Connecticut Innovations invests $2 million in Bio-Plexus self-blunting needle; Technology provides protection from accidental needlesticks.ROCKY HILL Rocky Hill, town (1990 pop. 16,554), Hartford co., central Conn., a suburb of Hartford, on the Connecticut River; settled c.1650, inc. 1843. Chemical coatings and synthetic textiles are made there. Rocky Hill was an important river port from 1700 to 1820. , Conn.--(BUSINESS WIRE)--March 14, 1995--Connecticut Innovations Inc. (CII CII Confederation of Indian Industry CII Chartered Insurance Institute (UK) CII Construction Industry Institute (University of Texas) CII Council of Institutional Investors ), the state's technology development corporation, and Bio-Plexus 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 , NMS See NetWare Management System. :BPLX), today announced board approval of a $2 million investment in Bio-Plexus Inc. Bio-Plexus is a Tolland, Conn. manufacturer of self-blunting blood collection needle products that protect healthcare workers from accidental needlesticks. The CII investment is subject to approval by the state bond commission. "Accidental needlesticks are the leading cause of the blood borne transmission of deadly diseases such as HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. and hepatitis to healthcare workers. Bio-Plexus plans to add over 100 new jobs to its rapidly growing work force in the next five years as a result of this investment," said Victor R. Budnick, acting president and executive director of CII. The CII investment will support the continuing product development of Bio-Plexus' line of self-blunting needles. Bio-Plexus' needles are based on an internal blunting mechanism that allows a blunting cylinder to move forward beyond the sharp tip of the needle while still in the patient's vein. "This feature makes accidental needlesticks virtually impossible," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Carl Sahi, the needle's designer and Bio-Plexus president. This latest investment is one of several that CII has made in Bio-Plexus. CII provided a significant portion of seed capital fundamental to Bio-Plexus' early growth, and to date has invested approximately $2.3 million for various research and development efforts made by the company. In return for this latest investment, CII will receive a combination of royalties on sales of products developed with this investment, as well as the ability to purchase common stock in the company. "CII and the state of Connecticut can expect to see a very solid return on this investment," said Ronald Haverl, Bio-Plexus chairman. "CII has seen a 265 percent return on its original equity and convertible debt investment, and Bio-Plexus' work force has grown from one person to 177 employees." Bio-Plexus needle products currently are used by 68 hospitals across the nation. The company plans to use the CII investment to develop a winged infusion set An infusion set is used with an insulin pump as part of intensive insulin therapy. The purpose of an infusion set is to deliver insulin under the skin. It is a complete tubing system to connect an insulin pump to the pump user: it includes a subcutaneous cannula, adhesive mount, and other related products to add to its line of self-blunting medical needles. CII is a quasi-public corporation Quasi-public corporation A corporation that is operated privately, but is supported by the government in its operations and that often traded publicly. quasi-public corporation that acts as a catalyst for high-tech university research, business and university collaborations, federal and state research partnerships and product development and marketing financing. CII concentrates on funding projects in nine high-technology areas: aerospace, advanced materials, medical products, biotechnology, energy/environmental systems, telecommunications, computer applications, marine sciences and microelectronics. CONTACT: Bio-Plexus Inc. Christina H. Tamburro, 203/871-8601 or Porter, Le Vay & Rose Inc. Hal Le Vay, 212/564-4700 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion