NMD
NedMed Inc. is engaged in the business of acquiring, developing and marketing medical and health-related technologies. The companyNetMed's revenues are currently derived principally from the marketing of the PAPNET Testing System, an advanced computerized test that pinpoints and magnifies precancerous cells. The company is also developing the OxyNet oxygen concentration device which it plans to manufacture and sell in the home healthcare market.
At present, the PAPNET technology is approved by the FDA only as a supplemental test in the rescreening of Pap smears previously assessed as negative (normal). In the future, Richards noted, the PAPNET test may become available as a primary screening tool. The timing depends on completion of additional clinical trials by Neuromedical Systems, Inc., NetMed's partner and licensor of PAPNET, and subsequent FDA approval.
'The first quarter,'' stated David J. Richards, NetMed president and chief executive officer, ''was a landmark quarter as we demonstrated that the patented OxyNet(R) technology we are developing for the home healthcare and other markets is actually capable of generating pure oxygen on a consistent basis. In addition, we have repositioned our PAPNET(R) sales effort in order to positively impact cash flow beginning in the third quarter of this year. We will be also be poised to take advantage of primary screening approval by the FDA, which is anticipated in 1999. We remain convinced that PAPNET testing provides a robust, cost-effective and desirable method to improve the accuracy of Pap smear screening.''
Contact:
Martin Skala
John Chuhran, Media Consultant
(212) 564-4700
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