OTTAWA, July 9, 2014 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the "Corporation") is pleased to announce that it has received notice that the China Food and Drug Administration (CFDA) has approved the Company's RHATM Gold Multi-Spectral Imaging instrument to be sold to eye-care professionals in the Chinese market. The Company is also pleased to announce that concurrent to its CFDA approval, it has received a purchase order for twenty (20) RHA instruments from its Chinese distribution partner YIMAI Technology International Company Limited ("YIMAI").
"We have been working very closely with our Chinese partner, YIMAI, to obtain the CFDA approval, and we are delighted to have received approval within our projected time frame," said Gerald Slemko, CEO of Annidis Corporation. "We see great demand for our technology in the Chinese market, with estimated market size of 1,500 to 2,000 instruments. YIMAI currently has nine instruments in clinical trials in China. On July 6, 2014, YIMAI brought 16 ophthalmologists from China to visit the Annidis offices in Ottawa to view the manufacturing facility and to participate in demonstrations of the instruments capabilities. We expect to start delivering instruments immediately for sale in China."
Annidis entered into a distribution agreement with YIMAI in 2013. YIMAI has exclusive distribution rights to Annidis products in the People's Republic of China, Hong Kong, Macau and Taiwan. YIMAI's affiliate, NIMO, distributes ophthalmology products in China through its 13 nationwide offices. The term of the agreement is six years following the date of Chinese regulatory approval.
This is the first step in Annidis developing its international distribution strategy, and the Company is continuing to seek distribution partners in other countries.
About Annidis Corporation
Annidis (TSX-V: RHA) has developed and is marketing a new imaging platform technology based on Multi-Spectral Imaging (MSI). This new technology is opening a new frontier in disease identification and its management. The Annidis MSI technology allows eye-care professionals to view non-invasively the deepest areas of the eye aiding eye care professionals in the early identification and treatment of debilitating eye diseases. The Company's existing RHA 2020-U Gold, used by eye care professionals as a broad based tool for detecting early-onset of eye related diseases such as Dry AMD, has a potential market of over 20,000 clinics in North America. The RHA Platinum MD will further strengthen the value proposition allowing doctors to visualize choroidal and retinal vasculature non-invasively. The RHA Platinum MD has global market potential of more than 100,000 Ophthalmologists.
This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope", and "continue" (or the negative thereof), and words and expressions of similar import are intended to identify forward-looking statements. Certain material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in the Corporation's filings with Canadian securities regulatory authorities, as well as the applicability of patents and proprietary technology; the outcome of pending corporate transactions; possible patent ligation; regulatory approval of products in development; changes in government regulation or regulatory approval processes; government and third party reimbursement; dependence on strategic partnerships; intensifying competition; rapid technological change in the industry; anticipated future losses; the ability to access capital; and the ability to attract and retain key personnel. All forward-looking information presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made.
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SOURCE: Annidis Corporation
For further information: Gerald Slemko, Chief Executive Officer, Annidis Corporation, (519) 858-1582 ext. 239, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-995-8651, [email protected]