MEDITE Cancer Diagnostics, Inc. Announces Granted Patent "Lab-in-One Automation" System
ORLANDO, Fla., March 20, 2015 /PRNewswire/ -- MEDITE Cancer Diagnostics, Inc., (MDIT) specializing in the development, manufacturing and marketing of superior molecular biomarkers and premium medical devices for detection, risk assessment and diagnosis of cancer and related diseases announced the recent decision of the German Patent Register to grant MEDITE the German priority patent for its Histology "Lab-in-one Automation" System. Based on this success MEDITE will finish its nationalization applications for USA, China and UK before April 4th, 2015.
Similar to the highly automated clinical laboratory industry, the anatomic pathology laboratory industry is about to undergo an automation transformation. MEDITE's new patent serves again as the forerunner in transitioning the industry towards automation. This "Lab-in–One Automation" technology will revolutionize the automation of pathology laboratories by combining many disparate systems into one complete automated histology laboratory. Biopsies are automatically processed into microscopy slides ready for diagnosis and digitalization.
The "Lab-in-one Automation" fully automates 24 by 7 tissue processing, embedding, sectioning, staining, cover-slipping and digital slide scanning according to Michaela Ott, CEO of MEDITE.
The patented "Lab-In-One" device, which utilizes state of the art robotic and laser technology, is designed to fulfill the need for increased volume throughput emanating from increased demand from large laboratories in the US and other countries, including highly populated countries like China. This innovative technology reduces the cycle time from 24 to 48 hours down to 1 hour for up to 400,000 slides per year. The technology is based on MEDITE's partially automated systems now combined into a new closed and computer controlled system including an automated sectioning device.
In successfully integrating these systems, we overcame significant technological hurdles. This technology also significantly integrates histology results into the digital Laboratory Information Systems as a method for fully documenting and supporting the diagnoses. MEDITE believes the "Lab-in–One Automation" technology can serve as an integral factor for the standardization desired by most of the industry's laboratories and customers. Most of the consumables currently used, and in particular the use of hazardous reagents for decalcifying and processing the biopsies like acids, xylene and formalin, are no longer needed which significantly improves the laboratory working environment. The operating costs of running an average histology lab can be reduced by over 50% from existing levels.
MEDITE is strategically positioned to meet the demand for more efficient and less costly medical care solutions in cancer diagnostics, along with addressing the current shortage of trained histotechs. We expect to start marketing the "Lab-in–One Automation" systems reflecting this leap in technology in the next 2-3 years contingent upon the availability of developmental resources. The 20 years patent protection securing MEDITE's proprietary technology should allow the company to obtain a major portion of this billion dollar market.
About MEDITE Cancer Diagnostics, Inc.
MEDITE Cancer Diagnostics Inc., is a Delaware registered company consisting of wholly-own MEDITE GmbH a Germany-based Company with its subsidiaries CytoGlobe GmbH (Cytology Products, Germany), MEDITE GmbH (Austria), MEDITE Lab Solutions, Inc. (Distributor, Americas) and MEDITE sp. z o.o. (R&D Poland). Since 1978, MEDITE Group has specialized on the development, manufacture and distribution of medical laboratory automation equipment and supplies for pathology, histology and cytology. For these fields, the Company offers a complete range of devices and consumables. MEDITE currently sells into more than 70 countries and is the market leader in Germany. Through CytoGlobe, a wholly owned subsidiary, MEDITE offers a full range of products for Cytology labs. Additional information on MEDITE's products and services can be found at www.medite-group.com. On April 3, 2014, MEDITE was purchased by CytoCore, Inc. a bimolecular diagnostics company engaged in the design, development, and commercialization of cost-effective cancer screening systems and Biomarkers to assist in the early detection of cancer. The name and stock symbol of the company changed from CytoCore to MEDITE Cancer Diagnostics, Inc. in early December 2014.
Forward-Looking Statement
This press release contains forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the factors described under the Risk Factors section of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission for the period ended September 30, 2014. MEDITE Cancer Diagnostics, Inc., formerly known as CytoCore, Inc. cautions investors not to place considerable reliance on forward-looking statements. These statements speak only as of the date of this document, and MEDITE Cancer Diagnostics Inc., undertakes no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. MEDITE Cancer Diagnostics, Inc.'s business is subject to substantial risks and uncertainties, including those identified above. When evaluating business and securities, investors should give careful consideration to these risks and uncertainties.
SOURCE MEDITE Cancer Diagnostics, Inc.
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