Criticare Systems Inc. acquires major position in Immtech International Inc.MILWAUKEE--(BUSINESS WIRE)--July 31, 1995--Criticare Systems Inc. (NASDAQ/NMS:CXIM), a manufacturer and marketer of medical monitoring equipment, today announced that it has agreed to purchase 34 percent equity interest in Immtech International Inc., a biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. therapeutic company headquartered in Chicago. The transaction is subject to approval by CSI's stockholders. When approved, Criticare will issue approximately 900,000 new shares of its common stock for this additional equity interest, which was purchased from a private investor group. This increases Criticare's ownership in Immtech to approximately 40 percent. The relationship with Immtech should allow Criticare to participate in the potentially rapid growth of Immtech's proprietary protein-based therapeutic products. ``Immtech has recently completed Phase II human clinical trials of mCRP in Europe. mCRP is a therapeutic form of an acute phase protein Acute-phase proteins are a class of proteins whose plasma concentrations increase (positive acute phase proteins) or decrease (negative acute phase proteins) in response to inflammation. This response is called the acute-phase reaction (also called acute phase response). which has exhibited the potential to reinforce the natural defense system. These clinical trials in Europe have resulted in substantial increases in patients' CD-4 cells (an indicator for efficacy to treat AIDS). In animal tests, the same compound has shown efficacy to treat breast cancer and leukemia leukemia (l  kē`mēə), cancerous disorder of the blood-forming tissues (bone marrow, lymphatics, liver, spleen) characterized by excessive production of immature or mature . ``Immtech has also developed a patented compound which permits removal of immune complexes Immune complexes Clusters or aggregates of antigen and antibody bound together. Mentioned in: Wegener's Granulomatosis from a patient's circulation. This compound can be used in a proprietary disposable, similar to a kidney dialysis Dialysis, Kidney Definition Dialysis treatment replaces the function of the kidneys, which normally serve as the body's natural filtration system. coil, to treat rheumatoid arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. , lupus lupus (l `pəs), noninfectious chronic disease in which antibodies in an individual's immune system attack the body's own substances. and multiple sclerosis.'' ``Criticare's Board of Directors believes that, in light of increased consolidation in the health care industry, the long-term survival and success of a small company will depend upon the proprietary nature of its products and technologies,'' commented Gerhard Von der Ruhr, chairman and chief executive officer of Criticare Systems Inc. ``It appears that health care reform around the world will lead to an increasing number of acutely ill patients in the hospital requiring a rapid recovery of their compromised immune systems immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. , while monitors assess the degree of their stability. The acquisition of a major position in Immtech will position Criticare to address this rapidly-changing health care environment.'' Immtech has also recently entered into an agreement with a major American biology research and therapeutic drug company, which will license one of Immtech's proprietary diagnostic tests. The agreement calls for an up front payment of $250,000 and minimum annual license fees. Management considers this diagnostic test an important new product that will allow government and industry to more effectively comply with public safety and job performance requirements. Criticare Systems Inc. designs, manufactures and markets cost-effective patient monitoring systems and noninvasive non·in·va·sive adj. 1. Not penetrating the body, as by incision. Used especially of a diagnostic procedure. 2. Not invading healthy tissue. sensors for a wide range of hospital and alternate health care environments throughout the world. Its common stock is traded on NASDAQ's National Market System under the symbol ``CXIM.'' CONTACT: Criticare Systems Inc., Milwaukee Gerhard Von der Ruhr, 414/798-8282 |
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