×

Life Care Medical Devices Acquires Electromagnetic Induction Business From The BioFusionary Corporation

NEW SMYRNA BEACH, Fla. and BRIGHTON, United Kingdom, Nov. 10, 2015 (GLOBE NEWSWIRE) -- Life Care Medical Devices Limited (“Life Care,” “LCMD” or the “Company”), a medical device company focused on the development, production and distribution of non-invasive and minimally-invasive technologies, today announced it has entered into an agreement with The BioFusionary Corporation (“BioFusionary”) and Rocky Mountain Biosystems, Inc. (“RMBI”) to acquire substantially all of BioFusionary’s assets and license and purchase from RMBI all patents, trademarks and know-how used in BioFusionary’s business. As a result of these transactions, LCMD will have rights to market and sell the BioFusionary Bebe™ (“Bebe”), a non-invasive system that uses electromagnetic induction to generate and deliver focused energy to the collagen-rich dermis and subcutaneous tissues.

“Life Care’s goal is to become a leading medical device company focused on reshaping the treatment paradigm for non-invasive and minimally-invasive procedures,” stated Richard J. Prati, Chief Executive Officer of Life Care. “We plan to strategically grow the company both through the development and launch of our proprietary LapCap2® device for use in laparoscopic surgery and by building a robust portfolio of synergistic products. Bebe, a non-invasive aesthetic and physiologic device, is a perfect fit for our business model and the first important step in our expansion plan.”

“We are delighted that Bebe is now a part of the LCMD technology platform,” added Kevin Marchitto, Chief Executive Officer of BioFusionary. “I believe that our novel electromagnetic induction system will be a meaningful strategic asset for the Company. I am confident that LCMD’s experienced team has the expertise to successfully market Bebe, accelerate sales growth, and expand the breadth and depth of this important product’s reach to the fullest potential, benefiting people globally.”

Kevin Marchitto will be joining the Life Care management team, effective immediately, as Managing Director of EMI Technology as well as becoming an LCMD board member.

“Bebe seeks to provide a safe and effective means of toning muscles with the added potential advantage of restoring a youthful appearance with minimal discomfort and no patient downtime. Importantly, it may eliminate the need for surgery or the use of toxic chemicals by offering medical practitioners a novel alternative to address the large unmet needs in aesthetic and surgical skin rejuvenation,” added Robin Stephens, Chief Operating Officer of Life Care. “Bebe has received clearance from the U.S. Food and Drug Administration (FDA) for use in the United States to treat body tissues with deep heat and affords LCMD with a near-term commercial opportunity to advance our first marketed product into the well-established and growing $3.7 billion dollar U.S. skin rejuvenation market.”

About Bebe™

Bebe is a non-invasive system that uses electromagnetic induction (“EMI”) to generate focused energy. This energy passes through the skin surface and delivers localized, planar heat to the collagen-rich dermis, to muscle and other subcutaneous tissues. Bebe recently received FDA clearance for generation of deep heat within tissues for the treatment of selected medical conditions. The system demonstrated safety and ease-of-use, minimal patient discomfort and no patient downtime. EMI technology directs energy derived from rapidly changing electromagnetic fields to induce effects in tissues and biomaterials. This technology could provide the product development platform for novel tools for medical practitioners to shape, tighten, fuse and seal tissues, addressing large unmet needs in aesthetics, sports injury and surgery.

About LapCap2®

LapCap2® is a proprietary device specifically designed to address a critical unmet need and advance the standard of care in laparoscopic surgery. It is a dome shaped device that utilizes a negative pressure technique to raise the abdominal wall above critical organs and vessels during Veress needle entry. This new way of creating space in laparoscopic entry while stabilizing the abdomen conveys a number of benefits including: 1) Intuitively reduces the risk at the start of the procedure; 2) Enables efficient laparoscopic entry; and 3) Less traumatic method of lifting the abdominal wall.

About Life Care Medical Devices Limited

Life Care Medical Devices (“LCMD”), is a medical device company focused on the development, production and distribution of non-invasive and minimally-invasive technologies and products that reshape the treatment paradigm for medical procedures. The Company’s lead product, LapCap2® is an innovative, proprietary device specifically designed to advance standard of care for laparoscopic surgery by providing safe, rapid and repeatable access for minimally invasive abdominal procedures. Life Care is dedicated to improving surgery by working to ensure LapCap2 becomes the global standard for laparoscopic access. Life Care is also actively pursuing a robust growth strategy to expand its portfolio through the acquisition of synergistic products and technologies. For more information, please visit www.lcmd.com and connect with the Company on Twitter, Facebook and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or LCMD’s prospects should be considered forward-looking. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, including: LCMD’s ability to complete the BioFusionary transaction and integrate the BioFusionary products into its current operations; LCMD’s dependence on third parties for its research and development, manufacturing and distribution functions; LCMD’s dependence on its license relationships; the risks and uncertainties associated with LCMD’s ability to manage its limited cash resources; obtaining additional financing to support LCMD’s operations; protecting the intellectual property developed by or licensed to LCMD in the transactions described above; and LCMD’s ability to build its operations to support its business strategy and promote its products. LCMD may not actually achieve the goals or plans described in its forward-looking statements.

Investor Relations Jenene Thomas Communications, LLC Jenene Thomas Phone: 908.938.1475 Email: jtc@jenenethomascommunications.com Media Contact Razor Sharp PR Ray Young Phone: 512.633.6855 ray@razorsharppr.com

Source: Life Care Medical Devices