s fully passive phlebotomy collection devices, which include two versions of a safety blood collection holder, a passive IV catheter, and a safety blood collection set.
“The Insulin Guard meets a significant need in the home healthcare market for a truly passive safety self-injector that can diminish the risk of accidental needle sticks and related transfer of blood borne pathogens,” said Walter Weller, MedPro President and COO. “As of 2007, more than 17.9 million Americans had been diagnosed as being diabetic, and an estimated 5.7 million more Americans were undiagnosed , with a direct annual medical cost estimated at $116 billion, according to the National Institute of Health. The NIH also reported that diabetes was the seventh leading cause of death in the United States in 2006.”
Mr. Weller continued, “A substantial portion of the diabetic public, both in the United States and worldwide, administer insulin through routine injections in the home. Sharps that remain exposed after use are responsible for accidental needle sticks in the home each year. Additional needle stick injuries occur during the disposal and transfer of sharps waste from the home environment. The “fully passive” safety system on the Insulin Guard automatically encloses the contaminated end of the needle immediately after use, thus protecting the patient, the patient’s family, and caregivers. Since the contaminated sharp remains completely covered after use, everyone involved in waste disposal is also protected. We are also investigating the possible use of the Insulin Guard in the hospital setting, which would significantly expand the potential market opportunity.”
MedPro’s portfolio of eight sharp systems, which now includes the Insulin Guard, employs the only available “fully passive” safety technology, meaning that the user does not need to consciously deploy the sharp’s safety system. The patient uses the MedPro safety sharp as she or he would any traditional sharp not equipped with a safety mechanism, avoiding any added complications for the patient. Once the MedPro safety mechanism deploys entirely on its own, the used sharp is unable to stick another person.
Visual Connections is transferring this technology to MedPro for a five percent royalty on adjusted net sales after commercialization. MedPro intends to market the Insulin Guard to both current and potential global medical device partners who would in turn brand and sell the Insulin Guard to their worldwide customer base.
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.