Attached files
| file | filename |
|---|---|
| 8-K - MedPro Safety Products, Inc. | v212047_8-k.htm |
Exhibit
99.1
February
2011
To our
shareholders:
We would
like to begin 2011 with a corporate update. We hope the following
information will give you an idea of the progress being made here at MedPro
Safety Products, Inc. Most notably, we received the first royalty revenue from
our Tube-Touch® blood collection device. The Tube-Touch® patented
technology offers healthcare professionals the safety of a blood sample
collection product with a truly passive needlestick prevention
feature. We have entered into an exclusive agreement with a premier
international manufacturer and marketer of phlebotomy and pre-analytic products
that plans to launch the Tube-Touch® into global markets later this
month. Under the exclusive agreement, our manufacturing partner has
agreed to pay royalties on minimum product volumes for a six-year
period.
In
addition, our product development group provided the first production samples of
our passive safety winged blood collection set for human use to our
manufacturing and marketing partner. We received 510(k) market
clearance from the U.S. Food and Drug Administration for the device in November
2010. Commonly referred to as a “butterfly” collection device, this
is the first collection set with a passive safety feature that activates through
normal occupational use, without an extra procedural step. The needle becomes
fully encapsulated as it is removed from the patient, preventing any external
exposure of the contaminated sharp, thus reducing the risk of a needlestick
injury. The first samples were produced for MedPro by Precision
Medical Products (PMP). Our manufacturing and marketing partner has
committed to high volume production with a guarantee of royalties on minimum
volumes payable to MedPro over a six-year period.
After we
successfully strengthened our financial position last year and received $23
million in net proceeds from the sale of senior secured notes to institutional
investors, we have been focused on executing our strategic plan to build growth
and shareholder value. Since the financing, we have expanded internal
and external resources. This will allow us to support the development
of our proprietary product portfolio, including a unique, fully passive
prefilled safety system and fillable safety syringe. We continue to
work closely with our supplier partner Helvoet Pharma toward commencing
development of components for our prefilled safety system and fillable safety
syringes. We plan to deliver initial evaluation units of its fully
passive prefilled safety system later this month.
We
believe that the products currently under development, when brought to market,
will enable us to address new market opportunities beyond our current suite of
phlebotomy products. In addition to products currently under
development, we are evaluating a fully passive safety intravenous catheter and a
fully passive insulin injector safety needle system. We also believe that the
insulin injector safety needle system can address a significant need in the
diabetic care market, particularly in hospitals where pens have traditionally
not been allowed due to safety concerns for hospital staff.
In
addition, MedPro will be moving its corporate headquarters to new, more
efficient facilities in mid-March. The facility is being designed to
foster product incubation development in a collaborative
environment. As our operational momentum builds, we will be
initiating an effort to educate the investment community about MedPro through a
series of meetings beginning later this month. Our presentation used at those
meetings will be filed with the Securities and Exchange Commission.
We are
very optimistic about the opportunities that lie ahead for the company and are
focused on maximizing their potential for our shareholders. We have a
number of challenges ahead, but I believe we are positioned for growth and
future success, resulting in improved shareholder liquidity. We truly
appreciate your continued support and faith in us as we pursue our passion –
protecting the healthcare professional. Please be sure to visit our
website (www.medprosafety.com) to sign up for our email distribution
list. We look forward to keeping in touch and sharing our
success.
Best
Regards,
Craig
Turner
Chairman
and CEO
MedPro
Safety Products, Inc.