Specialized Health Products International, Inc. Announces
Amendment to Agreement With Becton Dickinson
BOUNTIFUL, Utah--(BW HealthWire)--June 9, 1999--Specialized Health Products International, Inc.
(NASDAQ: SHPI - news) today announced its wholly-owned subsidiary, Specialized Health Products, Inc.
(''SHP''), signed an amendment to its worldwide License Agreement with Becton, Dickinson and Company
(''BD'')(NYSE: BDX - news). This Amendment provides that the $3.75 million previously paid by BD to SHP, will not be credited against future
earned product royalties and SHP will have no further obligation to BD with respect to these payments. As part of this Amendment, SHP has agreed
to defer BD exclusivity related minimum royalty obligations from 2002 to 2004. All other obligations under the Agreement remain in full force and
effect.
David A. Robinson, President and CEO of SHPI said, ''This amendment enables SHPI to recognize the full $3.75 million as revenue immediately
which will put SHPI in a position to exceed the minimum Nasdaq SmallCap net tangible asset listing requirement. This revenue should also enable the
Company to realize its first year of profitability. Although we have significant challenges ahead, my view of the potential success of SHPI has never
been brighter because of the positive momentum of the new safety legislation, and current expressed interest in SHP's safety needle product lines by
major medical product companies.''
SHPI's patented safety technologies are applicable to a variety of fields of safety products, including lancets, phlebotomy devices, catheters, syringes
and butterflies. Additional products will augment the SHPI product line in the future.
SHP now owns seven Safety Cradle® related patents, two patents associated with its ExtreSafe® Lancets and ten granted patents which protect its
ExtreSafe® and FlexLoc(TM) safety needle technologies. SHP has additional patents pending.
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This is money, but I wonder if this has to do with BDX working with MEDC now???? At least there has been some upward movement
Bryan |
