SALT LAKE CITY, Jan. 28 /PRNewswire-FirstCall/ -- InMedica Development Corporation (BULLETIN BOARD: IMDD) , of Salt Lake City, Utah announced today that its shareholders have approved the Joint Development Agreement with Wescor, Inc, of Logan Utah at a shareholder meeting held Monday, January 24 in Salt Lake City, Utah. The agreement, signed in September of 2004, involves the development of the Non-Invasive Hematocrit Technology for which InMedica, through its subsidiary, MicroCor, has been issued four patents.
Also approved at the meeting was the election of the following Directors of InMedica; Larry E. Clark, Ralph Henson, Richard Bruggeman, Sheng Jung Chiang, and Mao-Song Lee to serve for a period of one year or until their successors are elected and qualify, and ratification of the appointment of Robison Hill & Co. as the independent public accountant of the Corporation.
Upon conclusion of the official business of the meeting, Mr. Wayne Barlow, President and CEO of Wescor made a brief presentation to those in attendance, introducing Wescor, its 30 year history and its market leading products. Wescor VP of R&D, Dennis Briscoe, then presented Wescor's plans for commercial development of the CritPoint(TM) based on MicroCor's Non-Invasive Hematocrit Technology. Plans include the current development work on a series of prototypes for use in clinical testing, as well as possible future clinical trials for obtaining the FDA's clearance to market CritPoint. To this end, Wescor has engaged the services of Design Engine, a Salt Lake City industrial design firm, to undertake the industrial design including appearance and ergonomic factors.
"We are very pleased with Wescor's progress to date," said Ralph Henson, President and CEO of InMedica. "Wescor has committed significant resources to the project, and we fully support their development plans."
InMedica, through its subsidiary MicroCor, Inc., is engaged in the development of a patented technology that measures hematocrit, the percentage of whole blood made up of red cells, non-invasively through the skin using electrical impedance. Other methods of hematocrit measurement require blood be drawn from the person to be tested through a finger, ear or venous (arm) puncture. Hematocrit is measured as a test for the presence of anemia (low hematocrit), a primary symptom for a large number of disease states as well as malnutrition. Because of the large number of diseases for which anemia is a primary symptom, hematocrit is one of the most frequently ordered diagnostic tests.
From its facilities in Logan, Utah, Wescor, a private corporation, has been developing, manufacturing, and marketing unique instruments, appliances, and related products for the diagnostic laboratory market for more than three decades. Its Biomedical Products Division has established a reputation for high quality products as well as quality technical support to back up its products. Wescor is the unchallenged global leader in the laboratory diagnosis of cystic fibrosis with its Macroduct(R) and Nanoduct(R) Sweat Testing Systems. The company's Aerospray(R) family of automatic slide stainer-cytocentrifuges are in daily use in hematology and microbiology laboratories throughout the world, providing the newest technology in microscope slide staining as well as cytocentrifugation. Wescor is a long-established global leader in osmometry with its unique Vapro(R) Vapor Pressure Osmometer. The Wescor Membrane Osmometer makes a direct measurement of Colloid Osmotic Pressure in whole blood or serum.
This press release contains forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and other factors, which may cause the Company's results to differ materially from expectations. These risks include, but are not limited to, risks relating to the abilities to obtain funding, regulatory approval, market acceptance, as well as other risks as detailed from time to time in the Company's SEC filings.
InMedica Development Corporation