IRVINE, CA --(Marketwired - August 30, 2016) - Biomerica, Inc. (
"We are excited about the progress made and commercialization prospects for our InFoods® IBS diagnostic guided therapy, a technology that we believe represents a significant breakthrough in how irritable bowel syndrome (IBS) could be treated by physicians," said Zackary Irani, Biomerica's Chief Executive Officer. "We believe that the fastest way for us to get global distribution is through licensing, a strategy initiated by our agreement with Celtis to distribute InFoods® IBS in South Korea.
"We have also placed an emphasis on adding to our team some of the most experienced and renowned IBS experts in the world. We recently added Dr. Mark Sirgo, an individual with extensive knowledge of companies within the IBS sector, to our Board of Directors. Dr. Sirgo served on the Board of Directors for Salix Pharmaceuticals and was instrumental in growing Salix into a major international gastrointestinal (GI) company that he then helped sell to Valeant Pharmaceuticals for $11.1 billion. To further strengthen our ability to license the product, we added Ned Barnholt to our Strategic Advisory Board to help guide our commercialization efforts. Mr. Barnholt is a widely-respected executive who currently serves as Chairman of the Board of KLA-Tencor, a company with a market cap of $12 billion, and also currently serves on the Board of Directors of eBay and Adobe. Prior to his current positions, Mr. Barnholt was CEO and Chairman of Agilent Technologies.
"With our licensing strategy and additions to executive leadership in place, we believe we are now well positioned to seek the right marketing partners for our product(s)," concluded Irani.
About Biomerica (
Biomerica, Inc. ( www.biomerica.com ) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for the early detection of medical conditions and diseases. The Company's products are designed to enhance health and well-being, while reducing total healthcare costs. Biomerica primarily focuses on products for Gastrointestinal Disease, Diabetes and esoteric testing.
The Biomerica InFoods® IBS product identifies patient specific foods that when removed may alleviate an individual's IBS symptoms. This patent pending diagnostic guided therapy is designed to allow for a patient specific guided dietary regimen to improve Irritable Bowel Syndrome (IBS) outcomes. The point-of-care product is being developed to allow physicians to perform the test in-office using a finger stick blood sample while a clinical lab version of the product will be the first for which we will seek regulatory approval. A billable CPT code that can be used by both clinical labs and physicians' offices is available for InFoods® diagnostic products. Since the InFoods® product is a diagnostic guided therapy and not a drug, it has no drug type side effects.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended launch dates, expected improvements in performance, new product introductions, possible FDA clearances, regulatory approvals, sales potential, market size, continued growth, favorable positions, expansion, expected approvals, leading market positions, expanded distribution, anticipated increases in sales or production volume of the Company, success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.
Corporate Contact: Zackary Irani 949-645-2111 Media Contact: Kate Caruso-Sharpe 646-699-1414 kate@fischtankpr.com
