SpectRx, Inc. Announces the Launch of Disposable Infusion Set for Insulin Pumps
NORCROSS, GA (July 29, 2003) -- SpectRx, Inc. (NASDAQ: SPRX) today announced the launch of the SimpleChoice(r)easy, the first of three planned disposable infusion sets for insulin pumps. The annual U.S. insulin pump infusion sets market is approximately $270 million. The FDA-cleared easy is a soft cannula, 30-degree insertion infusion set designed for use with most insulin pumps on the market today.
"Feedback from customers during our June pre-launch at the American Diabetes Association meeting was very positive," said Mark A. Samuels, chairman and CEO of SpectRx, Inc. "We are pleased to announce the beginning of the roll out of this exciting, high-quality product for people with diabetes who use insulin pumps. The easy infusion set complements our insulin pump reservoir, already on the market, and provides customers with a complete insulin pump disposable delivery system."
The SimpleChoice(r)easy is an infusion set that delivers insulin from a pump to the body. Depending on the patient's insulin needs, a new infusion set and reservoir is used every two-to-three days and then discarded.
The easy is the first SimpleChoice(r) infusion set on the market and when combined with the reservoir, provides a complete disposable insulin delivery system for pumps. The SimpleChoice(r)reservoir is a disposable insulin cartridge for insulin pumps.
"We expect the easy, and its follow on offerings, to be well received by pump users," Mr. Samuels said. "This product launch plays a significant role in our strategy to achieve profitability in our diabetes business through recurring revenue based on sales of disposable products. We view these products as complementary to our continuous glucose monitoring development program."
In addition to the SimpleChoice(r)easy, SpectRx plans to introduce a 90-degree insertion set and the SimpleChoice(r)patch. SimpleChoice(r) infusion sets are designed with an emphasis on comfort, reliability and compatibility with the growing number of insulin pumps on the market today. The easy has an adapter that makes it compatible with commonly used insertion devices. More than 11 million Americans have been diagnosed with diabetes. About 200,000 people with diabetes in the U.S. use insulin pumps.
For more information about SimpleChoice(r) products and where they may be purchased, visit www.mysimplechoice.com.
SpectRx, Inc. (NASDAQ: SPRX) is a medical technology company providing innovative detection, monitoring and treatment solutions for the diabetes and cancer healthcare markets. SpectRx is currently marketing its SimpleChoice(r) line of innovative diabetes management products, which include insulin pump disposable supplies and over-the-counter diabetes testing kits. These FDA-cleared products complement its developmental consumer device for continuous glucose monitoring. SpectRx is also applying its leading-edge biophotonic technology to the early detection of cancer. Products under development include devices to detect and guide treatment of cervical cancer and skin cancer. For more information, visit SpectRx's web sites at www.spectrx.com and www.mysimplechoice.com.
Note to Editors: Please visit http://www.mysimplechoice.com/media/default.htm for images of the SimpleChoice(r)easy and other products.
SimpleChoice and SimpleChoice(r)easy are trademarks owned by SimpleChoice, a SpectRx company.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. A number of the matters and subject areas discussed in this report that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from SpectRx's actual future experience involving any of or more of such matters and subject areas. SpectRx has attempted to identify, in context, certain of the factors that they currently believe may cause actual future experience and results to differ from SpectRx's current expectations regarding the relevant matter or subject area. Such risks and uncertainties include: the ability of SpectRx to continue as a going concern, the ability of SpectRx to remain listed on the NASDAQ SmallCap Market, the early stage of products in development, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the uncertainty of capital to develop products, the uncertainty of regulatory approval of products, dependence on licensed intellectual property, as well as those that are more fully described from time to time in SpectRx's reports under the heading "Risk Factors" filed with the SEC, including SpectRx's Annual Report on Form 10-K for the fiscal year ended December 31, 2002 and subsequent quarterly reports.
Bill Wells or Diana Filipiak - Media
Thomas H. Muller, Jr. - Financial
Last Updated: Sunday August 03, 2003 15:13:49
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