VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2008) - Pyng Medical Corp. (TSX VENTURE:PYT) today announced it has received the exclusive 2008 Medical Device Company of the Year Award from LifeSciences British Columbia for its sustained achievements in commercializing the Company's proprietary FAST1(TM) Intraosseous Infusion System. FAST1(TM) is the most rapid, reliable and safe alternative to conventional IV infusion providing lifesaving vascular access for fluid and drug resuscitation in shock and trauma victims.
"LifeSciences BC is the premier association representing approximately 90 BC-based biotechnology and medical device companies comprising the 7th largest and fastest growing cluster in North America. As one of the most credible and influential industry organizations with government, academia, business and the investment community, it is a distinct honor for Pyng to receive independent validation as the 2008 Medical Device Company of the Year," said David Christie, President and Chief Executive Officer. "I would like to acknowledge the collective contribution of the entire team at Pyng which is uniquely capable and committed to maintaining our market position as the world's leading provider of life-saving sternal intraosseous infusion systems."
"With five consecutive quarters of growth and profits, Pyng has made substantive progress increasing revenues from product sales while executing on an expanded business strategy aimed at facilitating adoption in new large domestic and international market opportunities including the hospital environment," adds Christie.
As part of its on-going commitment to technology innovation, the Company is developing next generation intraosseous products and aggressively exploring acquisition and in-licensing opportunities to broaden its product portfolio with complimentary technologies. Pyng recently received US FDA market clearance and commercially launched a new and improved FAST1 system with a re-engineered infusion tube that no longer requires the use of a removal tool. Pyng also continues to expand its patent portfolio and has applied for trademark protection on Chest is Best(TM), reinforcing the benefits of rapid infusion through their unique FAST1 sternal line.
About LifeSciences British Columbia (formerly BC Biotech)
LifeSciences British Columbia supports and represents the biotechnology, medical device and greater life sciences community of British Columbia through leadership, advocacy and promotion of our world-class science and industry. Via active facilitation of partnering and investment into the life sciences sector, British Columbia is fast becoming a global life sciences leader. LifeSciences British Columbia is a not-for-profit, non-government, industry-funded association.
About Pyng Medical Corp.
Pyng Medical Corp. is the developer and manufacturer of the proprietary, award-winning FAST1(TM) Intraosseous Infusion System. Pyng was selected in the "2007 TSX Venture 50" Top 10 companies in Life Sciences based on solid financial metrics for the year ending December 31, 2006. With expanding markets in North America, Europe and Asia, the FAST1(TM) has worldwide application for use with hospitals, emergency medical services and military forces.
Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other USA Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.
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