BEVERLY HILLS, California, June 10, 2013 /PRNewswire/ --
Andain Inc. (OTCBB: ANDN) ("Andain"), a company engaged in commercializing novel technologies in the fields of biotech, medical and life sciences through its accelerating incubator program, announced today the production of 2,000 miniature disposable insulin pump units for clinical trials.
The diabetes management products market, including insulin injection devices and insulin pumps, insulin therapies and oral and injectable diabetes drugs-have become one of the largest medical device markets in the U.S. totaling more than $20 billion in 2008. The insulin pump market is sizeable and rapidly growing. Global markets sales are estimated to be over $1 billion annually with a 12% compound annual growth rate.
Andain's technological industrial accelerating incubator, has assembled 2,000 units of its miniature disposable insulin pump for type-I and type-II diabetes to be used in forthcoming clinical trials.
Although the planned clinical trials are not required for FDA approval, Andain is about to conduct a comprehensive clinical trial intended for type-II diabetes, aiming to show significant clinical and ease-of-use advantages utilizing the company's miniature disposable pump, intended to replace the common pen injector with similar cost to the patient or medical insurer.
Andain's miniature disposable insulin pump is an ultra slim, low profile, small 'Band-Aid' patch size, fully disposable, fully programmable, water-proof, low cost insulin pump. Along with the plug-in universal remote-control (PUR) unit capable of interfacing with any smartphone, hand-held, laptop, or desk-top computer, it provides one of the safest, most comfortable and yet affordable clinically superior solution for the type-II diabetes community.
"Our current initial production line, enables us to continue developing and assimilating methodologies to be used on a large scale production base, and further reduce production costs" said Andain President & CEO Sam Elimelech.
Andain Inc., established in 2004 as a Nevada corporation with locations in Israel and the US, commercializes novel technologies in the biotech and medical fields, specializing in identifying technical innovations and providing a unique incubator/accelerator development and industrial platform. The company also offers technical know-how and business strategy expertise to commercialize new technologies and deliver shareholder value
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Form 10-K filing and other filings with the U S. Securities and Exchange Commission (available at http://www.sec.gov/). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
SOURCE Andain Inc