FREDERICK, MD, Feb. 28, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – BioElectronics Corporation (https://www.bielcorp.com/ OTC: BIEL) is pleased to update, in a letter from its Chairman, Richard Staelin, Ph.D., new distribution partners, personnel changes, and new clinical research studies.
SALES UPDATE:
BioElectronics Corporation is pleased to announce that it has signed two additional international distribution partners and received a new order from its longtime distribution partner in Bangladesh, Multiple Health Pharma, Ltd., who has resumed operations following shutdowns due to Covid. These two new international orders and the renewal order total in excess of $200,000.00.
The first new order comes from Stada MENA DWC-LLC. It will be distributing ActiPatch in Bahrain and the Kingdom of Saudi Arabia. Erin Sanders, International Sales Manager for BioElectronics, said, “After lengthy negotiations and delays due to Covid, I am pleased to close the contract and bring on this well qualified and capable distribution partner.”
Ms. Sanders has also finalized a contract with Modern Development Medical Company., which will be distributing both RecoveryRx and ActiPatch in Kuwait, Qatar, and Oman. In the United Arab Emirates, they will be focusing on the RecoveryRx brand.
PERSONNEL UPDATE:
The Company recently promoted Iqra “Ikki” Anwar-Dean to Director of Operations in recognition of her outstanding past performance. Ms. Anwar-Dean joined BioElectronics as a Marketing Manager in 2016 and earned her MBA from the University of Maryland while working full time. In her new role, Ikki will oversee all product production schedules, manage the inventory, and ensure that orders are filled and shipped expeditiously in addition to assisting with marketing.
Additionally, the Company has hired Ms. Zoya Atiq as a Medical Device Compliance Engineer. Ms. Atiq earned a Bachelor of Science in Biomedical Engineering from the University of Buffalo, The State University of New York. In her most recent position, she spearheaded a traditional PreMarket Notification 510(k) submission to the FDA for a novel gastrointestinal tube.
In her role at BioElectronics, Zoya will be primarily responsible for maintaining the Company’s regulatory/quality compliance with medical device industry standards and regulations. (ie ISO-13485, MDSAP, FDA QSR, 14971). She will also be responsible for writing technical and clinical documents as needed related to the Company’s technology and future clinical trials.
We are excited to have Zoya join our Company. We fully expect that she will hit the ground running and quickly become an integral part of our team.
CLINICAL RESEARCH UPDATE:
In keeping with our emphasis on enhancing our core capability in PWST technology, we have initiated three new studies under the overall supervision of Drs. Ken Mcleod and Richard Staelin.
The first is with a research group out of Stanford Medical Center which is studying carpal-metacarpal joint osteoarthritis (thumb arthritics) using our medical device. This 4-week study is using a randomized control trial (RCT) design on 120 patients. Publication of the results are planned after completion of the trial.
A second RCT study is being conducted in the United Kingdom on 70 dogs with the goal of reducing the animals’ arthritis pain and increasing functionality. The study is ongoing and should be completed in the next few months. In addition to a new application and potential market for our device, we also are exploring a modified design of the product that has the potential to increase the power of the magnetic field deeper into the body. This study is part of the investigator’s PhD thesis.
A third study is currently being conducted by researchers at a major surgical center that specializes in total knee (TKA) replacement. This retrospective study design compares 180 TKA patients who used our medical device with a matched sample who did not. The primary measures are narcotic use, functionality, and the advent of chronic pain after 90 days. The final draft of the paper is planned for mid-summer of 2022.
Finally, the Company is in discussions with three other research teams, two interested in studying wound care and the third studying pain reduction. This third study, which is out of the University of California, San Diego medical center, is already in the pilot stage and is looking at refractory phantom pain and total hip and knee pain. Such studies will continue to facilitate the Company’s goal of finding new applications and markets for its PSwT technology by highlighting the efficacy and safety of these applications via high quality studies that can be published in peer review medical journals.
Richard Staelin, Ph.D.
Chairman of the Board
About BioElectronics: BioElectronics Corporation is a leader in non-invasive electroceuticals and the manufacturer of industry leading disposable, drug-free, pain therapy devices for the over-the-counter treatment of back pain and other musculoskeletal complaints; RecoveryRx® Devices for chronic and post-operative pain and wound care. For more information, visit www.bielcorp.com.
Certain information set forth in this email contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vii) renewal of the Company’s current customer, supplier and other material agreements; and (viii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this email are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contact:
Paul Knopick
pknopick@eandecommunications.com
949.697.1323
