Tuesday, January 22, 2002
BOCA RATON, Fla.--(BUSINESS WIRE)--
BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 22, 2002--Innomed Technologies,
Inc., a Boca Raton, Florida-based medical technology company for the
respiratory and sleep apnea markets, has introduced the FDA approved Nasal
Aire(TM) interface. The new product, hoped to revolutionize the sleep apnea
industry, is slated to reach the market in mid-January. Innomed has sales
commitments in excess of $20 million for this year.
The Nasal Aire(TM) interface differs from competitors' models in several
ways: it requires no headgear, virtually eliminates all pressure points on
the face and bridge of the nose, has one of the highest CO2 washouts,
contains virtually no parts that can break from the device, and it wears
like an oxygen cannula.
Innomed Technologies, Inc., has signed contracts with three distributors to
market the Nasal Aire(TM) interface. The device will be distributed to the
home care markets in the U.S. and abroad, as well as the domestic hospital
market. In addition, negotiations are underway with numerous other
international distribution networks. Innomed Technologies' agreements are
with Medical Industries of America, Inc., to the home care market in the
United States; and CareFore Medical, Inc., to the overseas home care market
which includes the Far East, including Hong Kong and Japan (one of the
largest home care markets in the world), Mexico and Australia. Vent Lab
Corporation, Inc. will distribute the product domestically to hospitals
offering the disposable version of the product for respiratory departments
and emergency rooms.
"According to analyst reports, the sleep apnea market is growing at a pace
of 25% annually, with 40% of the market devoted to respiratory products,"
said R. Patrick Karem, CEO of Innomed Technologies, Inc. "Based on the
results of clinical tests and the feedback we have received from physicians,
our sales should exceed forecasts.
"Furthermore, 150 physicians from across the country serve on Innomed's
advisory board. These physicians have endorsed the product and have
expressed great enthusiasm in getting this innovative device on the market
and to patients in need."
Independent clinical trials were conducted last year for the Nasal Aire(TM),
with further ongoing testing scheduled. The studies showed that when
patients are given a choice between using the Nasal Aire(TM) or the three
leading competitive masks, manufactured by Resmed, Inc. (RMD), Respironics (RESP),
and Mallinckrodt, 98% of the time the Nasal Aire(TM) was chosen.
"We are delighted to be appointed as national distributors for the Nasal
Aire(TM) interface," said Russell Bird, president of Medical Industries of
America, Inc. "We believe this device has the potential to revolutionize the
sleep apnea market because it addresses so many of the primary issues
concerning compliance. A very large percentage of patients give up their
therapy early on because of problems relating to the masks and head gear.
Nasal Aire(TM) improves the odds of compliance dramatically."
"The Nasal Aire(TM) is one of the most innovative products I've seen in the
last 20 years. It is equally useful for both the sleep apnea and the
respiratory markets," said Bob Martin, vice president of sales and marketing
for Vent Lab Corporation, a privately-held manufacturer and distributor of
disposable medical devices. Vent Lab is currently manufacturing the Nasal
Aire(TM) device. "In the respiratory market, non-invasive ventilation is
growing by leaps and bounds. Use of the Nasal Aire(TM) on patients in early
stages of respiratory distress will allow many of those patients to avoid
being intubated and placed on a ventilator. This device will positively
effect patient outcomes and help reduce the cost of quality health care."
Not only has the product received resounding endorsement from medical
providers, but it is getting excellent support from the respiratory device
industry as well.
"This is a unique and innovative product and we are very excited about the
opportunity to market this product outside the U.S.," said L. Robert Mogue,
executive vice president of Sales and Marketing for CareFore Medical, Inc.,
one of Innomed Technologies overseas home care distributors. "The early
sales forecast and our initial feedback from customers look extremely
promising."
Innomed Technologies, Inc. is a 21st Century medical technologies company.
The company is poised to bring new and more effective medical products and
devices to the public through a medical development and engineering team, as
well as acquisitions of other medical related companies. Innomed
Technologies, Inc. has primarily been a research oriented, privately held,
medical technology development company for the past four years. The company
owns a full utility patent and patents pending. More information regarding
Innomed Technologies is available at http://www.innomedinc.com.
About Mergenet Solutions, Inc.
Innomed's parent company is Mergenet Solutions, Inc., a full service
technology incubator based in Boca Raton, Florida. The company also can
assist private companies in their efforts to become public, as well as
ancillary services, such as providing a board of directors, constructing
company advisory boards, and private placements.
The company at present has several companies under incubation and accepts
applications at the company's web site (http://www.mergenetsolutions.com or
http://www.gopublicnet.com). Mergenet Solutions concentrates on technology,
medical technology, and energy related companies.
A Private Securities Reform Act of 1995 provides a "safe harbor" for
forward-looking statements. Certain information included in this press
release (as well as information included in written statements to be made)
contain statements that are forward-looking, such as those relating to
consummation of the transaction, anticipated future revenue of the
Company's, and success of current public offerings. Such forward-looking
information involves important risks and uncertainties that could
significantly affect anticipated results in the future and, accordingly,
such results may differ materially from those expressed in any forward
looking statements.