Business Wire - August 28, 2003
Under the terms of the agreement, SHPI will receive reimbursement for certain research and development expenses, payments related to the achievement of regulatory and commercialization milestones, and on-going royalty payments on all product sales. The products will compete in the estimated $200 million U.S. spinal and epidural needle market and certain segments of the $144 million U.S. radiology and biopsy needle market.
William Marshall, Vice President of Infusion Therapy & Technique Products at BD Medical Systems, said, "Our agreement with SHPI furthers BD's long-standing commitment to transition conventional needles to safety-engineered devices as we strive to protect healthcare workers from injury and infection, while delivering the highest-quality patient care."
Hospitals and other healthcare facilities in the U.S. have made great progress in the change over to safety-engineered designs. Based on this progress, earlier this year BD announced its intention to discontinue the sale of certain conventional sharps devices in the United States.
Jeff Soinski, President and CEO of SHPI, said, "We are very pleased to partner with BD for the development and commercialization of these exciting new products based upon our SecureLoc(TM) technology. BD's position as a leader in the spinal and epidural needle field, combined with their long-standing commitment to providing viable safety-engineered needle solutions for their customers, makes them the ideal partner for these innovative new safety-engineered needle products."
About Specialized Health Products International, Inc.
SHPI is a leading designer and developer of proprietary safety medical needle products, designed to minimize the risk of accidental needlesticks, which are a leading cause of the spread of blood-borne diseases such as HIV/AIDS, and the hepatitis B and C viruses. SHPI has twenty highly differentiated, patented safety needle technologies that apply to virtually all medical needles used today. SHPI manufactures and markets certain products under its own label. Other products are supplied to third parties on an OEM basis or licensed to leading manufacturers and marketers in the disposable medical products industry. For more information about SHPI, visit the company's web site at www.shpi.com.
About BD
BD is a medical technology company that serves healthcare institutions, life science researchers, clinical laboratories, industry and the general public. BD manufactures and sells a broad range of medical supplies, devices, laboratory equipment and diagnostic products. For more information about BD and its products, visit the company's Web site at www.bd.com.
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic conditions, risks in product and technology development, the effect of the Company's accounting policies and other risk factors detailed in the Company's SEC filings. These factors and others could cause operating results to vary significantly from those in prior periods and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations, are included on certain forms the Company files with the Securities and Exchange Commission.
CONTACT: Specialized Health Products International, Inc.
Paul S. Evans, 801-298-3360, pevans@shpi.com
SOURCE: Specialized Health Products International, Inc.
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