DANVILLE, Calif., March 22, 2011 (GLOBE NEWSWIRE) -- S3Investment Company, Inc. (Pink Sheets:SIVC) and Redwood Group International, Inc. today announced the two hospital facilities in China that are taking part in the clinical trials for the first product that the company's Redwood Medical subsidiary will distribute in the China market.
The two hospitals participating in the clinical trials are Beijing Hospital, which is operated under the authority of the Beijing Municipal Health Bureau, a government department responsible for the health work of the city, and 309 Military Hospital, also located in Beijing. Both hospitals are currently collecting specimens that will be used in the clinical trials, and they will work together to share specimens. Beijing Hospital has significant experience in clinical trials.
The product that will be distributed by Redwood Capital has already secured State Food and Drug Administration (SFDA) clearance, China's equivalent of FDA clearance in the United States, and can be sold in the country. The additional approvals currently being sought are for reagents that are utilized as part of the product's operation. The clearance process requires certain laboratory testing at a state operated testing laboratory and clinical trials at two hospitals. Redwood Capital has entered into agreements with Beijing Hospital and 309 Military Hospital to conduct the clinical trials on the reagents.
"The Redwood Medical team, headed by Dr. Hal Lemmon, is currently working with the highly capable staffs at each of these medical facilities and have reported very positive progress thus far," said Jim Bickel, the company's Chairman and CEO. "We will be receiving regular feedback as the clinical trials are completed."
Redwood Medical, which represents companies seeking to import Western medical technologies and products into China, has an exclusive distribution agreement to distribute the product in China market, which is seeing increased demand for the best available medical technologies for a growing number of hospitals and clinics in the country.
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About S3 Investment Company, Inc.
S3 Investment Company, Inc. (http://www.redwoodgroupint.com) and its Redwood Group International subsidiary are focused on facilitating the success of its subsidiaries operating in the China market, including Redwood Medical, Inc., which assists companies seeking to import and distribute Western medical technologies and products into the China market. Additional Redwood subsidiaries include Redwood Capital, Inc., which assists private companies in Asia through the process of accessing capital markets through Alternative Public Offerings (APO) transactions, the Redwood Asia Private Equity Fund, and a recently acquired broker-dealer.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.