LENOIR CITY, Tenn., Aug. 29, 2016 /PRNewswire/ -- Advanced Plasma Products, Inc. (APP) announced today that it is nearing completion of the SBIR Phase II grant provided by the National Institute of General Medical Sciences of the National Institutes of Health. The multi-year grant award total is $2.2 million dollars and focused on the development and testing of the Atmospheric Plasma Wound Applicator (APWA) device to treat chronic wounds which are difficult to treat, generally taking months to years to treat with an expected 50 million cases annually.
APP and its partners from the Center for Biofilm Engineering at Montana State University, the University Of Tennessee Health Science Center College Of Medicine – Knoxville, Graduate School of Medicine, (UTHSCCOM-GSM) and the College of Veterinary Medicine of The University of Tennessee are working on the project to demonstrate disinfection of biofilm infection within a chronic wound.
"We're excited to work with Advanced Plasma Products, Inc. and to apply a new value-based model to medical innovation. Rather than just developing the technology and hoping it will have value in the market, we are looking at a value-based development plan together to see if the technology can decrease costs at the same time as it contributes to improved outcomes and patient satisfaction for definable wound patient groups. The potential value of this technology is to decrease costs with shortened wound healing times and less negative experience (less/no pain, shorter duration of treatment, etc.) for the patient. These value-based outcomes will be considered throughout the development process," said Bruce Ramshaw, MD, FACS, Chair of Surgery at The University of Tennessee Medical Center and UTHSCCOM-GSM.
The company intends to continue developing the APWA device working closely with the UTHSCCOM-GSM. Testing will include toxicity studies and further demonstration of disinfection and wound healing with additional in vivo animal models.
Upon a successful outcome, APP plans to prepare an IRB protocol in collaboration with UTHSCCOM-GSM for treating venous leg ulcers. Chronic venous disease is the most common cause of lower extremity ulcers occurring in 70% to 90% of leg ulcer cases. If the IRB is approved, a small number of patients will be selected for treatment at The University of Tennessee Medical Center.
Research reported in this press release was supported by the National Institute of General Medical Sciences of the National Institutes of Health under award number R44GM099207. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.
About Advanced Plasma Products, Inc.
Advanced Plasma Products, Inc. is an engineering and applied research company with expertise in developing atmospheric plasma products primarily for the healthcare and agricultural sector. It is a wholly owned subsidiary of Applied Science Products (OTC: APLD). The company plans to give further updates in the future as milestones are met. Additionally, the company plans to provide updated financial information in the coming months as well as additional investor information on its website at www.advancedplasmaproducts.com
About UTHSCCOM-GSM and The University of Tennessee Medical Center
Together, The University of Tennessee Medical Center and University of Tennessee Health Science Center College of Medicine – Knoxville, Graduate School of Medicine comprise the only academic medical center in East Tennessee. As an academic medical center, it is developing a value-based model for patient care, education and discovery. Utilizing the principles of value-based clinical quality improvement across the entire cycle of care for definable patient processes, the medical center will help lead the transformation from a healthcare system based on volume to one based on value.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the Company's ability to obtain additional financing, if and as needed, and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products in domestic and international markets will generate sufficient revenues to achieve positive cash flow and profitability. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
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SOURCE Advanced Plasma Products, Inc.