FRANKLIN, Mass., June 26 /PRNewswire-FirstCall/ -- Sontra Medical Corporation announced today that it has signed a distribution agreement with JOYMG, a medical device distribution company based in Seoul, Korea, to market and sell Sontra’s SonoPrep(R) Skin Permeation System in South Korea.
The agreement appoints JOYMG as the exclusive distributor of Sontra’s products in South Korea. JOYMG is obligated to use its best efforts to market, promote and sell Sontra’s products in South Korea. The agreement provides for certain sales targets to be met by JOYMG over a 12 month period, and if JOYMG meets or exceeds the sales targets, Sontra may receive over $800 thousand (USD) in revenues under the agreement. The agreement is subject to JOYMG obtaining approval by the Korean regulatory body (KFDA), which JOYMG informed Sontra it expects to receive within 90 days. Training of JOYMG’s sales and marketing organizations by JOYMG will begin during the next month and plans are being made for introduction of the SonoPrep System at medical conferences in Asia.
Sontra Vice President of Sales and Marketing, Barry Marston stated: “The recent regulatory approvals for the second generation SonoPrep System have opened the doors to the international marketplace. Now that we have ISO 14385 certification and CE marking, we hope that this arrangement is the first of many global opportunities for Sontra and its SonoPrep System.”
Mr. Marston commented further that: “JOYMG’s growing presence in the Asian aesthetic marketplace creates new opportunities for the SonoPrep System abroad.”
About JOYMG (http://www.joymg.com)
JOYMG is a leading medical aesthetic corporation, specializing in liposuction devices, IPL (Intense Pulsed Light) and VPL (Variable Pulsed Light) systems, CO2 and ND Yag lasers, external ultrasound, facial water peeling systems, iontophoresis devices for lifting and slimming, carbon dioxide therapeutic devices for fat reduction, and facial water peeling devices for deep and superficial peeling. JOYMG was established in 1992, and currently has sales in excess of $50 million (USD).
About Sontra Medical Corporation (http://www.sontra.com)
Sontra Medical Corporation is a technology leader in transdermal science. Sontra’s SonoPrep ultrasound-mediated skin permeation technology combined with technical competencies in transdermal drug formulation, delivery systems and biosensors is creating a new paradigm in transdermal drug delivery and diagnosis. The SonoPrep technology is being developed for several billion dollar market opportunities, including continuous glucose monitoring and the transdermal delivery of large molecule drugs and vaccines. Sontra is currently marketing the SonoPrep device and procedure tray for use with topical lidocaine to achieve rapid (within five minutes) skin anesthesia.
This press release contains forward-looking statements, which address a variety of subjects including, for example, the expected technological advances and availability of the second-generation SonoPrep device, the expected benefits and efficacy of the SonoPrep device in connection with diagnostics, vaccine delivery, glucose monitoring and transdermal drug delivery, Sontra’s expected ability to develop, market and sell products based on its technology, including a continuous transdermal glucose monitor for the hospital ICU market; the expected market opportunities, distribution and market acceptance of the SonoPrep device and technology, the expected size of the market for the continuous transdermal glucose monitor for the hospital ICU; and Sontra’s business, research, product development, regulatory approval, marketing and distribution plans and strategies. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: our technology is new and we may experience adverse results in research and development efforts, product development, clinical trials, product evaluations, commercialization efforts, product distribution and market acceptance; markets for our products may develop slower than expected, or not at all; our sales cycle is lengthy and we are still developing sales and marketing strategies which may or may not prove effective; the SonoPrep device may not prove effective in connection with diagnostics, vaccine delivery, glucose monitoring and/or transdermal drug delivery; we may experience difficulties or delays in obtaining regulatory approvals to market products resulting from development efforts or difficulties or delays associated with sources of regulatory-approved transdermal drugs and vaccines; failure to obtain and maintain patent protection for discoveries or commercial limitations imposed by patents owned or controlled by third parties would have an adverse effect on us; we depend upon strategic partners and third-party distributors to develop, commercialize, market and sell products based on our work; and we require substantial additional funding to conduct research and development and to expand commercialization, distribution and marketing activities. For detailed information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Sontra’s filings with the Securities and Exchange Commission, including Sontra’s most recent Annual Report on Form 10-KSB. Forward-looking statements represent management’s current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us.
SonoPrep is a registered trademark of Sontra Medical Corporation. All other company, product or service names mentioned herein are the trademarks or registered trademarks of their respective owners.
Investor Relations Contacts: Barry Marston, VP Sales & Marketing 508-530-0332 bmarston@sontra.com Harry G. Mitchell, CFO 508-530-0311 hmitchell@sontra.com
Sontra Medical Corporation
CONTACT: Barry Marston, VP Sales & Marketing, +1-508-530-0332,bmarston@sontra.com, or Harry G. Mitchell, CFO, +1-508-530-0311,hmitchell@sontra.com, both of Sontra Medical Corporation
