SALT LAKE CITY, Dec. 6, 2011 /PRNewswire/ -- Paradigm Medical Industries, Inc. (OTC.PK:PDMI) announced that it is continuing to move forward with its growth and expansion plans in spite of the limited working capital and market concerns it has had to confront.
"The past three years have tested the mettle of Paradigm, its shareholders and remaining loyal employees. As the very difficult year of 2011 comes to a close, Paradigm remains hopeful it will see the DTC "chill" removed on its stock, new financial support, and a new plan to allow Paradigm to move forward in 2012 and beyond," said Stephen Davis, Paradigm President and Chief Executive Officer.
Paradigm Medical is also moving ahead in its effort to re-certify its new facility for ISO, CE and FDA regulatory standards. When completed, this effort will result in increased world wide availability of Paradigm's manufactured products. It is and will remain Paradigm's intent to be totally complaint with all FDA requirements in the United States and all other regulatory requirements internationally.
Paradigm is also directly supporting the new 510(k) application being submitted to the Federal Drug Administration (FDA) for the Paramax. "Paradigm will be working closely with this new application process with Costruzione Strumenti Oftalmici (CSO), its Italian partner which manufactures the Paramax. Paradigm is hopeful the FDA review will be a more favorable response this time," said Mr. Davis.
Mr. Davis also noted: "The Paramax represents one of the most reliable and durable early glaucoma diagnostic devices available in the U.S. market. It provides the earliest diagnosis of glaucoma available, potentially saving the vision for many who would have otherwise lost it."
About Paradigm Medical Industries, Inc.
Paradigm Medical Industries, Inc. is a medical device company that develops, manufactures and distributes ophthalmic diagnostic instruments and related products for early detection of glaucoma and other eye disorders. The Company's primary objective is to capture a niche market within the glaucoma and ultrasound microscopy fields. The Company markets its products to ophthalmologists, optometrists, universities, and clinics throughout the United States and internationally.
This press release contains statements that, if not verifiable historic fact, may be viewed as forward-looking statements that could predict future events and outcomes with respect to Paradigm and its business. The predictions embodied in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.
SOURCE Paradigm Medical Industries, Inc.