Friday June 5, 1:39 pm Eastern Time
Company Press Release
American BioMed Inc. Responds to Comments Made Over the Internet
THE WOODLANDS, Texas--(BW HealthWire)--June 5, 1998--American BioMed Inc. (OTC/BB:ABMI - news) Friday
made a statement concerning comments made through various Internet chat rooms regarding a pending lawsuit by David P.
Summers, Ph.D., formerly the company's chairman and chief scientific officer.
Steven B. Rash, president and chief executive officer of American BioMed, said: ''Yes, we are in litigation with David
Summers. Details of the lawsuit have been disclosed in our 10K and SEC documents. We dispute the allegations in the
lawsuit, and the company has filed a number of counterclaims against Summers.
''The company's legal counsel has requested that management refrain from addressing Summer's specific allegations in a
public forum due to the pending litigation. The company believes Summer's comments clearly reveal his motivation and bias
towards the company.''
American BioMed utilizes state-of-the-art technology to develop, manufacture and market minimally invasive medical
devices for the treatment of cardiovascular disease.
The company's products include 100 percent silicone-based catheters, through its Cathlab subsidiary; the Evert-O-Cath, a
toposcopic catheter for site-specific drug delivery and fluid removal; the OmniCath, an atherectomy catheter designed to
remove atherosclerotic plaque from obstructed blood vessels throughout the body; and the OrniFilter, which is used to
prevent blood clots from reaching various organs of the body.
The company has more than 25 patents and 11 Food and Drug Administration approvals covering its product portfolio, and
addresses an annual worldwide market estimated to be in excess of $10 billion.
''Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: The statements that are not historical
facts contained in the release are forward-looking statements that involve risks and uncertainties, including but not limited to
the results of research and development efforts, the results of preclinical and clinical testing, the effect of regulation by the
FDA and other agencies, the impact of competitive product development, commercialization and technological difficulties,
the results of financing efforts, the effect of the company's accounting policies, and other risks detailed in the company's
Securities and Exchange Commission filings.
Contact:
American BioMed Inc., The Woodlands
Steven B. Rash, 281/367-3895
or
Investor relations:
Coffin Communications, Sherman Oaks, Calif.
Bill Coffin, 818/789-0100
or
Media relations:
Coffin-Mottola Communications, Irvine, Calif.
Christi Mottola, 714/851-1109 |
