News - Milestone Achievement, Executive Recruitment
Chromatics Announces Operations Milestone Achievement, Loss of President and Expedited Executive Recruitment
NEW YORK, March 22 /PRNewswire/ -- Chromatics Color Sciences International, Inc. (Nasdaq: CCSI) announced today that it has now completed the shipments of approximately 800 Colormate(R) TLc-BiliTest(R) Systems for non-invasive monitoring of bilirubinemia in newborn infants, as initially required under the Company's agreement with its distribution partner, Datex-Ohmeda and its Ohmeda Medical Division.
The systems were mass-manufactured with additional features, including modem capability to accommodate the transfer of TLc-BiliTest(R) monitoring records between the hospital and the home health care provider or pediatrician's office after discharge, facilitating distribution into these markets.
The Company also announced that the Company's President, Arthur Guiry, recently died at Lawrenceville Hospital in Westchester County, New York after a short illness. Chromatics Chief Executive Officer Darby Macfarlane said, "Our Company mourns the sudden loss of Mr. Guiry and we extend our deep condolences to his family."
The Company further announced that an Executive Search Committee comprised of outside directors and several large investors had been organized earlier this month to bring new executives into CCSI. Mrs. Macfarlane stated, "The Company has now successfully commenced operations and recently completed its contractual mass-manufacturing and delivery requirements for its non-invasive bilirubin monitoring system for newborns to its United States distributor. Upon the successful achievement of this milestone, I requested an Executive Search Committee be formed to further expedite the process for hiring experienced executives essential to implementing both the short and long term business plans for the Company, including arranging international distribution of the Company's medical products, completing the hand-held, less expensive LED device for commercial use, and commercializing other applications of the Company's technology."
Chromatics Color Sciences is in the business of color science and has developed technologies and intellectual properties in this field. The Company has received clearance from the Food and Drug Administration (FDA) for the commercial use of its medical device for the non-invasive monitoring of bilirubinemia in newborn infants by healthcare professionals in hospitals, clinics, pediatrician offices and the home environment. The Company believes its technologies and intellectual properties may also have medical applications in the detection and monitoring of other chromogenic diseases which the Company defines as those diagnosed or monitored by the coloration of the human skin, tissue or fluid being affected. Additional medical applications to the non-invasive monitoring of bilirubinemia in newborns will require additional clinical trials and FDA clearances for commercial use.
The Company's technologies and intellectual properties also have other applications including the scientific color measurement and classification of human skin and certain color-sensitive consumer products, and in determining the color compatibility of such skin and product color classification for use in a variety of industries including the cosmetic, beauty-aid and fashion industries.
Certain of the matters discussed in this announcement contain forward-looking statements..... |
