ZMTX news:
OKLAHOMA CITY--(BW HealthWire)--Nov. 1, 2001--The ZstatFlu 20-minute rapid point-of-care flu diagnostic test developed and marketed by ZymeTx, Inc. (OTCBB:ZMTX) received government reimbursement status from the Japan Ministry of Health, Labor and Welfare, it was today announced by company officials.
The granting of reimbursement status by the Japanese government follows the sale earlier this year of 100,000 units to its Japanese distribution partner Nichirei Corporation, the largest single sale of ZstatFlu tests in the history of the company. ZymeTx's ZstatFlu test cleared the government approval process in Japan in March 2001. The reimbursement becomes effective today, November 1.
"The rapid approval of reimbursement for the use of ZstatFlu by healthcare providers in Japan signals the importance placed on diagnosing influenza by officials with the Health, Labor and Welfare Ministry," said Norman Proulx, ZymeTx President and Chief Executive Officer. "The reimbursement and approval also represents a significant boost to our marketing and distribution initiatives in Japan, which is the world's second-largest diagnostic market behind the United States."
Introduced in the United States in 1998, the ZstatFlu influenza diagnostic test detects both influenza types A and B with 99 percent specificity, based on actual clinical trials, and has detected variant strains, such as the Hong Kong flu. The test requires minimum staff time to administer (approximately 2 minutes), using a simple throat swab for specimen collection. The test also has a shelf life of three years from date of manufacture, the longest of any flu diagnostic test on the market.
"We expect that the timely reimbursement approval of ZstatFlu will expand the market opportunities in Japan for our flu diagnostic test," said Dr. Craig Shimasaki, Vice President of Research, Development and Operations at ZymeTx. "The reimbursement makes our ZstatFlu test a more affordable option for physicians and consumers, which we and our distributor believe will translate into wider usage over the long term."
ZstatFlu is a vital element in a comprehensive influenza disease management system that is being advanced in Japan by Nichirei Corporation and ZymeTx. "An influenza disease management program takes on increased importance for a country like Japan because of its high-density population," commented Dr. Robert Hudson, ZymeTx's Medical Director. "Our research studies and industry statistics confirm that healthcare costs are reduced and quality of care is improved when the ZstatFlu diagnostic test is introduced into the viral disease management system."
About The Companies
ZymeTx, Inc., headquartered in Oklahoma City, is a biotechnology company engaged in the development of technology to produce products for the diagnosis and treatment of viral disease, viral management and disease surveillance. The company developed ZstatFlu, the world's first rapid point-of-care test capable of detecting both Influenza A and B, and the National Flu Surveillance Network(TM) (NFSN), a network of physician sites across the country that use ZstatFlu to track influenza in their communities and practices. Additional information on ZymeTx and NFSN can be obtained by accessing the web sites at www.zymetx.com and www.fluwatch.com.
Nichirei Corporation's Biosciences Business Division supports a wide range of research and development programs and biotechnology research for one of Japan's leading food product companies. Nichirei's operations include domestic and international production, processing, distribution and storage.
This press release may contain forward-looking statements, including statements regarding expected future results of operations, which are subject to risks and uncertainties. All forward-looking statements in this press release are based upon historical information available as of the date of this release. Such historic information may change or become invalid after the date of this release, and by making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. The Company's SEC filings contain additional discussions about those facts, which could cause actual results to differ from management's expectations.
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CONTACT: ZymeTx, Inc.
Media Relations:
Susan Hammond, 405/271-1314
www.zymetx.com
or
The Gooden Group, Inc.
Brent Gooden, 405/715-3232
KEYWORD: OKLAHOMA JAPAN INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: MEDICAL BIOTECHNOLOGY GOVERNMENT
SOURCE: ZymeTx, Inc. |
