MedicaMetrix Signs Letter of Intent to Use Vystar Corporation's Vytex(R) Natural Rubber Latex as Material of Choice in ProstaGlove(TM)
Published: Apr 19, 2011
ATLANTA, April 19, 2011 /PRNewswire/ -- Vystar® Corporation (OTCBB: VYST), the creator of Vytex® Natural Rubber Latex (NRL), a multi-patented, all-natural raw material that contains significantly reduced levels of the antigenic proteins found in natural rubber latex, announces that urological medical device manufacturer MedicaMetrix, Inc. has signed a Letter of Intent to use Vytex NRL as the material of choice in its ProstaGlove, a diagnostic device currently in clinical trial development for the quantitative, physician office-based measurement of prostate cancer.
ProstaGlove, while still in development, is being designed to improve the diagnosis of prostate cancer by enabling the use of PSA density (PSAD) as a screen, in conjunction with PSA, to reduce unnecessary prostate biopsies with a proposed future net savings in prostate cancer diagnosis (after ProstaGlove sales), currently forecasted at more than $400 million in the US and $1 Billion globally. ProstaGlove, when approved for use and sale, expects to enable the low-cost determination of prostate volume and PSAD, which could potentially eliminate hundreds of thousands of biopsies and could save hundreds of millions of dollars annually in the US in the cost of diagnosing prostate cancer.
Christopher G. LaFarge, Chief Executive Officer of MedicaMetrix, said, "MedicaMetrix has developed a system for the quantitative measurement of prostate volume that we believe will become the new 'gold standard' for prostate exams. ProstaGlove will allow measurement of prostate volume and determination of PSAD to identify patients with elevated PSA appropriate for prostate biopsy. We believe that the physical characteristics of Vytex NRL, including its durability and tactile sensitivity, lend it the potential to be a superior choice of material for our products."
"The benefits of Vytex NRL are being recognized by professionals across a diverse base of industries," commented William R. Doyle, president and CEO of Vystar Corporation. "We look forward to enhancing our relationship with MedicaMetrix as they continue their quest to improve the standard of care for prostate cancer screening. If MedicaMetrix is successful in making the ProstaGlove a 'gold standard,' our agreement has the potential to provide a significant market opportunity for Vytex NRL ."
About MedicaMetrix, Inc.
MedicaMetrix, Inc. was founded in 2004 and has developed ProstaGlove, a device in clinical trials and not yet approved for market or sale in the United States, for the quantitative measurement of prostate volume. The company produces urological medical devices with demonstrated comparative effectiveness to reduce the cost of healthcare while improving clinical outcomes. For more information, visit www.medicametrix.com.
About Vystar Corporation
Based in Duluth, GA, Vystar® Corporation (OTC Bulletin Board: VYST ) is the exclusive creator of Vytex Natural Rubber Latex (Vytex NRL), a multi-patented, all-natural, raw material that contains significantly reduced levels of antigenic proteins found in natural rubber latex and can be used in over 40,000 products. Vytex NRL is a 100% renewable resource, environmentally safe, "green" and fully biodegradable. Vystar is working with manufacturers across a broad range of consumer and medical products to bring Vytex NRL to market in adhesives, balloons, surgical and exam gloves, other medical devices and natural rubber latex foam mattresses, pillows and sponges. For more information, visit www.vytex.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Vystar's filings with the Securities and Exchange Commission.
The Investor Relations Group
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IR: Adam Holdsworth
PR: Laura Colontrelle/Janet Vasquez
Jack Callicutt, Chief Financial Officer
Christopher LaFarge, CEO
Richard Trembowicz, President
SOURCE Vystar Corporation