MedPro Safety Products, www.medprosafety.com – the Lexington, Kentucky-based developer of cutting-edge passive medical safety technology in the blood collection and medication delivery areas, reported a spate of major corporate developments today, including the receipt of initial royalty revenue from the Company’s patented Tube-Touch® blood collection device.
The Tube-Touch provides a total solution for passive protection from the over 1M reported accidental needlestick injuries that happen each year (projections indicate 2M injuries go unreported) and offers a ubiquitous prophylactic against transmission of blood borne pathogens, representing the pinnacle in safety needle systems for blood collection.
The device is activated through normal use and does not require a second step (which statistically introduces error), the needle is then automatically fully encapsulated upon removal, virtually eliminating needlestick injury risk.
Entry into an exclusive agreement with a premier international phlebotomy and pre-analytic product manufacturer/marketer will see the revolutionary Tube-Touch launched into global markets later this month, resulting in lucrative royalties paid on minimum product volumes over a six-year period.
The first production samples (produced by Precision Medical Products) of the Company’s passive safety winged blood collection set for human use, typically called a “butterfly”, went out to the manufacturing partner today, who has fully committed to high volume production and the guarantee of aforementioned royalties.
The FDA granted the Company 510(k) market clearance for the device back in November of 2010 and MPSP has since arrayed itself to take full advantage of this unique offering. The Company is now poised to generate substantial returns for shareholders as this appealing product drives revenue in coming years.
Chairman and CEO of MPSP, W. Craig Turner, pointed to the shoring up of finances last year and $23M in net proceeds obtained via the sale of senior secured notes to institutional investors, emphasizing that the Company is now able to be laser-focused on its strategic plan for growth and increased shareholder value.
Turner explained that since the financing, MPSP has been hard at work expanding internal and external resources to support the roll out of the Company’s proprietary product portfolio, including another unique and eagerly demanded solution, a fully passive pre-filled safety system and fillable safety syringe.
Turner pledged to further refine operations between the Company and supplier partner Helvoet Pharma as the prefilled safety system and fillable safety syringes were advanced to market, projecting a late February date for delivery of the initial evaluation units.
Turner exuded overwhelming confidence that these products will enable access to new market opportunities far beyond the Company’s current suite of phlebotomy products, he then detailed ongoing evaluation by the Company of both a fully passive safety intravenous catheter and a fully passive insulin injector safety needle system.
The market cap potential for the insulin injector is huge, especially in hospitals where pens have traditionally been prohibited due to the risk to hospital staff.
Finally, the Company has also reported plans to move its Corporate HQ in mid-March in order to leverage mounting operational momentum from a more efficient command facility.
Turner concluded by explaining a bold new initiative by MPSP to educate investors via a series of informative meetings planned to start later this month, stating that the presentation shown at those meetings would subsequently be filed with the SEC.