Vancouver, BC – Pyng Medical Corp. (PYT: TSX .V) today announced the Company is receiving non-repayable research support from the National Research Council Canada Industrial Research Assistance Program (NRC-IRAP) to accelerate the development and commercialization of the Company’s second generation Intraosseous Infusion System.
Based on the market-leading performance of the Company’s lead clinical product, FAST1, NRC will contribute approximately $128,000 to support the development of the next generation medical device over the time of the research and development project. FAST1 is currently the most rapid, reliable and safe alternative to conventional intravenous infusion providing lifesaving vascular access for fluid and drug resuscitation in shock and trauma victims.
The NRC Industrial Research Assistance Program (NRC-IRAP) is the Government of Canada’s best tool for helping small and medium-sized firms develop new technologies that result in the commercialization of new products, processes or markets. NRC-IRAP’s technology and business advisory network, coupled with the shared financial support it offers to innovative companies and organizations, strengthens Canada’s innovation system and ignites the growth of NRC’s technology cluster initiatives in Canada. NRC employs close to 4,000 people across Canada, providing substantial resources to help Canada become one of the world’s top five R&D performers by 2010.
“The financial support from the Government of Canada through the NRC-IRAP program is critical for us to complete our research and develop our next generation products allowing us to exploit the true market opportunity for Pyng’s proprietary technology platform,” said David Christie, President and CEO. “Since entering into a development agreement with Starfish Medical in the first quarter of last year we have completed the feasibility work on our prototype system and look forward to commercially launching the state-of-the-art FASTX by year-end.”
“In parallel, we are also pursuing in-licensing and acquisition opportunities to expand our portfolio of life-saving resuscitation products serving large critical care markets in military, hospital and emergency medical service applications internationally,” adds Christie.
About Pyng Medical Corp.
Pyng Medical Corporation is a Canadian medical device company that developed and commercially launched its proprietary, award-winning FAST1 Intraosseous Infusion System. The Company’s audited fiscal 2007 year end results demonstrated 60% revenue growth compared to fiscal 2006 and more than a ten-fold increase in income. Pyng reported record sales of $4,807,705 with net income after tax of $858,788 or 18% of sales. In fiscal 2007, the Company achieved consecutive quarterly revenue growth and profits throughout the year.
Pyng was selected in the “2007 TSX Venture 50” Top 10 companies in Life Sciences, based on solid financial metrics for the year ending December 31, 2006. With expanding markets in North America, Europe and Asia, the FAST1 has worldwide application for use in hospitals, emergency medical service and military.
About Starfish Medical
Starfish Medical is a leading specialist firm in contract medical device development and manufacturing. For over 10 years StarFish Medical has designed, developed and manufactured sophisticated medical devices for a select clientele. StarFish, based in Victoria, BC was chosen for their ability to provide turnkey medical device design solutions under their ISO 13485 Quality System and their experience with precision mechanical parts and plastic materials.