HUNTINGTON BEACH, Calif., Dec. 2, 2010 (GLOBE NEWSWIRE) -- iTech Medical, Inc. (OTCBB:IMSU) (FWB:0IM), a medical information technology company, today announced results for the third quarter ended September 30, 2010. The net loss for the third quarter was $839,392, or $0.03 loss per share, compared to a net loss of $645,849, or $0.03 loss per share for the same period last year. For the first nine months of this year, the Company reported a net loss of $2.0 million, or $0.07 loss per share, compared to a net loss of $2.2 million, or $0.11 loss per share for the same period last year. The Company reported that the increase in spending was primarily due to an increase in regulatory work related to the commercialization of the Muscle Pattern Recognition (MPR) System; for the work required to achieve ISO 13485 certification; and due to the costs incurred to complete the clinical study that was initiated in February 2009.
To date, iTech Medical has invested $12.8 million in the development of MPR.
"North Americans currently spend over $80 billion a year looking for relief from neck and back pain yet that money hasn't helped reduce the number of sufferers. We are now a step closer to addressing the needs of this important global market as well as meeting our own commercial goals in North America, the EU and the rest of the world," said iTech Medical President and CEO Wayne Cockburn.
Wayne Cockburn added, "The third quarter was a busy period for us as we either completed or approached completion of each of our three key initiatives for 2010:
- Achieved ISO 13485:2003 certification for the production and sale of surface electromyography (sEMG) diagnostic devices for clinical use. The ISO 13485:2003 quality standard is recognized as the international standard for quality management systems specific to the design, development and production of medical devices;
- Completed the large clinical study of the MPR System at the Utah Spine & Joint Centre; and,
- Filing for regulatory approval in Canada, Europe and the United States.
Our primary goals for 2011 are to complete the development of the commercial version of the MPR System; complete an outcome clinical study of the MPR System in North America and Europe; obtain commercial approval of the system in North America and Europe; and establish one or more partnership agreements and begin commercialization of the MPR System."
MPR is a non-invasive, proprietary technology platform that objectively analyzes the interactive patterns of muscle recruitment - the engagement of the major muscle groups of the neck and back in order to perform specific body movements. The results of an MPR evaluation are presented in a detailed report providing objective, clinically relevant information on the nature and location of possible muscular dysfunction throughout the neck and back. The MPR technology is currently being developed as a clinical assessment tool, which the Company believes can assist in the diagnosis and treatment of neck and back pain - one of the most common problems faced by a large portion of the world's population.
About iTech Medical - (OTCBB:IMSU) (FWB:0IM)
iTech Medical is engaged in the research and commercial development of healthcare information systems and technologies. To date, the Company has focused on developing a proprietary platform called Muscle Pattern Recognition (MPR), a unique clinical tool for the analysis of muscle function. iTech Medical is ISO 13485:2003 certified for the production and sale of surface electromyography (sEMG) diagnostic devices for clinical use. The ISO 13485:2003 quality standard is recognized as the international standard for quality management systems specific to the design, development and production of medical devices.
To view a recent interview with Wayne Cockburn, CEO and President of iTech Medical, visit:
http://premierstocks.tv/index.php?option=com_content&view=article&id=247:imsu
For a current corporate fact sheet, visit: http://premierstocks.tv/images/company_links/imsu.pdf
iTech Medical website: www.iTechMedical.com
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management's current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as "anticipate," "believe," "estimate," "expect," "intend," "project," "plan," "outlook," and other words and terms of similar meaning.
These statements involve a number of risks and uncertainties that could cause actual results to materially differ from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: general economic conditions, acquisitions and development of new businesses, divestitures, product availability, sales volumes, pricing actions and promotional activities of our competitors, profit margins, weather, changes in law or regulations, foreign currency fluctuation, availability of suitable real estate locations, our ability to react to a disaster recovery situation, and the impact of labor markets and new product introductions on our overall profitability.
A further list and description of these risks, uncertainties and other matters can be found in the company's annual report and other reports filed from time to time with the Securities and Exchange Commission, including, but not limited to, iTech Medical's Annual Report on Form 10-K filed with the SEC on April 15, 2010. iTech Medical cautions that the foregoing list of important factors is not complete and assumes no obligation to update any forward-looking statements that it may make.