Medifocus, Inc. Announces Joint Venture With Ideal Concept Group, Ltd in Hong Kong to Expedite the Company's Product Entry In...
12 Novembre 2013 - 3:26PM
Marketwired
Medifocus, Inc. Announces Joint Venture With Ideal Concept Group,
Ltd in Hong Kong to Expedite the Company's Product Entry Into the
Greater China and the Asia Pacific Marketplaces
TORONTO, ON--(Marketwired - Nov 12, 2013) - Medifocus,
Inc. (OTCQX: MDFZF) (TSX-VENTURE: MFS) (Medifocus or the Company),
a leader in the development and commercialization of focused
microwave energy to treat cancer and other diseases, is pleased to
announce that it has entered into a joint venture agreement with
Ideal Concept Group, Ltd. (ICG), a Hong Kong-based company with
extensive expertise in business development in Greater China and
other Asia Pacific countries. Under the terms of the joint venture
agreement, ICG and Medifocus will own 60% and 40% of the Joint
Venture (JV), respectively.
The initial focus of the JV is to assist Medifocus in obtaining
commercial approval for the Company's Prolieve® Thermodilatation
System from the China Food and Drug Administration (CFDA) to allow
the marketing and sales of Prolieve® as a treatment for benign
prostatic hyperplasia (BPH) in China. Following the CFDA approval,
the JV intends to seek distributors to market and sell Prolieve® in
Greater China and other countries in Asia. In parallel, the JV
will identify and select GMP compliant manufacturers for the
Prolieve® system and treatment disposables to reduce costs and
broaden supply channels.
The Company's APA 1000 Breast Cancer Treatment System has
already received allowance from the U.S. FDA and Health Canada to
conduct a pivotal Phase III clinical trial as a final step towards
pre-marketing approval (PMA) for commercialization. ICG will
assist Medifocus in recruiting additional clinical sites in China
to expedite the completion of the study and also initiate the
process to seek simultaneous CFDA approval for the APA 1000 for
treatment of breast cancer.
In addition, the JV expects to identify and collaborate with
leading institutions in China to develop next generation focused
heat systems using the Company's catheter-based Endo-thermotherapy
Platform for the treatment of cervical, prostate and esophageal
cancers, and to develop external focused heating systems using its
Adaptive Phased Array (APA) Microwave Focusing Technology Platform
for the treatment of surface, sub-surface and deep seated localized
and regional cancers. The Endo-thermotherapy Platform utilizes
catheter-based microwave applicators to deliver thermotherapy
directly to deep seated tumors via natural body orifices. The
APA platform utilizes external phased array antenna systems to
focus microwave energy at the tumor center to induce tumor
shrinkage or eradication without undue harm to surrounding healthy
tissues. These next generation treatment systems are expected
to significantly expand the market opportunity for Medifocus
initially in Asia and eventually worldwide.
Dr. Augustine Y. Cheung, President and CEO of Medifocus,
commented, "This joint venture should expedite the entry of our
products in a region with a significantly larger patient population
and position our technology platforms and products at the forefront
of the vast and rapidly expanding BPH and cancer treatment markets
worldwide. In addition, Ideal Concept Group offers the added
resources, connections, and know-how to facilitate the development
of additional products utilizing our thermotherapy technology
platforms. We look forward to our growth as a much larger and
stronger entity with global reach for our technologies."
About Medifocus, Inc.
Medifocus owns two fully developed technology platforms with
comprehensive US and international patent protection: (1) The
Endo-thermotherapy Platform -- a catheter-basis focused heat
technology platform that utilizes natural body openings to deliver
precise microwave thermotherapy to the diseased sites. The U.S. FDA
approved Prolieve Thermodilatation System for the treatment of
Benign Prostatic Hyperplasia ("BPH") was developed based on
Endo-thermotherapy and is currently generating revenue, and (2) The
Adaptive Phased Array (APA) Microwave Focusing Platform-invented by
MIT, licensed to Medifocus, directs precisely focused microwave
energy at tumor center to induce shrinkage or eradication of tumors
without undue harm to surrounding tissue. The Company's APA 1000
Breast Cancer Treatment System, developed from the APA technology
platform has received approval from the U.S. FDA and Health Canada
to conduct the pivotal Phase III clinical trials. The Company
believes that these two technology platforms can provide the design
basis for the development of multiple cancer treatment systems for
surface, subsurface and deep seated localized and regional cancers.
Please visit www.medifocusinc.com, www.prolieve.com and
http://www.facebook.com/pages/Medifocus-Inc-Company-Page/546315028715627
for more details.
About Ideal Concept Group, Ltd.
Ideal Concept Group Ltd. is owned and driven by a group of
individuals with extensive experience developing businesses in
Asia. The group is focused on helping companies with advanced
innovative technologies and proven track records to expand business
opportunities in China and the rest of Asia. The group utilizes its
extensive network in the region to identify the relevant strategic
partners in each country to further accelerate the company's
growth.
Forward-Looking Statements
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Those
statements include statements regarding the intent, belief or
current expectations of CCTI, Inc., and members of their management
as well as the assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those contemplated by such forward-looking
statements. Important factors currently known to management that
could cause actual results to differ materially from those in
forward-statements include fluctuation of operating results, the
ability to compete successfully and the ability to complete
before-mentioned transactions. The company undertakes no obligation
to update or revise forward-looking statements to reflect changed
assumptions, the statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Company Contact: John Mon COO Medifocus, Inc. Tel: 410-290-5734
JohnMon@medifocusinc.com Investor Relations Contact: Robert
Giordano Consulting for Strategic Growth 1 T: 917-327-3938
rgiordanonyc@gmail.com
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