IRVINE, CA--(Marketwired - August 10, 2016) - Biomerica Inc. (OTCQB: BMRA) today announced that has issued an update on the progress of commercialization of its new IBS diagnostic guided therapy product. The update was filed as a form 8-k filing as a letter to shareholders and is also available on the Biomerica website under the "Our Company" tab under Investor Relations. A summary of the update is below.
Dear Fellow Shareholders:
The purpose of this letter is to give you an update on our progress in the commercialization of our new IBS diagnostic guided therapy product. We have made significant headway on our strategies to date, which continue to focus on attracting key opinion leaders and experienced executives who will assist us in submitting for FDA clearance and set up the foundations for worldwide distribution of the product. We have been very selective and strategic on the individuals we have approached to join our team. Many shareholders and others have asked "How did we attract such world class IBS doctors and business leaders to our team?" The answer is after they reviewed our data and science they all believed in our product and its potential to help the millions of IBS sufferers worldwide.
We are moving forward with confidence that knowledgeable companies should see the same value and want to license our product. We recently signed our first licensing agreement for the product with a company that approached us for a license in South Korea. We believe that the fastest way for us to get worldwide distribution is through licensing. To execute this strategy, we are excited to have added Dr. Mark Sirgo to our Board of Directors. Dr. Sirgo was on the board of directors for Salix Pharmaceuticals and instrumental in growing Salix into a major international GI company which he then helped sell to Valeant for $11.1 billion. Dr. Sirgo has extensive knowledge of the companies in the IBS space and their strategies. To further strengthen our ability to license the product, we are delighted to have added Ned Barnholt to our Strategic Advisory Board to help guide our commercialization. Ned is a world class executive who is currently Chairman of the Board of KLA-Tencor, a company with a market cap of $12 billion, and currently serving on the Board of Directors of eBay and Adobe. He previously served as CEO and Chairman of Agilent Technologies. We believe we are now well positioned to be able to seek the right marketing partners for our product. A more detailed explanation of our business plans and strategies is included in the 8-k filing.
About Biomerica (OTCQB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for the early detection of medical conditions and diseases. The Company's products are designed to enhance health and well-being, while reducing total healthcare costs. Biomerica primarily focuses on products for Gastrointestinal Disease, Diabetes and esoteric testing.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended launch dates, sales potential, significant benefits, market size, prospects, new products, favorable outlook, new distributors, expansion, increases in productivity and margins, expected orders, leading market positions, anticipated future sales or production volume of the Company, the launch or success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.