Cell Robotics Receives Equity Investment From
Chronimed
Chronimed's Successful Due Diligence Yields Capital Investment and Initial Lasette Purchase
Order
ALBUQUERQUE, N.M., Sept. 15 /PRNewswire/ -- Cell Robotics International, Inc. (OTC Bulletin Board: CRII - news), a
manufacturer and marketer of scientific and medical laser devices, announced today that Chronimed, Inc. (Nasdaq: CHMD -
news) has completed its due diligence on Cell Robotics' Lasette(TM) laser finger perforator for drawing blood for glucose
testing in the diabetes market. Chronimed tests have determined that the Lasette meets all of its internal expectations and based
on the successful outcomes has made its first equity investment of $300,000 for 200,000 shares of Cell Robotics common
stock.
Chronimed's capital investment in Cell Robotics will be focused on the development of a second generation, smaller Lasette to
meet the needs of the home glucose testing market. Cell Robotics will also be eligible for an additional $300,000 capital
investment by Chronimed at the successful conclusion of certain other agreed upon milestones. With estimated annual revenues
of approximately $140 million, Chronimed, for the second consecutive year, has been included in FORTUNE magazine's 1998
list of ''America's Top 100 Fastest-Growing Companies''.
In addition, Chronimed has submitted its first Lasette purchase order to be delivered this month. Earlier in this quarter, the
companies agreed to a two-year, multi-million dollar minimum purchase by Chronimed. Cell Robotics will provide Lasettes to
Chronimed for an agreed upon transfer price. Chronimed will distribute the Lasette and accessories worldwide. Chronimed,
headquartered in Minneapolis, provides pharmaceuticals, medical products and services to patients with chronic conditions
such as diabetes.
Dr. Ronald K. Lohrding, president and CEO of Cell Robotics, commented, ''We are very pleased with the successful
conclusion of Chronimed's testing and due diligence. As part of the process Chronimed conducted testing with the Lasette on a
large sample of people to verify consistency in obtaining blood samples, and the perception of significantly reduced pain. We
are gratified with both the quality of our Lasette product and the professionalism displayed by Chronimed throughout the testing
process. We look forward to a long and mutually beneficial relationship with Chronimed.''
The worldwide diabetic market is very large and continues to grow. In the USA alone, 2,200 new diabetics are diagnosed
every day. For the $2.5 billion annual diabetic glucose monitoring market, the Lasette represents the first significant change
from the pain of sampling blood with steel blades or needles since the invention of the glucose meter 20 years ago. In addition
to the current FDA clearance for drawing blood for testing glucose in children and adult diabetic patients in a clinical setting,
Cell Robotics has also applied to the FDA for clearance for home use by patients of all ages.
Cell Robotics International, Inc. manufactures, markets, and distributes scientific and medical laser devices. These devices
include: the In Vitro Fertilization (IVF) Workstation, and the Cell Robotics Workstation, a research instrument that
incorporates the LaserTweezers(R) and LaserScissors(TM) for manipulating and cutting cells and chromosomes, and also the
FDA-cleared RevitaLase, an Erbium:YAG laser for use in dermatological applications.
Additional information is available on the Cell Robotics Web Site at cellrobotics.com, by e-mail at
crii@cellrobotics.com, or by telephone at (505) 343-1131.
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause
actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the
Company's ability to execute its service and product sales plans; and the risks described from time to time in the Company's
SEC reports. |
