Revolutionary product provides clinicians with accelerated, efficient staining process with enhanced digital imaging capabilities
Orlando, Fl., July 27, 2017 - MEDITE Cancer Diagnostics, Inc. (OTCQB: MDIT), specializing in the development, manufacturing and marketing of molecular biomarkers and premium medical devices for detection, risk assessment and diagnosis of cancer and precancerous conditions, announced today that it will launch its SureCyte™ C1 fluorogenic instant staining product globally at the 29th Annual European Congress of Pathology in Amsterdam, Netherlands from September 2-5, 2017.
MEDITE will initially concentrate its launch efforts in the U.S., European Union and China, leveraging existing commercial infrastructure already in place. The launch will be led by more than 20 distributors. MEDITE expects to begin generating revenues from C1 and related SureCyte instrument sales in the fourth quarter of 2017, and anticipates quarter-over-quarter revenue growth as the rollout expands.
SureCyte offers lab efficiencies that enable improved patient care through a novel and innovative, self-mounting C1 stain with enhanced imaging when combined with a fluorescent microscope, assisting cytologists to visualize and quantify cellular structure to help determine whether the cells are normal, dysplastic or cancerous. This method has produced identical detection results to standard stains in cervical specimens in third party validation studies, and the fluorescent properties of the SureCyte stain produce digital images that MEDITE expects will advance the market transition to digital pathology and ultimately tele-pathology.
The SureCyte C1 stain produces staining results within seconds, compared to the process associated with standard staining that typically takes 30 minutes or more, and a superior specificity and sensitivity profile positions the C1 stain as a direct replacement for the Pap and H&E stains used in most cytological and histological tests. SureCyte is the first of several planned product offerings under the SureCyte brand.
“The launch of our SureCyte C1 stain marks a significant operational milestone for MEDITE,” said David E. Patterson, CEO of MEDITE Cancer Diagnostics. “We are pleased to be able to make the product available for sale in the key US, Europe and China markets more than a quarter earlier than initially anticipated, after the Company recently completed a corporate reorganization and comprehensive business review. We view the C1 stain as a flagship product towards our objective of becoming a one-stop supplier, covering the complete laboratory process from biopsy to the finished microscopic slide, and through diagnosis.”
MEDITE is developing a full suite of cytology, liquid or cell based, products, including biomolecular assays that enable quantitative morphology, biomarker & microenvironment evaluation on a single specimen to support the paradigm shift towards utilizing molecular-based diagnostic methods and tools for early detection of disease states, so they can be addressed before they become life threatening and expensive to treat.
About MEDITE Cancer Diagnostics, Inc.
MEDITE Cancer Diagnostics, Inc. is a global company that specializes in the development, engineering, manufacturing and marketing of premium medical devices and consumables for detection, risk assessment and diagnosis of cancer and related diseases. The Company is developing a suite of innovative products, both Histo-Pathology (tissue biopsy) and Cyto-Pathology (liquid cell) based, that target large markets and cover the complete laboratory process from biopsy to finished slide, and through diagnosis. MEDITE’s current and future products assist in the early diagnoses of cancer, with a target result of contributing to more lives saved at lower costs. MEDITE’s products are currently being distributed in over 80 countries worldwide.
Forward Looking Statement
This press release includes 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, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expects,” “intends,” “plans,” “projects,” “estimates,” “anticipates,” or “believes” or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations include, but are not limited to, MEDITE’s ability to maintain and grow its revenues. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.
Steve Silver / Valter Pinto
KCSA Strategic Communications
Phone: 212-896-1220 / 212-896-1254