Healthcare Industry News: CytoCore
News Release - April 16, 2009
CytoCore Signs Agreement With Amsino International Granting Worldwide Distribution RightsCHICAGO--(HSMN NewsFeed)--CytoCore®, Inc. (OTCBB:CYOE ), the developer of cost-effective products used for the detection of cancerous and precancerous conditions, today announced that it has reached an agreement with Amsino International, designating it as the company’s partner for worldwide sales. Under the agreement, Amsino will direct worldwide sales of CytoCore’s SoftPAP® cervical cell collector kits through their channel of distribution partners. Where applicable, such as China, Amsino will sell CytoCore’s products directly to laboratories, and physicians and other medical providers through their direct sales force. Amsino is a leading manufacturer and distributor of a wide range of medical devices and products throughout North America and more than 30 countries worldwide.
Robert McCullough, Jr., Chief Executive Officer of CytoCore, commented, “This agreement with Amsino will significantly enhance SoftPAP’s presence in the market and help generate increased sales. Amsino is a leading distributor of medical devices and has strong relationships with well-recognized end user distributors including PSS, McKesson, and Henry Schein, among others. Our partnership with Amsino is a significant step up in helping CytoCore gain traction in expanding the sales of the SoftPAP cervical cell collector kit which will provide value individually to the patient, physician and laboratory during the collection and analysis of a woman’s pap examination. We look forward to working with Amsino to explore opportunities to leverage additional areas of their expertise with regard to CytoCore’s present and future product lines.
“Our recently announced partnership with Synermed Select Partners, Inc. and their preservative provides CytoCore the ability to offer in ‘kit form’ a significant upgrade to the SoftPAP collector. Our new product combination was developed in direct response to requests from several of our domestic and international partners. This new relationship with Amsino gives us the marketing and distribution reach to bring our SoftPAP product offering to those domestic and international markets where we know it will be competitive and is needed, and the combination should enhance our current capital raising efforts to fund our future growth. We are excited about the impact these two new developments can have for CytoCore sales this year and beyond,” Mr. McCullough said.
Under the agreement, Amsino will be responsible for transportation and warehousing logistics, order management, customer service, quality assurance and bill collection.
Phil Kelsey, Amsino President of Global Sales stated “We believe the unique SoftPAP cervical cell collector kit product will be accepted by health professionals and patients worldwide because of the diagnostic accuracy and the significant reduction of discomfort associated with current methods of collecting a pap sample. We are excited about our relationship with CytoCore and their forthcoming ‘CytoCore solutions™’ product line which comprises the imminent launch of the SoftPAP cervical cell collector kit.”
The SoftPAP cervical cell collector kit offers quicker, more accurate specimen collection with minimal possibility of user error. It is designed to consistently sample the entire cervix in a single-step using an inflatable balloon collector. The results of the clinical trial, conducted by CytoCore and announced in October 2008, demonstrated that sampling in this manner improves the sensitivity and specificity of the diagnosis. Surveys indicate ease of use for the physician and greater patient comfort.
Headquartered in Pomona, California, Amsino Medical Group is a leading developer and manufacturer of disposable medical devices dedicated to advancing healthcare worldwide by developing, manufacturing, and marketing medical products that help improve the safety and effectiveness of patient care. Amsino products are mostly developed in the US, manufactured in China, and distributed in the United States and more than 30 countries worldwide.
About CytoCore, Inc.
CytoCore develops cost-effective, highly accurate screening systems for early detection of gynecological and other cancers. Designed for easy deployment at a laboratory or at the point-of-care, the CytoCore suite of sample collection technologies assists in the detection of cervical, endometrial, and other cancers. The CytoCore Solutions System is being developed to provide medical practitioners with highly accurate, low-cost, screening systems for cervical and other cancers that can be seamlessly integrated into existing medical models. More information is available at: www.CytoCoreinc.com.
Certain statements in this release are forward-looking. These statements are based on CytoCore's current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate CytoCore's expectations with respect to the CytoCore Solutions System, and other factors set forth in reports and documents filed by CytoCore with the Securities and Exchange Commission. Actual results may differ materially from CytoCore's current expectation depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings 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, 2008. Except as expressly required by law, CytoCore undertakes no obligation to publicly update or revise any forward-looking statements contained herein.
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