looks like the sell-a-thon is done and heavy buys will smoke this stock --- moved to .0055 on only a few trades
Posts: 1343 | Registered: Nov 2005
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Press Release Source: Paradigm Medical Industries, Inc.
Paradigm Medical Receives Canadian Regulatory Approval for Its P60 Ultrasound BioMicroscope Friday February 17, 2:14 pm ET
SALT LAKE CITY--(BUSINESS WIRE)--Feb. 17, 2006--Paradigm Medical Industries, Inc. (OTCBB: PMED.OB/PMEDW.OB) today disclosed it has received a Canadian Device License for its new-generation P60 Ultrasound BioMicroscope (UBM). "The approval will allow the Company to begin selling the P60 in Canada immediately," said Paradigm Medical's President and Chief Executive Officer, Raymond P.L. Cannefax. ADVERTISEMENT
During the last ten months, Paradigm Medical has received regulatory approval for use of the P60 UBM in the United States and in Western European countries and some parts of the Pacific Rim. "Approval from Canada's Health Canada, Therapeutic Products Directorate is equivalent to our receiving U.S. Food and Drug Administration approval and the European CE Mark for the P60," Mr. Cannefax noted.
The P60 UBM is a fourth-generation device that is a sophisticated microprocessor-based, multi-frequency Ultrasound BioMicroscope that allows practitioners to acquire and view high-resolution images of the anterior segment of the eye. High-resolution images are also obtained of the iris, the lens and other surrounding structures, retina, and vitreous body. The P60 is used for imaging of vital structures of the eye, primarily the front half of the eye. Imaging of the anterior chamber angle is one of the principal areas studied in the detection and management of glaucoma pathologies and related surgical filtering. Glaucoma is the leading cause of blindness, affects one out of every five people over age 50. Some 75% of glaucoma goes undiagnosed because of the lack of sophisticated equipment.
The UBM line is Paradigm Medical's largest generator of revenues, accounting for more than 25% of sales, and providing high gross margins.
"Our marketing strategy is to aggressively enter the international marketplace for the P60, providing this new technology to the current users of our earlier-approved versions, in addition to new eye-care specialists. We believe demand will be significant for the P60 and have adequate finished product inventory to meet the immediate market need," Mr. Cannefax said. "We will also continue to market our other UBM devices--the P40 and P45--in regions where P60 has not yet received regulatory approval."
Paradigm Medical Industries, Inc., currently develops, manufactures and markets high-tech, proprietary diagnostic equipment and consumable products for the medical industry. The Company's corporate officers are located at 2355 South 1070 West, Salt Lake City, Utah 84119. Call (801) 977-8970 or visit us at www.paradigm-medical.com.Posts: 9110 | From: boston, ma | Registered: Jan 2004
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