FDA approves USOS to market new computer controlled injection device.SHORT HILLS, N.J.--(Health Wire)--July 15, 1996--U.S. Opportunity Search (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 :USOS USOS United States On-orbit Segment ) announced today that the Food and Drug Administration (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. ) has given its Spintech Technology Development subsidiary formal approval to market "The Wand." The Wand is believed to be the first "painless injection" device for dental and other medical applications. The Wand is a computer-driven medical injection device which delivers a controlled infusion of anesthetic solution to numb or deaden dead·en v. dead·ened, dead·en·ing, dead·ens v.tr. 1. To render less intense, sensitive, or vigorous: nerve cells immediately in advance of the needle point. The new technology, which uses disposable needles and syringes, for the first time virtually assures the patient a painless injection and, at the same time, offers greater patient protection from any contamination that may arise from the employment of reusable syringes and needles. The FDA approval of Spintech's 510K pre-market application establishes The Wand as a Class II device and allows the company to begin immediate marketing of the product. The potential market for The Wand product is impressive. There are currently some 475,000 dentists in the U.S., Canada and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). . The average dental office has three dental operatories. It is estimated that each dentist gives an average of 12 injections per day. "The automated painless injection device will retail at about $1,000," says Leonard Osser, chairman and president of USOS. "The disposable dental needle to be offered by the company will sell for about $1.50. The Wand product promises a more comfortable patient experience and will result in reducing patient `chair time.' Given that there is no equivalent technology on the market that we know of, The Wand should be well received not only by the dental community, but by practitioners throughout the medical profession." USOS is a technology growth company that brings seed capital to promising small businesses. In November, 1995, USOS raised $6 million in an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. at $4.00 per share and acquired a 65% ownership of Spintech, Inc. for $2.7 million. In March, the company formed a new USOS-controlled joint venture, Princeton PMC (1) See Portable Media Center. (2) (PCI Mezzanine Card) A PCI-based mezzanine card that is widely adapted to VMEbus, CompactPCI and PCI cards. , to develop and market proprietary clean air, water filtration and evacuations systems and medical waste disposal systems. CONTACT: U.S. Opportunity Search Steve Elliott, 212/290-1515 |
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