Healthcare Industry News: MedClose
News Release - October 24, 2008
CPC of America Announces Agreement with BC Tech for Manufacture of MedClose(TM) Vascular Closure SystemSARASOTA, Fla., Oct. 24 (Healthcare Sales & Marketing Network) -- CPC of America, Inc. (OTC Bulletin Board: CPCF ), a company focused on developing therapeutic devices for use in endovascular procedures, announced today that it has entered into a manufacturing agreement with BC Tech. According to the agreement, BC Tech will manufacture the MedClose(TM) vascular closure system (VCS), a Class II extravascular puncture-closure device that may be used with a biological sealant for worldwide commercial application in diagnostic and interventional cardiovascular procedures. The Company aims to fill a global market need for a safe, reliable closure system that reduces time to hemostasis and allows for faster patient ambulation and, when necessary, wound re-access.
Under the terms of the agreement, BC Tech will be responsible for manufacturing the MedClose system for use in commercial applications to seal the femoral artery access site following cardiac and peripheral vascular catheterization procedures when approved. BC Tech will also build prototypes of larger caliber for potential use in percutaneous procedures. Initially, BC Tech will manufacture MedClose systems on a limited basis and does not expect to commence large scale manufacturing until the Company has obtained commercial application approvals.
With a state-of-the-art design and manufacturing facility in Santa Cruz, California, BC Tech is a worldwide approved ISO-certified medical and biotech device manufacturer with a device portfolio that includes clients such as Artemis, SurgRx(TM) and Aceuity.
"This agreement with BC Tech is a critical step toward bringing MedClose(TM) to market," said Rod Shipman, chairman and chief executive officer of CPC of America. "We look forward to working with BC Tech to leverage its experience in the successful design, development, and commercial manufacturing of medical devices. By building prototypes, BC Tech also will assist us in our strategy to expand the potential applications of the MedClose(TM) system to meet other vascular closure needs and, thereby, our opportunities for broader commercialization success."
"We are pleased to help bring innovative solutions like MedClose(TM) to patients and the medical community," said Ben Clawson, co-founder and CEO of BC Tech. "We are eager to begin collaborating with CPC of America as it embarks on its manufacturing and commercialization plans."
CPC of America acquires, develops and oversees the manufacturing of therapeutic devices for use in endovascular procedures. CPC's current focus is the completion of development and testing of the MedClose(TM) vascular closure system, an internal puncture-closing system for use in catheter laboratories.
About BC Tech
BC Tech is a full-service medical and biotech company that offers complete research, development, manufacturing and support services for Class I, II, and III medical devices, disposables, and lab automation equipment. Over the last 15 years, BC Tech has completed more than a hundred projects for satisfied customers around the world.
Forward Looking Statements
The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements relate to, among other things: (1) the Company's continuing development of its MedClose(TM) vascular closure system, (2) the Company's expectations concerning regulatory approvals of the MedClose system and the commencement of revenue producing operations based on the sale or licensing of the MedClose, (3) the business relationship between the Company and BC Tech and the expected benefits to the Company from such relationship, and (4) the commencement of manufacturing of the MedClose system. These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward- looking statements. Such factors include but are not limited to: (1) the Company's ability to finance the continued development and commencement of manufacturing of the MedClose system, (2) Regulatory approvals of the MedClose system, (3) the general risks and uncertainties inherent in any new business relationship such as the one recently entered into between the Company and BC Tech, and (4) those other risks and factors described from time to time in the Company's reports filed with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and subsequently filed Forms 10-Q and Forms 8-K. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Source: CPC of America
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