JERUSALEM, August 31, 2010 /PRNewswire-FirstCall/ -- Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the company has signed a contract to begin the production of a prototype of its patented medicinal locking device technology.
The prototype will be the first ever of its kind. The design has the potential to significantly reduce preventable drug-related injuries in hospitals and in medical clinics
The contract was signed with PIA Engineering Group (Israel), which will manufacture the prototype. The prototype is expected to be completed in three months. The PIA team includes biomechanical engineers with combined experience of over 60 years, having held senior positions at Elscint and other technology companies.
The purpose of the patented device is to physically prevent medication administration errors in hospitals and in medical clinics. The device includes a syringe-locking mechanism that works in concert with a bar-code reader and database system.
The device electronically confirms whether the syringe held by a medical practitioner contains the correct medication and dosage that has been prescribed to a particular patient, before allowing that medication to be physically administered.
"Medication administration errors in hospitals cause 400,000 preventable drug-related injuries and 70,000 deaths each year," said Jacob Elhadad, Chief Executive Officer of Medisafe 1 Technologies. "The development of this patented locking-device prototype is the first step towards significantly reducing instances of such injuries."
"As the healthcare industry in the U.S. continues to mandate the usage of safer syringe technologies, including Barcoding Point of Care (BPOC) systems, Medisafe 1 Technologies are well positioned. Factoring the possibility of widespread implementation, the total potential addressable market for Medisafe's patented technologies could exceed $1 billion per year," Elhadad added.
About Medisafe 1 Technologies
Medisafe 1 Technologies seeks to effectively prevent unauthorized administration of a drug or medicinal substance by hypodermic needle. Medisafe's patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Medisafe 1 Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated. Medisafe 1 Technologies Corp. Public filings may be viewed at http://www.sec.gov.
Contact: JACOB ELHADAD CEO +972-524440000 JACOB.ELHADAD10@GMAIL.COM