JERUSALEM, August 30, 2012 /PRNewswire/ --
Medisafe 1 Technologies Corp. (OTCBB: MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced today that the company is in advanced negotiations to enter into a non-exclusive perpetual license agreement to transfer rights for the full commercialization, marketing and distribution of its patented medicinal locking mechanism and bar-code matching system.
Terms of the sale include a one-time payment of $7MM. The perpetual license agreement is anticipated to be signed within 60 days, pending the results of a due diligence study by the intended buyer.
The patented technology physically prevents medication administration errors in hospitals. 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.
"We hope to soon announce the closing of the perpetual license sale, which will enable the wider distribution of our technology, and to fulfill the principles of our business plan," said Jacob Elhadad, CEO of Medisafe 1 Technologies Corp. "The sale, if completed will infuse Medisafe with much needed capital to further develop and market our proprietary, life-saving devices."
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, [email protected]
SOURCE Medisafe 1 Technologies Corp.