American BioMed, Inc. announces business development agreement/strategic alliance with Diagnostic Ultrasound Corporation.THE WOODLANDS, Texas--(BW HealthWire)--May 27, 1997--American BioMed, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on EBB:ABMI ABMI Autologous Bone Marrow Infusion ) today announced it has entered into a letter of intent with Diagnostic Ultrasound diagnostic ultrasound n. Use of ultrasound to obtain images for medical diagnostic purposes. Corporation. The multi-year business development agreement/strategic alliance is comprised of three project phases, project development, prototype and commercial production (OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and manufacturing) for the development and production of an antimicrobial antimicrobial /an·ti·mi·cro·bi·al/ (-mi-kro´be-al) 1. killing microorganisms or suppressing their multiplication or growth. 2. an agent with such effects. Foley balloon catheter balloon catheter n. A catheter with an inflatable balloon at its tip, used especially to expand a partially obstructed blood vessel or bodily passage and to measure blood pressure in a blood vessel. Also called balloon-tip catheter. . Estimated OEM annual revenues to American BioMed, Inc. under the agreement are $2.5-5.0 million. Industry analysts estimated the worldwide market for Foley catheters to be approximately $500 million annually, and Diagnostic Ultrasound expects significant market share from this innovation. The first two phases of the agreement include engineering and tooling design and prototype production. American BioMed, Inc. will provide its patented silicon manufacturing technologies while Diagnostic Ultrasound Corporation will contribute Implemed's patented OligonTM Technology and funding for the three phases. The antimicrobial Foley balloon catheter utilizes patented "Oligon(tm) Technology", which is licensed to Diagnostic Ultrasound by Implemed, Inc. Each project phase of the agreement requires sign-off by both companies and funding before the next project phase can begin. Phase I has been funded and development work in this phase has commenced. Steven B. Rash, American BioMed, Inc.'s President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "This agreement combines the use of one of American BioMed, Inc.'s patented technologies with Implemed's patented "Oligon(tm) Technology" in order to develop and manufacture an antimicrobial Foley catheter for Diagnostic Ultrasound to market. This strategic alliance creates a synergistic relationship for the three business partners, and more importantly afford the healthcare patient the benefits of the combined Technologies." Gerald McMorrow, Diagnostic Ultrasound's President and CEO, stated, "Diagnostic Ultrasound chose to partner with American BioMed, Inc. because the Company was ideally situated to become a valuable partner in improving healthcare in America. American BioMed, Inc.'s patented silicone balloon manufacturing process and technology will enable the commercialization of the Oligon(tm) Technology. This partnership represents a potentially significant contribution to the medical field. The most common nosocomial nosocomial /noso·co·mi·al/ (nos?o-ko´me-il) pertaining to or originating in a hospital. nos·o·co·mi·al adj. 1. Of or relating to a hospital. 2. (hospital induced) infection is catheter associated urinary tract infection urinary tract infection (UTI), n infection in one or more of the structures that make up the urinary system. Occurs more often in women and is most commonly caused by bacteria. . The annual costs to the U.S. healthcare U.S. Healthcare is a now-defunct healthcare company. The logo had an apple. The merger with Aetna In 1996, the company merged with Aetna, calling it Aetna U.S. Healthcare. The U.S. Healthcare apple logo was next to the Aetna name, and U.S. Healthcare under it. U.S. system approach $2 billion annually. Studies show that Diagnostic Ultrasound's BladderScan(tm) has been shown to reduce this infection in institutions by 50%. The patented antimicrobial delivery method Oligon(tm) technology will save our healthcare system more money and improve and extend the lives of many patients - let's put patients first." American BioMed, Inc. utilizes state of the art technology to develop, manufacture and market minimally invasive medical, surgical and diagnostic devices which deliver unique advantages through advanced science. Over twenty-six patents cover its portfolio of technologies competing in an industry with a combined worldwide market estimated at over $10 billion annually. Diagnostic Ultrasound is a world leader in developing, patenting, and marketing application specific Ultrasound devices such as the BladderScanTM. CONTACT: Diagnostic Ultrasound Corporation American BioMed, Inc. Gerald McMorrow Steve Rash President & CEO President & CEO 425/867-1338 281/367-6895 |
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