Cryomedical Sciences Inc. Announces Establishment of Incubator License Agreement with State University of New York.ROCKVILLE, Md.--(BUSINESS WIRE)--March 23, 1999-- Planned Collaborations for R&D Activities Relating to Preservative Solutions and Other Cryo Related Technologies Cryomedical Sciences, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ) announced today that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , BioLife Technologies, Inc. has signed an Incubator License Agreement with the State University of New York at Binghamton Binghamton University, State University of New York, or their officially adopted name, Binghamton University, is a coeducational public research university located in Vestal, New York. that will allow BioLife to pursue R&D activities, relating to CMSI Hypo Thermosol(R) preservative solutions and other cryo related technologies utilizing university personnel and equipment while maintaining all proprietary rights to any new developments or inventions. Also, the company intends to collaborate with a consortium of commercial companies and academic institutions in its endeavor to commercialize and introduce the HypoThermosol(R) series of solutions into new clinical markets, including the organ transplant market. Richard J. Reinhart, Ph.D., 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. of CMSI, stated: "The company continues to initiate activities and conclude agreements designed to provide the basis for further expansion of BioLife's ability to develop the HypoThermosol(R) line of preservative solutions. The successful formation of the consortium of individuals, academic institutions, and commercial companies with whom the company is discussing these development endeavors will aid the company in its goal to develop the HypoThermosol(R) line of solutions into product lines that have applications in large domestic and international markets. The bottom line of these endeavors is to produce revenues and profits for the subsidiary that will then be consolidated with the parent company." Cryomedical Sciences, Inc. is the leader in the field of cryosurgical devices that ablate ab·late v. To remove or destroy the function of. ablate to remove, especially by cutting. ablate verb To remove; excise unwanted tissue in minimally invasive procedures. The company's CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. AccuProbe(R) System has been cleared for marketing in the U.S. in the fields of urology urology Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. , oncology, general surgery, gynecology and neurology, among others. BioLife Technologies, Inc. is a wholly owned subsidiary of CMSI formed in March 1998 for the purpose of commercializing the CMSI preservative solutions. This release contains forward-looking statements, including but not limited to development and commercialization of products, academic and commercial collaborations, inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ into marketplaces, and enhancements of sources of revenues. The actual results that the company achieves may differ materially from any forward-looking statements due to many factors, including acceptance of the company's products, the impact of competitive products and pricing, market conditions, government regulations, and the risks and uncertainties discussed in the company's annual report on Form 10-KSB and other reports filed with the Securities and Exchange Commission. Such risk factors include, but are not limited to, operating history of the company with a history of losses; fluctuations in the company's order levels; uncertainty of product development and the risks related to clinical trials; the rapid pace of technological change in the company's industry; and uncertainty relating to third party reimbursement and regulatory matters. |
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