VeriChip Corporation Enters Into Development and Supply Agreement with Medical Components, Inc. Valued at More Than $3 Million
18 3월 2009 - 9:30PM
Business Wire
VeriChip Corporation (NASDAQ:CHIP) (�VeriChip�), a provider of
radio frequency identification (RFID) systems for healthcare and
patient-related needs, announced today that it has entered into a
development and supply agreement with Medical Components, Inc.
(�Medcomp�), a leading global manufacturer of vascular access
catheters, to develop and manufacture a RFID microchip for
implantation into Medcomp�s vascular access medical devices on an
exclusive basis. The initial term of the agreement is five years
totaling more than $3.0 million over the life of the agreement,
assuming successful completion of the development of the new,
smaller microchip and Medcomp�s receipt of approval from the U.S.
Food and Drug Administration (�FDA�) of the vascular port
containing the microchip. VeriChip will receive a product
development fee for the new, smaller RFID microchip, the
development of which is expected to be completed within 90 days.
Additionally, Medcomp will buy scanners from VeriChip for use by
healthcare professionals nationwide in order to identify a
patient�s vascular port for correct medication dosage.
Scott R. Silverman, Chairman of VeriChip, said, �This agreement
with Medcomp is a validation of our technology for healthcare
applications above and beyond our core market of patient
identification. Not only will we be selling a smaller version of
our microchip, but we also expect to offer the VeriMed� Health Link
patient identification service at a reduced rate to all patients
who receive a Medcomp vascular port.�
�We are confident we will complete development of the new
microchip, which is more than 30 percent smaller than our existing
microchip, in the very near future, thereby enabling Medcomp to
move forward with the FDA approval process,� continued Silverman.
�This is an important step forward for our company and an exciting
partnership.�
Timothy Schweikert, President of Medcomp, said, �We believe this
agreement with VeriChip will help to further differentiate our
product from our competitors, expanding our market advantage. By
affirmatively identifying the particular type of vascular access
device a patient has prior to treatment, we are increasingly
ensuring patient safety. Because both our vascular catheter and
VeriChip�s RFID microchip are already FDA-cleared devices, we
anticipate a smooth submission and approval process with the
FDA.�
About VeriChip Corporation
VeriChip Corporation, headquartered in Delray Beach, Florida,
has developed the VeriMed� Health Link System for rapidly and
accurately identifying people who arrive in an emergency room and
are unable to communicate. This system uses the first
human-implantable passive RFID microchip, cleared for medical use
in October 2004 by the United States Food and Drug Administration.
To complement its healthcare division, VeriChip Corporation
established VeriGreen Energy Corporation in March 2009 to focus and
invest in the clean and alternative energy sector.
For more information on VeriChip, please call 1-800-970-2447, or
e-mail info@verichipcorp.com. Additional information can be found
online at www.verichipcorp.com.
About Medcomp
Medcomp� develops, manufactures, markets and supports
cutting-edge vascular access devices and accessories to meet the
clinical needs of the medical industry, particularly in the fields
of interventional medicine and dialysis. Through innovations like
the Tesio� and Split Cath III, Medcomp has set the standard for
Dialysis and Venous Access Catheters.
Additional information can be found online at
www.medcompnet.com.
Statements about VeriChip�s future expectations, including
future revenues and earnings from the sale of these smaller
microchips to Medcomp, its ability to complete development of the
smaller microchip within the allotted time frame, its ability to
successfully manufacture the smaller microchip and supply such
microchip to Medcomp according to the terms of the agreement, and
Medcomp�s ability to receive FDA approval, and all other statements
in this press release other than historical facts are
�forward-looking statements� within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and as that term is defined in the Private Litigation
Reform Act of 1995. Such forward-looking statements involve risks
and uncertainties and are subject to change at any time, and
VeriChip�s actual results could differ materially from expected
results. Additional information about these and other factors that
could affect the Company�s business is set forth in the Company�s
various filings with the Securities and Exchange Commission,
including those set forth in the Company�s 10-K filed on February
12, 2009, under the caption �Risk Factors.� The Company undertakes
no obligation to update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.
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