MINNEAPOLIS, Nov. 10, 2015 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (NASDAQ:SKLN) (NASDAQ:SKLNU) announced today that as part of its international expansion strategy the Company is in the process of filing national stage patent applications for the technologies and processes applied in its flagship product, the STREAMWAY® System. The initial applications are being applied for in Canada and select European countries.
The patents cover innovative technology to allow for direct-to-drain fluid waste disposal and allows the system to provide continuous suction to the field and unlimited waste fluid capacity.
The filing of these patents in individual countries follows the Company’s completion of a patent review process by the Patent Cooperation Treaty (PCT), which has already issued a Written Opinion (“WO”) from the International Searching Authority (“ISR”) regarding all 23 of Skyline’s claims. The PCT application gives the Company prior art claims in 148 different countries.
Josh Kornberg, CEO of Skyline Medical, said, “We are excited to implement these steps forward in our strategy to expand commercial activities into major international markets and establish Skyline Medical as a market leader in medical waste management. Since entering the US market, the STREAMWAY System has proven itself to be a safer, more efficient and cost effective waste fluid management system for medical facilities.”
The STREAMWAY System can be installed in any facility, eliminating costly medical waste disposal and all of the direct and indirect handling risks. As a result, the facility and its employees will not need to purchase, dispose of or handle surgical fluid canisters. The fully automated STREAMWAY System improves efficiency in the operating room and procedure room, leading to faster turnover times, a more productive staff and ultimately greater profitability.
About Skyline Medical Inc.
Skyline Medical Inc. produces a fully automated, patented, FDA-cleared, waste fluid disposal system that virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods — which require hand carrying and emptying filled fluid canisters — present an exposure risk and potential liability. Skyline Medical's STREAMWAY System fully automates the collection, measurement and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers, 2) improve compliance with Occupational State and Health Association (OSHA) and other regulatory agency safety guidelines, 3) improve efficiency in the operating room, and radiology and endoscopy departments — leading to greater profitability, and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the United States. For additional information, please visit: www.skylinemedical.com.
Forward-looking Statements:
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, unexpected costs and operating deficits, and lower than expected sales and revenues; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, and the likelihood that we will ever become profitable, adverse economic conditions; the volatility of our operating results and financial condition; current negative operating cash flows and uncertainty of the time when the Company will require additional financing to realize its business plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; the features of the Company’s Series A Warrants that include a cashless exercise feature that has the potential to be highly dilutive, and the existence of which may depress the price of our common stock regardless of the Company’s business performance; adverse results of any legal proceedings; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; unique challenges and risks in entering international markets for sale of the Company’s products, including compliance with local laws, regulations and customs and the impact of local political and economic conditions, with such expansion efforts facing uncertain success; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. See the Company's most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.