Aug 27 2009
American Scientific Resources, Inc. (Pink Sheets: ASFX) (the Company), today confirmed that it has signed a letter of intent to acquire the intellectual property to the Disintegrator home needle destruction device (NDD) (U.S. Patent No. 6,384,362 Patent Application No.: 09/500,504).
American Scientific Resources will, upon closing, hold the rights to the patent, a property of Safeguard Medical Technologies. The Company is seeking the rights to the patent as part of ASR's plan to introduce the product commercially in the fall of 2009. Specific terms have not been disclosed pending successful negotiation of the agreement.
Currently the only FDA approved NDD for home use, the Disintegrator enables patients who give themselves injections, including those suffering from multiple sclerosis or diabetes, to properly and safely dispose of needles at home. The device is approved by the EPA and the American Diabetes Association.
Safeguard has already delivered a purchase order for 5000 units to one of the world's leading healthcare enterprises in March of 2009; since then, the global enterprise has placed an additional order for 2000 units which American Scientific Resources will fill. Safeguard practices a form of just-in-time productivity, matching production to its needs based on order size. In order to achieve fulfillment, production is planned to ramp up by year's end with full production capability exceeding 20,000 units per month.
A congressional bill (S, 1312) is pending which would amend Title XVIII of the Social Security Act to provide for coverage, as supplies associated with the injection of insulin, of containment, removal, decontamination, and disposal of home-generated needles, syringes, and other sharps through a sharps decontamination/destruction device or similar program under part D of the Medicare program.
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