OCEANPORT, N.J., April 28 /PRNewswire-FirstCall/ -- Life Medical Sciences, Inc. announced today that at its recent annual stockholder meeting, the stockholders of the Company overwhelmingly approved the proposed change of the Company's name to "SyntheMed, Inc." The official corporate name change became effective today. At the open of trading today, the Company's common stock, which trades on the NASD Over-The-Counter Bulletin Board, will begin trading under the new symbol "SYMD".
According to the Company's President & CEO, Robert P. Hickey, the new name more accurately reflects the Company's focus on the development of novel medical devices based on the Company's proprietary synthetic polymer technology. The Company is currently pursuing several product development programs. The Company's lead product, REPEL-CV(TM), an anti-adhesion barrier designed for use in cardiac surgery, is currently being evaluated in a US multi-center pivotal clinical trial. A separate clinical study for REPEL-CV is being conducted at prominent cardiac surgery centers in Europe in preparation for an anticipated European product launch in 2006. REPEL-CV may become the first anti-adhesion product, designed for use in cardiac surgery, to obtain regulatory approval in both the US and Europe, a market with projected annual revenue potential of $250 million.
The Company's stockholders are not required to take any further action with respect to the name change. The name change will not affect the validity of outstanding stock certificates, nor is it necessary for stockholders to surrender or exchange any stock certificates they currently hold.
SyntheMed, Inc., is a biomaterials company engaged in the development and commercialization of anti-adhesion and drug delivery products.
Statements in this Press Release that are not statements of historical fact, including statements regarding indications of the potential outcome of the REPEL-CV clinical trial, the timing or ability to achieve regulatory approval in respect to REPEL-CV or the potential market size for REPEL-CV, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include but are not limited to (i) potential adverse developments regarding the progress, timing and results of the clinical trial and the Company's efforts to obtain required FDA approval and that failure can occur at any stage of testing and (ii) potential inability to secure funding as and when needed to support the trial and the Company's other activities. Reference is made to the Company's Annual Report on Form 10-KSB for the year ended December 31, 2004 for a description of these, as well as other, risks and uncertainties.