MIT China completes successful clinical trial towards obtaining Chinese FDA
The first clinical trial required towards obtaining the Chinese FDA approval was recently completed and the feedback of the results is excellent. The second and final trial is scheduled to be finalized within the coming 3 weeks, with Chinese FDA approval still slated for July 2010. MIT anticipates sales will grow at a very fast pace starting in September. Mr Menassa and the Chinese team revised the sales forecast for 2011 and the numbers are very impressive. However, MIT will not change its already published forecast for its sales in China to slightly exceed 2 Million in 2011.
Vice-President and Chief Strategic Officer, Dr Francis Bellido said "Obtaining Chinese FDA approval is among the top 3 priorities of MIT for 2010. While Mr Menassa is working on fast tracking China, I am focusing on securing partnership with large pharmaceutical companies and executing our commercialization plan. MIT's technology is the best in the world, we now have to execute our plan with discipline and sales will take a quantum leap in 2011. The third priority is to raise financing and this will be in our next announcement".
MIT President and CEO, Mr Karim Menassa, was on an Asian tour for two weeks in May. The first stop was in Malaysia where he trained the MIT distributor targeting the medical market including Hospitals, clinics and vaccination of school children. MIT expects sales in Malaysia to grow significantly in 2010/2011.
The second event of the trip was to visit the Chinese Joint Venture. Mr Menassa participated in a conference for Mesotherapy named "The World leading needle-free Mesotherapy Anti-Aging fortune", organized by its main distributor, which took place from May 22 to 25, 2010 in Hangzou China. More than 200 distributors looking to market and sell MIT injectors were present at the event. Mr Menassa was invited as a speaker to present MIT Canada products and to reinforce MIT China's credibility.
Finally, MIT wishes to improve its communication with its shareholders. All future communications will be posted on the Internet site (www.mitneedlefree.com) and sent directly to anyone wishing to be on the company's distribution list. If interested, please forward your e-mail address to email@example.com
Medical International Technology Inc. is proud to continue providing a safe and effective means to help prevent the spread of deadly diseases to both humans and animals through the use of the Med-Jet(R) and Agro-Jet(R) needle-free injection system.
About Medical International Technology, Inc. MIT CANADA, with offices in Montreal, is a subsidiary of Denver, Colorado-based Medical International Technology, Inc. (MIT USA), which specializes in the development, production, marketing and sale of needle-free injectors both for humans and animals, for individual and mass vaccinations.
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development and acquisition of new product lines and services, government approval processes, the impact of competitive products or pricing a technological changes, the effect of economic conditions and other uncertainties, and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Medical International Technology Inc. takes no obligation to update or correct forward-looking statements.
SOURCE MEDICAL INTERNATIONAL TECHNOLOGIES INC.
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