MINNEAPOLIS, Sept. 29, 2017 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (NASDAQ: SKLN ) (“Skyline” or “the Company”), producer of the FDA-approved STREAMWAY ® System for automated, direct-to-drain medical fluid disposal, provides an update on progress toward completing its merger with CytoBioscience.
The Company has submitted all necessary paperwork to NASDAQ for review, subject to additional financial and due diligence documentation being provided by third parties that is expected to be submitted in the coming weeks. The Company expects to complete the merger by October 31, 2017.
Additionally, Skyline is pleased with our marketing strategy that we implemented starting in the second half of 2016 under our new management team, and with the continued progress we made in the third quarter. The Company expects to report third quarter financial results by mid-November. Skyline has recently focused our marketing message on STREAMWAY’s competitive advantages with infection control and our particular utility in radiology procedures. The Company has participated in important national and local radiology conferences, and has received the support and validation of major Group Purchasing Organizations.
Skyline is in dialogue with numerous potential customers including those with multi-hospital networks, as well as a hospital that could serve as a Center of Excellence to facilitate observation of procedures involving STREAMWAY by prospective customers. In addition, the Company is pursuing distribution agreements in Europe and Canada, and expects to have one or more agreements in place during the fourth quarter.
“We have worked very hard with limited staff and a tight budget to raise awareness of STREAMWAY’s capabilities and safety features, and our efforts are beginning to show results,” said Dr. Carl Schwartz, Skyline’s chief executive officer. “STREAMWAY placements late in the third quarter, combined with the acceleration of interest we are now seeing, is extremely gratifying. With an improving outlook for our STREAMWAY business, along with the imminent completion of the merger with CytoBioscience, our comfort level for the future of Skyline and its growth prospects have never been stronger.”
About the STREAMWAY System
Skyline's revolutionary, FDA-cleared STREAMWAY System is the first true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. It connects directly to a facility's plumbing system to automate the collection, measurement and disposal of waste fluids. As of June 30, 2017, Skyline Medical customers have installed 103 STREAMWAY Systems in 52 facilities across 20 states, and in Canada.
The STREAMWAY minimizes human intervention for better safety and improves compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. It also provides unlimited capacity for increased efficiency in the operating room, which leads to greater profitability. Furthermore, the STREAMWAY eliminates canisters to reduce overhead costs and provides greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the U.S. For a demonstration please visit www.skylinemedical.com or call 855-785-8855.
About CytoBioscience
CytoBioscience creates and manufactures devices that represent a convergence of bioscience, nanoscience, microchip development, algorithms and engineering. The company’s devices allow researchers, medical institutions and pharmaceutical companies to better understand how human cells react to medicine. CytoBioscience has a world-renown scientific and technical staff, collaborative partnerships with leading pharmaceutical companies and strategic alliances with key groups and academic institutions, and its technology is used exclusively by the FDA. The company was founded in Germany and moved its headquarters and manufacturing to San Antonio, Texas in 2015. For additional information, please visit www.cytobioscience.com .
About Skyline Medical
Skyline Medical produces a fully automated, patented, FDA-cleared waste fluid disposal system that virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods that require hand carrying and emptying filled fluid canisters present an exposure risk and potential liability. Skyline Medical's STREAMWAY System fully automates the collection, measurement and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers; 2) improve compliance with OSHA and other regulatory agency safety guidelines; 3) improve efficiency in the operating room, and radiology and endoscopy departments, thereby leading to greater profitability; and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills each year in the U.S. For additional information, please visit www.skylinemedical.com .
Forward-looking Statements
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, risks related to the proposed merger, including the fact that we may not complete the merger; we do not have complete information about CytoBioscience, including audited financial statements; the combined company will not be able to continue operating without additional financing; possible failure to realize anticipated benefits of the merger; costs associated with the merger may be higher than expected; the merger may result in disruption of the Company’s and CytoBioscience’s existing businesses, distraction of management and diversion of resources; delay in completion of the merger may significantly reduce the expected benefits; and the market price of the Company’s common stock may decline as a result of the merger. Other risks and uncertainties relating to the Company include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov . This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. See the Company's most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov .
Contacts:
Skyline Medical Carl Schwartz, Chief Executive Officer (651) 389-4800 cschwartz@skylinemedical.com
Investors LHA Investor Relations Kim Sutton Golodetz (212) 838-3777 kgolodetz@lhai.com
