JERUSALEM, Jan. 6, 2013 /PRNewswire/ -- SafeCode Drug Technologies Corp. (OTCBB: SAFC), a developer of a voice recognition drug administration safety application announced today that Israeli's Biomedix Ltd., (TASE: BMDX), a leading Medical Device/Biotech incubator has agreed to fund and purchase SAFC shares at 0.15 cents per share. Biomedix currently holds $200,000 USD worth of SafeCode Drug Technologies shares on its books.
Biomedix is an Israel-based, publicly-traded (TASE) Life Science focused (Israeli Medical Device & Biotech companies) investment management company. Key facts about Biomedix include:
- Biomedix Group: Biomedix controls two of Israel's largest incubators: (ATI and Meytav), and a late-stage investment arm (SpearHead)
- Focus on very early stage projects as well as managing later stage/mature companies
- Attractive portfolio, high growth opportunities: OVER 50 PORTFOLIO COMPANIES ACROSS ALL CLINICAL & THERAPEUTIC FIELDS
- Proven track record of deals & collaborations with leading global partners
- Attractive deal flow pipeline
- More information on Biomedix Ltd. can be found at http://www.biomedixincubator.com
Concurrently, SAFC has previously announced that the share Buyback Program, which was authorized by the Board Of Directors, will commence during the month of January 2013 and is expected to last approximately 1-3 months. The shares will be returned to the Treasury of the Company to be used for further issuances for future acquisitions of companies or technology applications in the medical industry. Funding for the acquisition of the shares will be subject to financing from third parties.
Under the program approved by the BOD, SafeCode Drug Technologies Corp is authorized to repurchase up to 1 million of its outstanding shares of common stock at a price up to $0.20 per share on the open market.
"SafeCode Drug Technologies Corp continues to progress its efforts to bring further added value to its shareholders," said Joel Klopfer, CEO of SafeCode Drug Technologies Corp. "The repurchase of shares and funding commitment from Biomedix will be used to enable us to acquire additional technologies that augment our existing commercial technology and/or additional drug safety applications in the medical industry, and we will be updating our shareholders in the forthcoming weeks of new and exciting news in regards to further acquisitions."
About SafeCode Drug Technologies
SafeCode Drug Technologies is the developer of a patent-pending voice recognition technology that provides an essential degree of security that can effectively prevent unauthorized administration of a prescription medication. For more information, please go to www.safecodecorp.com.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Medisafe 1 Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated. Medisafe 1 Technologies Corp. public filings may be viewed at http://www.sec.gov.
SOURCE SafeCode Drug Technologies Corp.