CULVER CITY, Calif., August 17, 1999 (PRIMEZONE) -- CARESIDE, Inc. (AMEX:CSA) today announced clearance of its CARESIDE? Magnesium test by the U.S. Food and Drug Administration (FDA), bringing the current number of cleared or exempt tests on the CARESIDE Analyzer(TM) to 34.
CARESIDE's magnesium test measures the magnesium concentration directly from patient blood specimens without the need for processing. Magnesium deficiency and elevation are each a common sign of a variety of diseases, therefore magnesium is frequently measured as part of a comprehensive laboratory screen.
"We remain on track with the expansion of our blood-testing menu and FDA clearance process," said W. Vickery Stoughton, chairman and chief executive officer of CARESIDE. Mr. Stoughton explained that he was pleased with the consistent progress the Company has made in reaching critical milestones in the development process. "Next, we look forward to adding our point-of-care designation which will assist us in the marketing of our blood-testing device to doctors' offices and hospitals," added Mr. Stoughton.
CARESIDE, Inc., a blood diagnostic company based in Culver City, California, is developing a proprietary blood testing system including its CARESIDE Analyzer(TM) a hematology testing device, and accompanying record management software. The CARESIDE Analyzer will provide a cost-effective and efficient means of analyzing blood chemistry, electrochemistry, and coagulation at the same location as the patient by producing accurate test results within 15 minutes. The Company expects to add immunochemistry testing to the CARESIDE Analyzer in early 2000. The CARESIDE Analyzer System(TM) performs hematology testing through an optional connected testing device. The Company plans to manufacture and distribute the product to health care providers and will launch the system into the U.S. market in the last quarter of 1999 at a cost just under $10,000.
Safe Harbor: Statements in this press release regarding CARESIDE Inc. which are not historical facts are forward-looking statements that involve risks and uncertainties. Forward-looking statements include the date of market launch, the price of the instrument, the availability of immunochemistry tests, achieving point-of-care designation, and the distribution of the instrument. Key factors which may impact on these statements include technological hurdles, FDA clearance, and other challenges inherent in product research, development, manufacturing, marketing, and other factors discussed in the Company's prospectus. The Company undertakes no obligation to update forward-looking statememnts. Please see the risk factors listed from time to time in the Company's prospectus and reports on file with the SEC.