Global Med Technologies(R), Inc. ("Global Med" or the "Company") (OTC Bulletin Board: GLOB), an international healthcare information technology company, today announced that it has signed a binding letter of intent with verIDentia SL of Macanet De La Selva, Girona, Spain for its verIDhemos transfusion safety system. Terms of the agreement were not disclosed.
The verIDhemos transfusion safety system is comprised of an RFID patient wristband with barcodes, a locked security container imbedded with electronic circuit boards containing microprocessors and memory, and a software system that is planned to be integrated with SafeTrace Tx(R), Wyndgate's hospital transfusion system, and EdgeTrack, Inlog's hospital transfusion system. The verIDhemos system is the link that will close Global Med's Vein-to-Vein(R) loop.
Once a patient's pre-transfusion testing has been completed, the correct blood unit is ordered from the lab and placed in the verIDhemos security container. The security cap on the container cannot be released until it is within reading distance of the correct patient wristband RFID tag. Once the cap is opened, the post-transfusion data is automatically registered into the electronic circuit boards in the cap. To the best of Global Med's knowledge, this is state-of-the-art technology that does not exist elsewhere.
A significant risk of transfusion is an improper or inadequate identification of the recipient. Systems exist to mitigate the occurrence of this error, all of which have limitations. The verIDhemos system reduces this risk in a unique and innovative way through radio frequency identification (RFID) technology. To date, we know of no other vendor using a combination of patient identity with RFID for identification at the bedside before transfusion.
Current transfusion safety systems are a mix of manual and electronic systems. Common manual systems use bedside ABO blood group checks and ID wristbands. PDA-based electronic systems, mechanic coded locks and electronic blocking systems are initially attractive systems, but do not have the extra layer of technology to assure identity. These systems have also been shown to be too complex and costly for the average hospital to implement.
verIDhemos' methods are objective, offering a high degree of safety and less chance for human error when crossmatching and administering transfusions. Unlike other systems which depend solely on human decision, verIDhemos offers excellent data traceability, is very adaptable, and capable of integration with existing computer systems and other hospital technologies containing barcodes. The system is very easy to use, quickly implemented, requires minimal staff training, and is highly cost effective in comparison to other technologies on the market.
Lluis Massuet, M.D., Medical Director of the Transfusion Medicine Service at Hospital Universitari de Bellvitge, an 800-bed teaching hospital in Barcelona, Spain, stated, "Since we started testing the verIDhemos system in part of our hospital, our clinicians have less concern about patient misidentification. As soon as we were presented with this product, we immediately identified certain unique features over PDA-based systems, so we decided to start testing it deeply." Dr. Massuet continued, "We have substantially improved safety and quality of patient care and reduced transfusion error risk."
Eduardo Graells, CEO of verIDentia, stated, "We extensively searched the world-wide market place for a partner who had the global quality, reputation and the international hospital reach to appropriately interface our products with and to potentially form a long-term relationship. Global Med popped up again and again as the leader in high quality and state-of-the-art medical software for international blood bank and hospital transfusion software." Mr. Graells continued, "We are very excited about this long-term relationship and we look forward to working closer with Global Med in the future."
Mick Ruxin, M.D., Chairman and CEO for Global Med Technologies, commented, "With less than ten percent competitor penetration in the U.S. hospital market space, and based on recent data showing over 35 million annual type and crosses in the United States, and perhaps over 170 million type and crosses worldwide, the verIDhemos system is a 'green field' market opportunity for Global Med. The two physician hospital transfusion directors, with whom I personally met in Barcelona, Spain, commented favorably on a high level potential for safety improvement, ease of use, successful implementation rate, and low economic impact on the hospitals. After Global Med's team saw the verIDhemos system used in a clinical setting, we knew that the product had tremendous potential for worldwide distribution."
Dr. Ruxin continued, "Global Med has been given first right of refusal to purchase verIDhemos/verIDentia and has exclusive marketing rights in North America, Japan, Brazil, most of Europe, the Middle East and Asia. Although it is not currently available for sale in the U.S., Global Med will be seeking FDA permission to market the verIDhemos product in 2010. Plans are for immediate marketing of the product in Germany and France." Dr. Ruxin further commented, "The beauty of this medical device is that we can use our current sales force to either bundle this product with SafeTrace Tx and EdgeTrack or sell it independently and interface it with other systems. The verIDhemos system is a natural product-line extension of Global Med's current hospital software offerings. With Global Med's international market reach, we are all very excited about verIDhemos' substantial market potential."
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