Pyng Technologies Corp PYT
Shares issued 7,677,856 Mar 13 close $5.85
Mon 16 Mar 98 News Release
Mr Michael Jacobs reports
The company wishes to address several media rumours concerning the company
and the FAST 1 system. These rumours have been brought to the company's
attention by the VSE.
First, it was rumoured that the FAST 1 system will be featured on an
undetermined NBC television program. This rumour has been circulating on
the Internet and the company has no knowledge either of its source or its
truthfulness.
Secondly, a rumour concerning a feature article to appear in Bloomberg is
apparently also circulating. Mr Jacobs was interviewed by the Bloomberg
news service in late February. Any publication concerning this interview by
Bloomberg is not a matter within the control of the company.
Mr Jacobs also reports
The FAST 1 Adult Intraosseous Infusion System has received formal
recognition from the FDS's Office of Device Evaluation in its annual report
for the fiscal year 1997 as a significant medical breakthrough.
Thirty-five devices have been recognized by the ODE in several categories
out of 20,000 submissions received and reviewed. The ODE recognizes these
devices, including the FAST 1 as "significant medical breakthroughs because
they are first of a kind, eg, they use a new technology or energy source,
or they provide a major diagnostic or therapeutic advancement, such as
reducing hospital stays, replacing the need for surgical intervention and
reducing the time needed for diagnostic determination." The FAST 1 is the
world's first adult intraosseous infusion system approved by the US FDA.
Pyng has just been advised by the FDS Office of Device Evaluation that its
annual report is available on the Internet at the FDA website
(www.fda.gov/cdrh).
Mr Jacobs also reports
The FAST 1 Intraosseous Infusion System produced by the company's
subsidiary, Pyng Medical Corp, has been successfully used on a conscious,
live human subject.
The FAST 1 was designed to achieve fast, reliable vascular access under
emergency conditions in the pre-hospital environment.
Pyng Medical recently completed training of emergency physicians at
University of Maryland Medical Centre. Following the training, Dr Tom
Stair, research director, the University of Maryland School of Medicine,
decided he wanted to know what the FAST 1 would feel like and volunteered
to have it used on him.
Dr Stair and a colleague developed a fast (60 seconds) procedure for
anaesthetizing the skin over the sternal insertion site. This procedure is
suitable for use by some paramedics. Using this freezing procedure, the
FAST 1 system was used on Dr Stair. Fluids were rapidly infused into him.
He experienced no pain. In fact, Dr Stair reported that the procedure
caused less pain than giving blood.
Daily follow-ups for the three days following the procedure showed no
medical complications.
Thanks to Dr Stair and colleagues, Pyng Medical has demonstrated that
within 2.5 minutes or less, a paramedic can reliably and simply achieve
vascular access in a conscious patient. This discovery means market
penetration will likely be greater and faster than is predicted in the
company's financial projections. |
