SAN DIEGO, July 21, 2017 (GLOBE NEWSWIRE) -- TearLab Corporation (NASDAQ:TEAR) (TSX:TLB) (the “Company”) today announced that the commercial version of its next-generation in-vitro diagnostics testing platform, the TearLab Discovery™ System, is in conformity with all the applicable provisions of In Vitro Diagnostic Medical Devices Directive 98/79 EC enabling CE Marking of the device. CE Marking provides clearance in the European Union (EU) and European Free Trade Association (EFTA) member countries.
For the first time, the TearLab next-generation platform offers eye care professionals the ability to assess multiple biomarkers in human tears with a single nanoliter volume tear collection. The lab-on-a-chip platform provides quantitative measurements of tear proteins in a fully automated workflow that is consistent with the current TearLab Osmolarity System, which many physicians have incorporated into their practice. This CE Marking expands regulatory clearance beyond the previously-cleared Discovery device to include the first commercial test card. This test card is capable of measuring three biomarkers, including osmolarity and two inflammatory biomarkers, MMP-9 and IL-1Ra, which together will aid in the diagnosis of dry eye disease and identify patients expected to respond to targeted dry eye disease therapies.
“TearLab’s next generation platform, TearLab Discovery™, is truly a groundbreaking platform and represents the first entry in the point-of-care molecular diagnostic space for eye care. The platform will have the ability to quantitatively measure multiple tear biomarkers in one quick test and will truly revolutionize how eye care practitioners practice medicine,” said Arthur Cummings, MD, Consultant Eye Surgeon at the Wellington Eye Clinic and Consultant Ophthalmologist and Head of the Department of Ophthalmology at the Beacon Hospital in Ireland. “This new diagnostic platform will streamline the testing process and serve as a platform to help guide the diagnosis and treatment selection for numerous ocular conditions.”
Seph Jensen, CEO of TearLab Corporation added, “The CE mark for the TearLab Discovery™ platform represents a breakthrough in ophthalmic diagnostic technology and will help usher in a new era in eye care that leverages the power of molecular diagnostics at the point of care, which has long been standard of care in other medical specialties to both diagnose diseases and guide treatment. When it comes to dry eye disease, symptoms do not always correlate to the disease and the impact on patients is broad – from eye discomfort to surgical outcomes to contact lens wear time. The ability to measure osmolarity and two inflammatory biomarkers in one quick test should help doctors differentially diagnose and select the right treatment for each patient. We look forward to introducing TearLab Discovery™ at the European Society of Cataract and Refractive Surgeons in October 2017.”
The Company plans to initially use the regulatory clearance for TearLab Discovery™ to build a robust clinical data package and secure valuable feedback from global key opinion leaders in support of a 510(k) submission to the U.S. Food and Drug Administration, which is expected in the second half of 2017.
To date, TearLab has placed over 5,000 devices worldwide and had more than 8 million tests performed on the TearLab Osmolarity System globally since the commercial launch in 2012.
About TearLab Corporation
TearLab Corporation (www.tearlab.com) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. The TearLab Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay developed for the award-winning TearLab Osmolarity System. TearLab Corporation’s common shares trade on the NASDAQ Capital Market under the symbol ‘TEAR’ and on the Toronto Stock Exchange under the symbol ‘TLB’.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning the market for dry eye patients, the potential success in developing and commercializing the TearLab Discovery™ System and the TearLab Osmolarity System, the timing and ability to file and secure U.S. Food and Drug Administration approval for the TearLab Discovery™ System and the acceptance and use of this technology by eye care professionals. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. Many factors, risks and uncertainties may cause our actual results to differ materially from forward-looking statements, including the factors, risks, and uncertainties detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 10, 2017, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 15, 2017. We do not undertake to update any forward-looking statements except as required by law.
Investor Contact: The Ruth Group Lee Roth Tel: 646-536-7012 lroth@theruthgroup.com
