American Electromedics enters into exclusive worldwide licensing agreement with BioFlo Systems.AMHERST, N.H.--(BUSINESS WIRE)--Nov. 20, 1996-- Company appoints Edwin J. Thomas as executive vice president and member of its board of directors, expanding its board to six members American Electromedics Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AMER AMER American AMER Asociación Mexicana de Estaciones Radiodifusoras ) announced today that it has entered into an exclusive worldwide licensing agreement with BioFlo Systems Inc. of Philadelphia, for BioFlo's patented technology for measuring the viscosity of human blood plasma blood plasma n. The yellow or gray-yellow, protein-containing fluid portion of blood in which the blood cells and platelets are normally suspended. . Under the terms of the agreement, American Electromedics has been granted the rights to manufacture and market products, as well as to use the processes covered by the patent. The first product utilizing this patented technology is the BioFlo Plasma Viscometer viscometer Instrument for measuring the viscosity (resistance to internal flow) of a fluid. In one type, the time taken for a given volume of fluid to flow through an opening is recorded. . The plasma viscometer is a device that measures the viscosity of blood plasma and has diagnostic utility in rheumatic disease Rheumatic disease A type of disease involving inflammation of muscles, joints, and other tissues. Mentioned in: Temporal Arteritis , certain blood disorders, and persons with serious but undiagnosed illness. Noel A. Wren, president of American Electromedics, said, "We are very pleased about our new partnership with BioFlo Systems, which will serve to expand our product line beyond medical devices used for detecting middle ear diseases and hearing testing. The Plasma Viscometer was designed to replace the erythrocyte sedimentation rate Erythrocyte Sedimentation Rate Definition The erythrocyte sedimentation rate (ESR), or sedimentation rate (sed rate), is a measure of the settling of red blood cells in a tube of blood during one hour. test (ESR ESR - Eric S. Raymond ), one of the most common blood tests currently used in the U.S. In comparison to the ESR test, the BioFlo Plasma Viscometer is designed to be faster (one minute vs. one hour), more accurate and safer for the lab technician because it reduces blood handling risk. Measuring plasma viscosity can be an important component of the physician's diagnostic procedures, particularly in distinguishing at an early stage inflammatory vs. non-inflammatory rheumatic disease. There are some 40 million ESR tests done each year in the United States. We believe this presents a significant market opportunity." In connection with the company's new licensing agreement, American Electromedics also announced the appointment of Edwin J. Thomas to the newly created position of executive vice president. In addition, Thomas was elected a new member of the company's board of directors, expanding its board to six members. Thomas is the founder and president of BioFlo Systems Inc. Thomas said, "We are excited by the combination of BioFlo's patented viscometer technology with American Electromedics' product development expertise, and manufacturing and marketing capabilities. We expect the Plasma Viscometer should be ready for market launch in the second half of 1997, subject to U.S. Food and Drug Administration clearance." Prior to founding BioFlo Systems Inc., an early stage medical device company, Thomas was a principal of Avid Therapeutics Inc. a Philadelphia-based biotech drug discovery company. Thomas is also a former CFO See Chief Financial Officer. and executive committee member of Nobel Education Dynamics 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 :NEDI NEDI National Environmental Data Index ), an educational services provider. Thomas received an M.B.A. in finance from the Wharton School in 1984 and a bachelor's degree with a concentration in economics and biochemistry from the University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli. http://upenn.edu/. Address: Philadelphia, PA, USA. . American Electromedics Corp. manufactures and markets Tympanometers which detect middle ear diseases and Audiometers which are used in hearing screening. The company's goal is to create, acquire and develop products and services which serve to eliminate anxiety of children in the medical setting. These new products and services provide solutions to current healthcare needs. The remarks contained in this press release and presented elsewhere by management from time to time contain forward-looking statements which involve risks and uncertainties. The company's actual results may differ significantly from the results discussed in this press release or in other forward-looking statements presented by management. Among the factors that could cause actual results to differ materially include failure of revenue on new products to develop as estimated, regulatory delays, loss of existing customers, general downward trends in the company's industry and other risk factors detailed from time to time in the company's reports filed with the SEC. CONTACT: American Electromedics Corp. Michael T. Pieniazek, 603/880-6300 |
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