Healthcare Industry News: CytoCore
News Release - January 16, 2014
MEDITE Signs Exclusive Marketing and Distribution Agreement With MedlineMedline Named Exclusive U.S. and Canada Distributor for MEDITE's Best-in-Class Histology Systems and Related Consumable Products
ORLANDO, FL--(Healthcare Sales & Marketing Network) - MEDITE Inc., a leading developer and manufacturer of innovative, high-quality equipment and supplies for histology, pathology and cytology laboratories, announced an exclusive marketing and distribution agreement with Medline Industries, Inc., based in Mundelein, Illinois. Under the agreement, Medline will have exclusive rights to market and distribute MEDITE's histology equipment and consumable product portfolio in the U.S. & Canada.
Medline has demonstrated steady growth with 2013 revenue of more than $5.7 billion, and is the largest privately held manufacturer and distributor of healthcare supplies in the United States. The company markets a wide variety of products serving the entire continuum of care.
"During 2013, a key focus of our management team was to raise the awareness of our product portfolio in the U.S. and increase the amount of revenue we generated from the American market. These efforts have been well-timed as thousands of labs in the U.S. will need to utilize leading products to meet the burgeoning demand resulting from the passage of the Affordable Care Act. By partnering with Medline we position ourselves for even greater growth in 2014 and beyond while at the same time reducing our operating costs," commented Michaela Ott, co-president of MEDITE Group.
"We decided to partner with Medline after a comprehensive review of our competitive position in the U.S. and Canadian markets," added Ott. "We chose Medline because of its strategic focus on the $700 million histology market represented by an aggressive expansion into the segment beginning this year. This market is growing greater than 10 percent annually, so Medline recognized the dynamic growth opportunities and is devoting a significant amount of effort to building a leading histology system and consumables resource to hospitals and other healthcare providers. Medline elected to partner with us because of the breadth and quality of our product portfolio and our combined ability to provide cost effective solutions to the healthcare customer."
On January 11, 2014, Medite signed a definitive purchase agreement to be acquired by Chicago-based CytoCore, Inc. (OTCBB: CYOE), a late development stage bio molecular diagnostics company engaged in the design, development, and commercialization of cost-effective sample collection, clinical laboratory assay and instrument systems for the early detection and classification of cancer and for the assessment of the risk for cancer progression. Closing of the transaction is subject to standard and customary closing conditions and deliveries and is currently expected to close by March 15, 2014. MEDITE Enterprise Inc., a holding company which is based in Orlando, FL, wholly-owns Medite GmbH a Germany-based Company with its subsidiaries CytoGlobe GmbH (Liquid-Based-Cytology Products, Germany), Medite GmbH (Distributor, Austria), Medite Inc. (Distributor, Americas). Since 1978, MEDITE® Group has specialized on the development, manufacture and distribution of medical laboratory automation equipment and supplies for pathology, histology and cytology. For these fields, the Company offers a complete range of devices and consumables. MEDITE Group currently sells into 70 countries and is the market leader in Germany. Through CytoGlobe, a wholly owned subsidiary, MEDITE offers a full range of products for Cytology labs, specifically liquid based cytology cancer screening supplies and instruments. Additional information on MEDITE's products and services can be found at www.medite-group.com.
About Medline Industries, Inc.
As the nation's largest privately held manufacturer and distributor of health care products, Medline manufactures and distributes more than 350,000 products to hospitals, extended care facilities, surgery centers, physician offices, home care agencies and providers, and retailers. Named one of the country's "Best and Brightest Companies to Work For," Medline is headquartered in Mundelein, Ill. and has more than 1,100 dedicated sales representatives to support its broad product line and cost management services. For more information on Medline, go to www.medline.com or http://mkt.medline.com/clinical-blog/category/channels/social-channels/ to connect with Medline on a variety of social media channels.
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