JERUSALEM, August 31, 2010 Medisafe 1Technologies Corp. (OTCBB: MFTH), a developer of patented technologies thatphysically prevent unauthorized administration of prescription medications,announced today that the company has signed a contract to begin theproduction of a prototype of its patented medicinal locking device technology.
The prototype will be the first ever of its kind. The design has thepotential to significantly reduce preventable drug-related injuries inhospitals and in medical clinics
The contract was signed with PIA Engineering Group (Israel), which willmanufacture the prototype. The prototype is expected to be completed in threemonths. The PIA team includes biomechanical engineers with combinedexperience of over 60 years, having held senior positions at Elscint andother technology companies.
The purpose of the patented device is to physically prevent medicationadministration errors in hospitals and in medical clinics. The deviceincludes a syringe-locking mechanism that works in concert with a bar-codereader and database system.
The device electronically confirms whether the syringe held by a medicalpractitioner contains the correct medication and dosage that has beenprescribed to a particular patient, before allowing that medication to bephysically administered.
"Medication administration errors in hospitals cause 400,000 preventabledrug-related injuries and 70,000 deaths each year," said Jacob Elhadad, ChiefExecutive Officer of Medisafe 1 Technologies. "The development of thispatented locking-device prototype is the first step towards significantlyreducing instances of such injuries."
"As the healthcare industry in the U.S. continues to mandate the usage ofsafer syringe technologies, including Barcoding Point of Care (BPOC) systems,Medisafe 1 Technologies are well positioned. Factoring the possibility ofwidespread implementation, the total potential addressable market forMedisafe's patented technologies could exceed $1 billion per year," Elhadadadded.
About Medisafe 1 Technologies
Medisafe 1 Technologies seeks to effectively prevent unauthorizedadministration of a drug or medicinal substance by hypodermic needle.Medisafe's patented technology is a medical assembly with a locking mechanismthat is intended to ensure the substance cannot be released from thehypodermic needle without positive pre-matching between the substance and itsintended patient.
This letter contains forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933 as amended and Section 21E of theSecurities Exchange Act of 1934 as amended. All forward-looking statementsare inherently uncertain, based on current expectations and assumptionsconcerning future events or future performance of Medisafe 1 TechnologiesCorp., and its technologies. In evaluating such statements, prospectiveinvestors should review carefully various risks and uncertainties identifiedin this release, as actual results may differ materially from thoseindicated. Medisafe 1 Technologies Corp. Public filings may be viewed athttp://www.sec.gov.Contact: JACOB ELHADAD CEO +972-524440000 JACOB.ELHADAD10@GMAIL.COM