CerMed International Inc.
CerMed International Inc.: CerMed International Signs Major Distribution Agreement with Audit Diagnostics
CerMed International Inc. / Key word(s): Agreement/Forecast
CONTACT CerMed International Signs Major Distribution Agreement with Audit Diagnostics Monterey, CA – March 10, 2011 – CerMed International, Inc. based in Monterey, CA announced today the signing of a multi-year Distribution Agreement with Audit Diagnostics, an Irish healthcare manufacturing company marketing a full range of comprehensive solutions and systems to the worldwide diagnostics market. The agreement covers sales of CerMed's Cervical Cancer Screening products in China and other key markets across Asia and Eastern Europe. The Agreement initiates sales of CerMed's CerMap(TM) cervical specimen collection and mapping device in China and other key markets through Audit's extensive distribution organization. The Agreement also provides for future sales of CerMed's CerScreen(TM) Point-of-Care cervical cancer screening system that can replace the traditional Pap cervical screen and expand access to cervical screening in underserved areas of the world. These products will significantly broaden Audit's overall product offering in cervical cancer screening. The minimum value called for in the three year agreement could potentially exceed $20 Million. 'Audit Diagnostics extensive distribution channel will be of great value to CerMed International and a key contributor to our success in developing and growing a clinical customer base in markets outside of the U.S.' stated Drew Hofmann, Exec VP, COO of CerMed International, 'This agreement represents the initial step in CerMed's strategy to build a world class international sales and distribution organization for our products. We are pleased to have the opportunity to work with Audit's experienced sales network and to offer the benefits of CerMed's cervical cancer screening solutions to their current and future customers.' 'By offering the CerMap(TM) and CerScreen(TM) products alongside our Cellslide(R) automated, computer controlled thin layer cytology preparation station (LBC) for the analysis of PAP tests, we will be able to provide a more comprehensive range of cervical cancer screening products and expand our customer base in China and other key markets,' stated Michael O'Donovan, Audit's CEO 'CerMed will be the first company to offer a Point-of-Care approach to cervical cancer screening, which will help to expand the reach of screening for women in underserved markets. We are excited and anxious to add these products to our portfolio.' CerMed International is developing and manufacturing several innovative, cost effective products with significantly improved diagnostic value to replace the 160 million standard, rather unreliable PAP screening tests, currently performed annually around the world, and bring a new standard of care to cervical cancer screening that will increase access for women in the developing world where access to screening has previously been limited. The Ministry of Health in China as well as the Ministry of Finance and the All-China Women's Federation have jointly started a cervical cancer screening project for rural women in China with the ultimate aim of reducing the cervical cancer mortality rate in China through an improved prevention mechanism. It is estimated that this project alone will eventually provide cervical screening for over 10 million rural women annually in China a significant increase over the current rate of 2-4 million rural women estimated to be screened in 2010 – 2011. 'Both Companies strongly believe the China market offers a tremendous opportunity for growth in cervical cancer screening,' stated Mr. Hofmann. About CerMed International CerMed International, Inc. is an emerging global medical device company that develops products and systems that help improve the health of women worldwide. These lower cost products will aid in reducing the risk of female reproductive diseases. They will enable women's health initiatives to be brought to the underserved regions of the world and empower women to personally take steps to reduce the risk of HIV and other STD's. Forward Looking Statements Related to CerMed International This press release contains forward-looking statements. Forward-looking statements include statements regarding CerMed's plans, outlook, strategies,results for the future, and other statements that are not descriptions of historical facts. Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Some of these risks and uncertainties include, but are not limited to, (1) the economic circumstances surrounding CerMed's business, including general economic conditions in Japan, the United States and worldwide; (2) competitive pressures and developments; (3) applicable laws and regulations; (4) the success or failure of product development programs; (5) actions of regulatory authorities and the timing thereof; (6) changes in exchange rates; (7) claims or concerns regarding the safety or efficacy of marketed products or product candidates in development; and (8) integration activities with acquired companies. The forward-looking statements contained in this press release speak only as of the date of this press release, and CerMed undertakes no obligation to revise or update any forward-looking statements to reflect new information, future events or circumstances after the date of the forward-looking statement. If CerMed does update or correct one or more of these statements, investors and others should not conclude that CerMed will make additional updates or corrections.
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