TUSTIN, Calif., Aug. 20 /PRNewswire-FirstCall/ -- AMDL Inc. , a US-based pharmaceutical company with major operations in China, announced the inauguration of AMDL Diagnostics Inc. (ADI), a new wholly-owned subsidiary that will focus on the research, development, manufacture and international sales of Onko-Sure(TM)-- AMDL’s proprietary, regulatory approved in vitro diagnostic (IVD) cancer test.
Since the start of FY2009, AMDL has made significant progress in commercializing Onko-Sure(TM) for both the domestic and international markets, achieving planned milestones that include:
The establishment of a separate subsidiary allows AMDL to concentrate specific resources to the successful execution of that plan. ADI intends to achieve goals set forth in its 5-year plan by securing adequate financing, significantly broadening its distribution network, and continuing to research, develop, and commercialize current and future diagnostic products. ADI’s management believes sales of Onko-Sure(TM) test kits are likely to exceed US$100 million per year by the end of FY2014. Current projections for ADI indicate FY2009 sales of approximately $1 million and generating a small loss for the year, and sales of approximately $17 million with over $13 million in earnings in FY2010.
“Today’s announcement underscores our commitment and focus on building AMDL for the future,” stated Mr. Douglas MacLellan, Chairman and CEO of AMDL Inc. “To date, our China operations have overshadowed the consequential revenue opportunity of Onko-Sure(TM) -- a potentially life-saving IVD test for literally millions of cancer patients worldwide. By establishing a separate subsidiary with specific resources dedicated to the division we believe we are in a tremendously stronger position to capitalize on the cancer IVD market.”
ADI will be run by Mr. Douglas MacLellan who continued, “Many exciting opportunities exist for ADI and its investors. Onko-Sure(TM) can detect and/or monitor for 14 different types of cancer, including lung, stomach, colorectal, liver, and breast cancer which according to the World Health Organization, causes the most cancer deaths every year. Our intention is to take Onko-Sure(TM) and ADI to a level our shareholders have never experienced before.”
With the exception of heart disease, cancer causes more deaths than any other medical condition in the world. According to the World Health Organization (WHO), cancer is rapidly becoming the leading cause of death worldwide and expected to overtake heart disease by 2010. Onko-Sure(TM) has been approved by the US FDA for the monitoring of colorectal cancer and by Health Canada as a lung cancer screen and cancer monitoring tool. Following the introduction of the DR-70 (FDP) cancer test in the US and Canada, AMDL intends to expand product commercialization to select international markets based on other regulatory approvals and plans to file for marketing approvals in other areas of the globe.
ADI’s 5-year business strategy and plan outlines the Company’s mission and vision, executive management team, 5-year financial growth targets, international distribution strategy, and future product development plans. Highlights include:
For additional information on AMDL and AMDL Diagnostics Inc. please contact AMDL Investor Relations at kszarkowitz@amdl.com or by calling 206.310.5323.
About AMDL:
Headquartered in Tustin, CA with operations in China, AMDL, Inc., along with its subsidiary Jade Pharmaceutical Inc. (JPI), is a pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, pharmaceutical, nutritional supplement, and cosmetic products. The Company employs over 510 people in the U.S. and China.
Forward Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company’s operations, markets, services, products, and prices. With respect to AMDL Inc., except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
SOURCE AMDL Inc.
CONTACT: Kristine Szarkowitz, Director-Investor Relations of AMDL Inc.,
+1-206-310-5323, kszarkowitz@amdl.com
