Sonora Medical Systems, Inc., a majority-owned subsidiary of Misonix, Inc. (NASDAQ: MSON), has entered into a joint development agreement with Medical Diagnostic Technologies (“MDT”) to bring to market a novel and sophisticated test device designed to troubleshoot diagnostic ultrasound systems. The companies will collaborate on a product to be marketed as FirstAssist, and is expected to be commercially available in the United States during the summer of 2007.
Sonora, of Longmont, Colorado, is a leading supplier of after-market products, services and test equipment to the medical imaging market. Medical Diagnostic Technologies of Las Vegas, Nevada, is a leader in the development of computer aided detection (“CAD”) products. The companies will jointly develop a product to test all imaging and Doppler modalities of an ultrasound system and analyze signals displayed on the ultrasound monitor for various operational characteristics claimed by original equipment manufacturers (“OEMs”) in their published system specifications. FirstAssist will connect to ultrasound systems in the same receptacle in which probes are normally inserted and will have the capability of interfacing with laptop computers, enabling more user-friendly maintenance and accurate in-service system testing.
FirstAssist will serve as complementary product to Sonora’s ultrasound probe-testing device FirstCall, which is currently used by more than 100 major hospitals nationwide. FirstCall tests probes independently of the ultrasound system, while FirstAssist will test the ultrasound system independently of the probe. The FirstAssist device supports intuitive processing as it will connect and test the ultrasound system as if the probe that delivers ultrasonic energy were actually connected and in service.
“Sonora has for years led the industry in developing and commercializing electro-acoustic test devices designed to test the performance of, and troubleshoot, advanced diagnostic ultrasound systems,” said G. Wayne Moore, President and CEO of Sonora. “This new product will obviate the need for hospitals to rely upon the ultrasound OEM for after warranty service contracts, thereby providing a substantial cost savings annually for hospitals and clinics. The combination of Sonora’s hardware design and the sophisticated image processing algorithms developed by MDT will set a new standard in ultrasound quality control and really empower hospital biomedical engineers to troubleshoot and repair even the most technologically intense ultrasound system.”
“Sonora has an impressive track record of technical innovation and achievement,” continued Mr. Moore. “Among other products, Sonora has developed and commercialized the first ever electro-acoustic ultrasound test device, the FirstCall, opening an entirely new market segment in diagnostic ultrasound. Since its market inception just five years ago, the FirstCall has received five US Patents with three additional patents pending. Along with the FirstCall, Sonora recently introduced another breakthrough product, the Nickel, a hand-held device that directly tests all the major modes of operation of any commercial ultrasound system.
“With a mission to continuously develop new products that support improved performance and efficiency for the medical imaging market, Sonora was recently recognized among the industry’s brightest in Medical Imaging Magazine’s 2006 Readers’ Choice Awards. In the 11th annual Medical Imaging Readers’ Choice Awards, the leading trade magazine’s readers voiced their opinions on who is providing unbeatable equipment, software, and services to the health care industry. Sonora ranked among the highest within the Dealer/Distributor and Remanufacturer/Rebuilder group. This is the third consecutive year that Sonora has been named to the list.”
James Benson of MDT noted, “Having created CAD for the early detection of prostate cancer as well as other important clinical applications, it was a natural extension to direct our technology into the rapidly growing area of ultrasound quality control and service. We are excited to work on the development of this product with Sonora, the recognized world leader in the field of ultrasound test equipment.”
About Sonora Medical Systems, Inc.:
Sonora Medical Systems is an ISO-9000 certified and FDA registered provider of high quality products and services to the diagnostic ultrasound and MRI markets. Its products and services are marketed on a direct basis to healthcare providers, dealers and service organizations in North America, and both directly and through distribution partners in non-U.S. markets. Customers include large and small hospitals, stand-alone imaging centers, clinics, Independent Service Organizations (ISOs) and Original Equipment Manufacturers (OEMs). Located in Longmont, Colorado, Sonora is a subsidiary of Misonix, Inc. (NASDAQ: MSON). Additional information on Sonora is available at its Web site at www.4sonora.com.
About Misonix:
Misonix, Inc. (NASDAQ: MSON) designs, develops, manufactures, and markets medical, scientific, and industrial ultrasonic equipment, laboratory safety equipment, and air pollution control products. Misonix’s ultrasonic platform is the basis for several innovative medical technologies. Misonix has a minority equity position in Focus Surgery, Inc. which uses high intensity focused ultrasound technology to destroy deep-seated cancerous tissues without affecting surrounding healthy tissue. Addressing a combined market estimated to be in excess of $3 billion annually, Misonix’s proprietary ultrasonic medical devices are used for wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications. Additional information is available on the Company’s Web site at www.misonix.com.
With the exception of historical information contained in this press release, content herein may contain “forward looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include general economic conditions, delays and risks associated with the performance of contracts, uncertainties as a result of research and development, potential acquisitions, consumer and industry acceptance, litigation and/or court proceedings, including the timing and monetary requirements of such activities, regulatory risks including approval of pending and/or contemplated 510(k) filings, the ability to achieve and maintain profitability in the Company’s business lines, and other factors discussed in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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