Volume 2, Fiscal 2008, April 2008
The second quarter of fiscal 2008 proved to be a period of strong independent third-party validation of Pyng Medical Corp.’s considerable progress to date and near-term commercial potential evidenced by positive news media coverage, receipt of a prominent industry award and the Company’s first industry analyst report.
Pyng Medical Declared 2008 Medical Device Company of the Year
On March 14, Pyng was notified that it had received the exclusive 2008 Medical Device Company of the Year Award from LifeSciences British Columbia for its sustained achievements in commercializing the Company’s proprietary FAST1™.
The Company was well represented at the awards ceremony held in Vancouver on April 10 with more than 600 people in attendance, including BC Premier Gordon Campbell and senior executives from the investment community and biotechnology sector.
David Christie, President and CEO, delivered a gracious acceptance speech acknowledging the collective efforts of the entire team at Pyng and external stakeholders. He indicated that the award recognition was testament to both the value of the technology and caliber of the team. On a personal note, David said he found it exceptionally rewarding to be commercializing locally developed and world-class technology that is currently saving lives throughout the world.
In closing, he described it as a distinct honor for Pyng to receive independent validation as the 2008 Medical Device Company of the Year, and reaffirmed his commitment to maintain the Company’s market position as the world’s leading provider of life-saving sternal intraosseous infusion systems.
LifeSciences BC is the premier association representing approximately 90 BC-based biotechnology and medical device companies comprising the 7th largest and fastest growing cluster in North America.
Northern Securities Initiates Research Coverage on Pyng
On March 26, Elvis Picardo, Special Situations Analyst with Northern Securities Inc. initiated research coverage on Pyng Medical Corp. with a bullish recommendation. Independent analyst coverage provides significant exposure for the Company within the investment community. For a copy of the research report please contact 604-688-1932.
PYNG Enhances Strong Patent Portfolio
During the final week of March, the Company received US patent protection for its proprietary target patch with strain relief for its unique sternal infusion tube, an integral part of the FAST1™. This patch enables the caregiver to quickly locate the infusion site and protects the patient from infection risk or disruption of the infusion tube at the sternum.
The Company continues to expand its patent portfolio with additional filings relating to FAST1™ and have also applied for trademark protection on Chest is Best™, reinforcing the benefits of rapid infusion through the unique FAST1™ sternal line.
In The News
Matters of the heart generating profits for Richmond company
Encouraged by large sales to the U.S. military, Pyng Medical is now eyeing the hospital and emergency services markets
Curt Cherewayko, April 1-7, 2008; issue 962
Pyng Medical was recently featured in Business in Vancouver, a prominent weekly business publication that boasts a weekly readership of 60,000 professionals throughout Vancouver and the Lower Mainland. To review the story, please visit http://www.pyng.com/pdf/BIV_08Apr.pdf.
Recent Annual General Meeting
On behalf of the Company’s Board and Management, it was a sincere pleasure to have the opportunity to meet all shareholders who attended the recent Annual General Meeting held in Vancouver on May 8, 2008. In terms of the formal business, thank you to all shareholders who returned their proxies and/or voted in person. All resolutions passed with majority support, and please note that the Company’s float has been subsequently reduced accordingly. The total number of issued and outstanding shares is currently 12,001,583. The total number of shares held in escrow is 2,000,000.
Further, we would like to welcome a new addition to the Company’s Board of Directors, Mr. Bob Di Silvo. Bob has spent the last twenty-five years working within the medical device industries. He is currently Chief Operating Officer, President and General Manager of Safe Life Corp, which develops, manufactures and markets Triosyn™, an antimicrobial agent used in a wide range of applications. Bob is responsible for pursuing and negotiating worldwide sales and distributorship contracts as well as facilitating the highest quality of product and customer service to ensure efficiency and maximum profit.
Previously, Bob served as Vice President for the Physio-Control division of Medtronic, the leading manufacturer of implantable biomedical devices. He had been responsible for various departments throughout his five-year tenure at Medtronic. Prior to that, Bob was Executive Vice President, The Americas, for Lumenis, Inc (formerly the Coherent Medical Group).
Upcoming Events
We are preparing to release our Q2, 2008 Fiscal Results during the first week of May and encourage you to join us for a live webcast and Company update provided by David Christie, President and CEO. The details will be available shortly on the homepage of the Company’s new website, expected to launch later this month.
As always, we encourage all shareholders to contact Pyng Medical Corp. with any questions or recommendations @ 1-800-349-7964.
