Criticare Systems Announces Spin-Off of Immtech International Shares to Criticare Shareholders.MILWAUKEE--(BUSINESS WIRE)--July 2, 1998-- Newly Created Company to Receive Technology Funding From New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Based RADE Group Criticare Systems Inc. (NASDAQ-NMS:CXIM) announced that subject to regulatory approval, it intends to spin-off a portion of Criticare-owned shares in Immtech International Inc. with a view to create a new publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. . Gerhard Von der Ruhr, Criticare's 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, "In light of a positive investment climate for products treating cancer and immune deficiencies immune deficiency n. See immunodeficiency. , we decided to move aggressively ahead to seek additional funding for Immtech International Inc. Immtech's broad technological base includes products to treat secondary infections by fungi, parasites, viruses and bacteria in immuno-compromised patients. It also has a novel approach for treating cancer. In the latter case, Immtech's studies on mice have shown the ability of its product to actually shrink tumors. While these preliminary results are very encouraging, there can be no assurance that the compound will show the same effectiveness in humans as it did in animals. Only expensive human clinical trials can make this determination." With the help of a New York based investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , Immtech plans to raise funds to finance the clinical trials for its anti-fungal, bacteria and virus products. Under a separate agreement, another investment group will fund the clinical trials of Immtech's cancer products. Von der Ruhr added, "We are further pleased to announce that we have also been able to negotiate the purchase of a key Immtech technology for Criticare's retention - the application of mCRP for the treatment of sepsis Sepsis Definition Sepsis refers to a bacterial infection in the bloodstream or body tissues. This is a very broad term covering the presence of many types of microscopic disease-causing organisms. , including both patents and personnel to bring these specific studies to commercial application. Sepsis and septic shock Septic Shock Definition Septic shock is a potentially lethal drop in blood pressure due to the presence of bacteria in the blood. Description Septic shock is a possible consequence of bacteremia, or bacteria in the bloodstream. contribute to major complications for hospital patients. We view this technology to be sufficiently valuable as to be the basis for yet another fully funded separate company." "Over the last few years, Criticare has made a substantial investment in Immtech's studies, patents and technologies. As such, we believe Criticare's shareholders should share in Immtech's future." Criticare Systems Inc. designs, manufactures and markets cost-effective patient monitoring systems and noninvasive sensors for a wide range of hospitals and alternate health care environments throughout the world. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements refer to the company's beliefs and expectations. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those described. Such uncertainties include, but are not limited to, clearance of Immtech's products by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for commercial use, sufficient resources to bring these products to market at the right cost and on a timely basis, the risk of new and better technologies, as well as general conditions in Immtech's markets.
CONTACT: Criticare Systems Inc.
Gerhard Von der Ruhr, 414/798-8282
or
CCRI Corp.
Malcolm McGuire, 800/828-0406
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