Health & Fitness
Health and Fitness
Health and Fitness
Thu, January 6, 2011
Wed, January 5, 2011
Medisafe 1 Technologies Issues Letter to Shareholders
Medisafe 1 Technologies Issues Letter to Shareholders -- JERUSALEM, January 5, 2011 /PRNewswire-FirstCall/ --
Medisafe 1 Technologies Issues Letter to Shareholders
JERUSALEM, January 5, 2011 /PRNewswire-FirstCall/ -- Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, has published the following letter to all shareholders. The letter expresses the company's commitment to the commercial introduction of the company's syringe-locking device in the coming months.
Dear Shareholders,
In just over a year and a half since our incorporation, Medisafe 1 Technologies has made tremendous strides towards achieving its early stage business objectives of conceiving and developing a lifesaving device ready for commercial introduction to the marketplace.
Medisafe 1 Technologies is the developer of a patented safety locking-device for syringes. The device is configured to work with a medical center's electronic Barcoding Point of Care (BPOC) data system.
Using a barcode reader, the device confirms that the medication and dosage contained within a syringe are correctly intended for a medical patient. Upon electronic confirmation, the syringe locking-device opens, allowing for the administration of the syringe's contents.
The purpose of the device is to limit the human errors all too common in the delivery of medications. Medication administration errors in hospitals cause an astonishing 400,000 preventable drug-related injuries and 7,000 deaths each year.
Medisafe's locking syringe has the potential to significantly reduce instances of such injuries by physically preventing incorrect medications or improper dosages from being administered to a patient.
Just five months ago, Medisafe 1 Technologies began public trading on the OTC Bulleting Board. In the months since, the company has made several noteworthy announcements demonstrating the ability of the management team to develop its patented syringe locking device, and to successfully demonstrate the effectiveness of the product.
The product went on display at exhibitions in Europe and North America, where it garnered significant interest from medical professionals, manufacturers, marketers and insurance companies.
The product was recently demonstrated to Israel's National Ministry of Health, and may soon be piloted in one of the nation's leading hospitals. A successful pilot has the potential to lead to the nationwide implementation of the device, as part of Israel's federally subsidized Pharmaceuticals Program.
We are hopeful that introduction of the syringe locking device in Israel, a country renowned for its socialized medical system, can lead to the device's introduction in other countries around the world.
Today, the global syringe market is estimated at $5.6 billion annually. Plus, legislation in the U.S. is currently mandating that the healthcare industry replace traditional syringes with safer technologies. A growing number of hospitals are now implementing BPOC systems to help ensure that patients are administered the appropriate medications in the prescribed doses.
Our locking device can add an extra layer of security that further reduces human error.
Factoring the possibility of widespread implementation, it is believed that the total potential addressable market for Medisafe 1 Technologies could exceed $1 billion per year.
We fully expect our device to enter into the commercial phase in the early quarters of 2011. And we look forward to further advancing our corporate goals.
Our team is fully committed to reaching our product's full commercial potential, in several international markets, as well as the introduction of similar lifesaving technologies. We are confident that through our continued efforts to advance our business development goals, the stock price of the company will grow to match our full potential.
I wish to express my tremendous appreciation to each of our shareholders for your continued commitment to our product and marketing strategy. We look forward to providing you with additional updates on our business development accomplishments.
Sincerely, Jacob Elhadad CEO Medisafe 1 Technologies Corp About Medisafe 1 Technologies
Medisafe 1 Technologies seeks to effectively prevent unauthorized administration of a drug or medicinal substance by hypodermic needle. Medisafe's patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Medisafe 1 Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated. Medisafe 1 Technologies Corp. public filings may be viewed at [ http://www.sec.gov ].
Contact: Jacob Elhadad CEO +972-524440000 [ Jacob.elhadad10@gmail.com ]
SOURCE Medisafe 1 Technologies Corp.
[ Back to top ]