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Wednesday June 17, 8:41 am Eastern Time
Note: this article has been superseded by a later article.
Company Press Release
SOURCE: CompuMed, Inc.
Merck to Transfer OsteoGram(R) Assets to CompuMed
Assets Will Accelerate Development and Marketing of CompuMed Bone Density Analysis
Products
MANHATTAN BEACH, Calif., June 17 /PRNewswire/ -- CompuMed, Inc. (Nasdaq: CMPD - news) CompuMed, Inc.
announced today that it has reached an agreement with Merck & Co., Inc. (NYSE: MRK - news) to obtain the software
enhancements, laboratory equipment, regulatory and clinical work products, intellectual property rights, copyrights, trademarks,
marketing materials and artwork, and other substantial assets purchased or developed by Merck to support the OsteoGram(R)
bone density test, which CompuMed licensed to Merck in 1995. Effective March 31, 1998, CompuMed regained its worldwide
exclusive rights to the OsteoGram.
The agreement will allow CompuMed to utilize the Merck-funded assets to promote the OsteoGram, incorporate software
enhancements into CompuMed's Digital OsteoView(R) 2000 bone densitometer currently under development, or transfer or
license any or all of the assets to a third party. CompuMed is now engaged in discussions with companies that have expressed
significant interest in licensing CompuMed's OsteoGram and OsteoView technologies.
''Merck made a significant investment in developing the software enhancements and clinical data that are now being transferred
to CompuMed,'' stated James Linesch, President and CEO of CompuMed. ''These assets will immediately strengthen our
proprietary and leadership position in cutting-edge bone density technology. Merck also invested substantial resources in creating
clinical and market acceptance of the OsteoGram technology in connection with its launch of Fosamax for the treatment of
osteoporosis. However, Merck's focus is on drug sales, not testing modalities which is CompuMed's main business.''
Merck's OsteoGram software enhancements, and the associated clinical and regulatory work, will help CompuMed add
functionality to its Digital OsteoView 2000 while reducing development time and expenses. CompuMed's OsteoView is the
world's first device with a hardware and software platform capable of detecting both osteoporosis and arthritis. The two key
technologies that have enabled CompuMed to make this breakthrough are a unique set of image processing and segmentation tools
developed by CompuMed which build upon the original OsteoGram technology, and a revolutionary high resolution direct digital
x-ray capture technology developed by Varian Associates, Inc. (NYSE: VAR - news) and Xerox Corporation (NYSE: XRX -
news), under a grant from the U.S. Defense Advanced Research Projects Agency (DARPA). CompuMed has obtained
worldwide exclusive rights to the Varian technology in the fields of appendicular bone mass measurement and automated arthritis
detection.
The potential market for osteoporosis and arthritis detection devices has been estimated at over $2 billion. CompuMed's Digital
OsteoView(R) 2000 is expected to play a key role in both the clinical validation and the widespread availability of several exciting
new classes of pharmaceuticals that target various aspects of arthritis, as well as the identification and management of patients
with low bone mass or osteoporosis. CompuMed is planning to release the OsteoView after the conclusion of product engineering,
clinical trials and U.S. FDA 510(k) marketing clearance.
CompuMed, based in Manhattan Beach, California, develops solutions to important medical problems through the use of computer
technology. In addition to its developmental Digital OsteoView 2000 bone density and arthritis testing device and its OsteoGram
bone density testing software, CompuMed has developed computer-aided telemedicine services for cardiology and currently
provides on-line computer interpretation of electrocardiograms (ECGs) to physicians, government and corporate healthcare
providers.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and
underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product development and consumer demand and acceptance, changes in
technology, ability to raise capital, the availability of appropriate acquisition candidates and/or business partnerships, economic
conditions, impact of competition and pricing, capacity and supply constraints or difficulties, government regulation and other risks.
All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company are expressly
qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking
statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof.
SOURCE: CompuMed, Inc.
More Quotes
and News:
Compumed Inc (Nasdaq:CMPD - news)
Merck & Co Inc (NYSE:MRK - news)
Varian Associates Inc (NYSE:VAR - news)
Xerox Corp (NYSE:XRX - news)
Related News Categories: banking, computers, health care, medical/pharmaceutical
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