BIOCONTROL TECHNOLOGY, INC.
2275 Swallow Hill Road - Building 2500 - Pittsburgh, PA 15220
(412) 429-0673 Fax: (412) 279-1367
BIOCONTROL UPDATES PROGRESS OF DIASENSOR 1000 (TM) SENSOR
Pittsburgh, PA - May 17, 1996 - Biocontrol Technology, Inc. (NASDAQ:BICO) announced today that it continues to see significant progress in the patient testing of the production model of the Diasensor 1000 noninvasive glucose sensor for diabetics.
At the Indiana, PA calibration center, patients are being tested with the sensor to gather data on this production model for submission of the revised 510(k) notification to the Food and Drug Administration (FDA). Based on the data gathered thus far, the Diasensor 1000 is performing much better than the research model on which the original 510(k) notification data was based.
While the device is, of course, not yet perfected, projections based on the recent results suggest that when testing is completed the final data on the production model will show better data and higher percentages of diabetes able to be calibrated to and use the sensor than were able to do so with the research model. Many engineering improvements have been introduced into the Diasensor 1000 and engineering improvements are continually being made to improve the device's performance. A substantial improvement over the research prototypes previously used for submission to the FDA has already been obtained and significant additional improvements to its performance are continually being made. Because of these engineering improvements, assembly of the 30 sensor units projected for early May is about a month behind.
Biocontrol also stated that it has sufficient cash to fund necessary additional testing and manufacturing startup of the Diasensor 1000 noninvasive glucose sensor.
The Company further stated, in response to recent press, that the Company believes there is no basis for the proposed Class Action lawsuits recently filed, one by a plaintiff who reportedly purchased less than 2,000 shares of common stock. Citing the overwhelming support of 93% of the eligible shareholders who recently voted to authorize a requested 20 million additional shares of stock, the Company believes that such suits would have to represent a small fraction of the shareholders.
The first suit has been reviewed by both the company's litigation and securities counsel, and both firms agree that a Rule 12(b)(6) Motion to Dismiss is appropriate. Such motions are filed when then complaint fails to state a claim upon which relief can be granted. As part of its defense, the Company intends to rely on the new federal Securitites Litigation Reform Act which was passed in December of 1995 to eliminate abusive and meritless suits. The Company intends to fight vigorously against this action, two others filed recently, and any other copycat actions that may be pursued.
Biocontrol Technology, Inc. has its corporate offices in Pittsburgh, PA and is involved in the development and manufacture of biomedical devices and environmental products.
Last Updated: Thursday August 29, 2002 20:59:48
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