| The Board of Directors of Milestone Medical Inc. (WAR: MMD, “the Company”, “the Issuer”) today provided an update on the commercial rollout of CompuFlo® CathCheck™ System in the first quarter ended March 31, 2020. The Board of Directors of the Company continues to witness a growing interest in the CompuFlo® CathCheck™ System, which is now in a pilot at a leading medical institution in the United States. Had it not been for COVID-19 and the fact that hospitals are on complete lockdown, the The Board of Directors of the Company believes that the Issuer would have already announced several important commercial agreements. Nevertheless, once the current pandemic begins to subside, The Board of Directors of the Company believes that the Issuer will be well positioned coming out of the gate. In the meantime, the Issuer has made technical improvements to its products, which the Board of Directors of the Company believes will support the commercial efforts going forward. In fact, a major university hospital familiar with CompuFlo was attracted to new CathCheck technology, given its ability to minimize contact between the patient and provider, which is especially important during the COVID-19 pandemic. Last week, the Company announced an important study, which was published in the Open Journal of Anesthesiology. This study validated the efficacy of the CompuFlo® CathCheck™ System to confirm the correct placement and positioning of an epidural catheter for use during and after an epidural procedure and ensure that the catheter has not been dislodged. The CathCheck™ technology makes CompuFlo® the only known instrument that can identify the presence of a pressure waveform signal and confirm proper placement of an epidural catheter within seconds, versus 20–40 minutes using the conventional subjective method. As a result, CathCheck™ is expected to significantly reduce both time and cost for a medical institution. The Company recently announced the new Quick Start feature, which simplifies and reduces procedure preparation time for the CompuFlo® instrument prior to an epidural procedure—an important enhancement to the technology driven by physician feedback. The Issuer also announced the completion of the first major economic study of CompuFlo® use within labor and delivery, which validated the cost savings of the system versus the traditional resistance technique. In comparison, the real-time pressure sensing technology costs an average of $504 less per hospital stay. For illustration purposes, an institution that conducts 12,000 procedures per year would be expected to save over $6 million annually by switching to the instrument. Given this data, the Board of Directors of the Issuer believes that the CompuFlo Epidural System is now validated in terms of efficacy and cost effectiveness. As a result, The Board of Directors of the Company believes that the CompuFlo Epidural System has the potential to transform the industry and our goal is to become the new standard of care. Importantly, the Company completed a $4.7 million financing that gives us additional cash runway as the Issuer continues the commercial rollout of the CompuFlo® Epidural System and the CathCheck System. | |
