Endovasc Ltd. Inc. Signs Letter of Intent with Coast Medical and Scientific Ltd.MONTGOMERY, Texas--(BW HealthWire)--Aug. 27, 1998--Endovasc Ltd. 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 OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ENDV) today announced that it had signed a Letter of Intent regarding a prospective merger between Endovasc Ltd. Inc. and Coast Medical and Scientific Ltd. (CMSL CMSL Canadian Midstream Services Ltd. CMSL Credit Market Services Limited (India) ), a privately held Corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation of Kirkland, Wash. Subject to completion of certain on-going due diligence subject to be completed by August 31, 1998, ENDV will issue an unspecified number of ENDV shares in a tax-free exchange of 100 percent of CMSL issued and outstanding shares. Closing is targeted for September 11, 1998. CMSL is negotiating control of two companies that design, install and support computer-based clinical documentation systems for use in hospital, sophisticated implantable biosensor A device that detects and analyzes body movement, temperature or fluids and turns it into an electronic signal. See lab on a chip and data glove. Biosensor monitors and receivers for instantaneous and non-invasive readings of glucose levels and other biometric dosimetries, including circulating levels of Prostaglandin (PGE-1) for treating heart disease. ENDV Chairman 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. Dr. David Summers stated that CMSL implantable biosensor microprocessors will provide an exquisite marriage for measuring long-term circulating drug levels from liposomals, eliminating or reducing the need for I.V., or repeated needle injections, finger sticks, etc., with non-invasive readings provided by the tiny implantable "chip." President and CEO John G. Charles of Coast Medical and Scientific exclaimed, "Combining long-lived circulating liposomes Liposomes Aqueous compartments enclosed by lipid bilayer membranes; liposomes are also known as lipid vesicles. Phospholipid molecules consist of an elongated nonpolar (hydrophobic) structure with a polar (hydrophilic) structure at one end. with the ability to take non-invasive real-time readings of drug levels puts both companies into the next age of medicine. We are ecstatic about the possibilities of the merger." Both companies' products and processes are protected by numerous patents and trade secrets for competing in a $5 billion market. The surviving company will be Endovasc Ltd. Inc., a biopharmaceutics company using Liposomal delivery of products that have already shown safety and efficacy in generic form and is poised to begin Phase I human trials for the use of Prostaglandin E-1 (PGE-1) in the treatment for patients with critical limb ischemia (CLI) for limb salvage. CONTACT: RMJ & Associates, Houston 281/596-9000 |
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