PASADENA, CA--(MARKET WIRE)--Nov 19, 2008 -- Sanguine Corporation (OTC BB:SGUI.OB - News) is pleased to announce that the Company has signed a Letter of Intent, which is subject to a 5 million dollar capitalization agreement, to acquire Rockland Technimed Ltd., a Delaware corporation, whose flagship products are poised to cause a possible shift in MRI imaging with applications in tumor detection, tracking tumor angiogenesis, assess tissue viability in cases of Neurological and Cardiovascular catastrophes such as Heart or Stroke attack, or other tissue injury, and noninvasive real-time tissue stress monitoring to evaluate normal and abnormal oxygen consumption rates.
The company's oxygen-based diagnostic agents, preparations and substances are designed for medical purposes, including: contrast media for medical imaging for use with MRI diagnostic machines, diagnostic scanning imaging media for use in "in vivo" real-time metabolic imaging similar to positive emission tomography (PET).
Rockland Technimed Ltd. procured laboratory samples of PHERO2 for use in constituting its imaging agent Oxy-17® for pre-clinical testing. The tests were conducted in Europe as part of a feasibility study. The use of PHERO2, as a carrier fluid, in their imaging products was confirmed. The management recognizes the possibility of using PHERO2 to formulate its second generation Oxy-17® imaging products. Its current products use autologous blood which would be replaced with PHERO2, making it ready to use. PHERO2 is the second generation formulation of the only FDA approved synthetic oxygen carrier namely Fluosol-DA-20. The managements of both the companies see the potential in merging the two technologies to meet the vast clinical need for real-time in vivo metabolic imaging using a natural element and a bioinert molecule compared to the only alternative current methodology using radio tracers. The therapeutic implications of such products are vast.
Dr. Thomas Drees, Sanguine's CEO, stated, "We are extremely pleased to announce that we have entered into a Letter of Intent to acquire Rockland Technimed Ltd. The acquisition is in keeping with our immediate and long-term commercialization plans. The combined management teams have the product development, regulatory affairs, marketing and management experience to see their technology products, into global commercial sales. The two companies have highly respected medical advisory boards able to guide their products through development. We expect their products to evolve into the standard of next generation care. In addition, the acquisition provides SGUI with a substantial opportunity within the vast global and evolving MRI imaging market. We expect that mutual due diligence will take approximately 30-45 days. Following the completion of the due diligence, and the completion of the acquisition, the new board will select the best management team from within the current management and outside, if necessary, to fully harness the market potential of these technologies."
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
For Sanguine Corporation
801-746-3570 (Investor Relations)
For Rockland Technimed Ltd.
Source: Sanguine Corporation