WAYNE, Pa., April 4, 2008 /Xinhua-PRNewswire/ --
Escalon Medical Corp. (Nasdaq: ESMC) today announced that its Sonomed, Inc. subsidiary received approval from the State Food and Drug Administration within the People's Republic of China to market the PacScan(R) and E/Z-Scan(R) series of products in that country. The PacScan(R) series consists of A-scans, pachymeters, and combination systems used in both cataract and refractive surgery. The E/Z-Scan(R) series consists of both B-scan and A/B-scan systems for enhanced diagnostic capabilities. Both systems are widely marketed internationally and have become some of the best-selling ophthalmic biometry and ultrasound imaging systems in the world.
The company has immediate plans to market both series of instruments through its two existing distributors in mainland China, the Hwa-In Group and Shenzhen K&K, and also plans to increase its direct support network to assist distributors, attend regional meetings, and provide training as needed.
"Sonomed was well known and respected in the People's Republic of China prior to Medical Device Registration requirements and we look forward to re-introducing our latest line of ophthalmic ultrasound products with similar success," said Barry Durante, President of Sonomed, Inc. "These instruments will provide physicians the opportunity to offer a safe and accurate ultrasound examination to improve their diagnostic capability and patient surgical outcomes."
Sonomed, Inc. is a diagnostic ultrasound company specializing in the design, manufacture and distribution of instruments for ophthalmology. Sonomed is focused on providing quality instrumentation for ophthalmic physicians' offices, clinics and hospitals.
The PacScan(R) and E/Z-scan(R) will be showcased at the 8th International Congress of Ophthalmology and Optometry China (COOC) in Nanjing, China, on April 4 through April 6, 2008.
Founded in 1987, Escalon (www.escalonmed.com) develops markets and distributes ophthalmic diagnostic, surgical and pharmaceutical products as well as vascular access devices. Drew Scientific, which operates as a separate business unit, provides instrumentation and consumables for the diagnosis and monitoring of medical disorders in the areas of diabetes, cardiovascular diseases and hematology, as well as veterinary hematology and blood chemistry. Escalon seeks to utilize strategic partnerships to help finance its development programs and is also seeking acquisitions to further diversify its product line to achieve critical mass in sales and take better advantage of Escalon's distribution capabilities, although any such partnerships or acquisitions may not occur. Escalon has headquarters in Wayne, Pennsylvania and manufacturing operations in Long Island, New York, New Berlin, Wisconsin, Dallas, Texas, Waterbury, Connecticut and Barrow-in-Furness, U.K.
Note: This press release contains statements that are considered forward- looking under the Private Securities Litigation Reform Act of 1995, including statements about Escalon's future prospects. They are based on Escalon's current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include whether the Company is able to:
-- implement its growth and marketing strategies, improve upon the
operations of Escalon's business units, including the integration of
Drew's operations, the organization of the Drew business and the
integration of any acquisitions Escalon may undertake, if any, of which
there can be no assurance,
-- implement cost reductions,
-- generate cash,
-- identify, finance and enter into business relationships and
acquisitions.
Other factors include uncertainties and risks related to:
-- new product development, commercialization, manufacturing and market
acceptance of new products,
-- marketing acceptance of existing products in new markets,
-- research and development activities, including failure to demonstrate
clinical efficacy,
-- delays by regulatory authorities, scientific and technical advances by
Escalon or third parties,
-- introduction of competitive products,
-- third party reimbursement and physician training, and
-- general economic conditions.
Further information about these and other relevant risks and uncertainties may be found in Escalon's report on Form 10- K, and its other filings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.
