CSMG Technologies Retains Top Medical Device Firm for Commercialization of Design and Manufacturing of Live Tissue Connect's Electrocautery Generator
Tuesday February 13, 10:00 am ET
CORPUS CHRISTI, Texas--(BUSINESS WIRE)--CSMG Technologies, Inc. (OTCBB: CTUM - News), a technology management company focused on commercializing human live tissue bonding devices, announced that the company has contracted with Stellartech Research Corporation (www.stellartec.com) for design and manufacturing of the commercial version of the electrocautery generator component of the Live Tissue Connect system.
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Donald S. Robbins, president and CEO of CSMG, said, "We are pleased to be working with Stellartech Research Corporation for the design and manufacture of the commercial generator component for Live Tissue Connect, Inc. ("LTC"). Stellartech is recognized throughout the medical device industry as the world leader in therapeutic electrocautery device design and manufacturing. Live Tissue Connect, a subsidiary, is quickly assembling a sound team of experienced medical device professionals to meet our regulatory filing, design and manufacturing needs."
LTC's Frank D. D'Amelio commented, "I was very pleased at the high caliber of experienced turn-key design and manufacturing houses that wanted to support our new product development road-map. We selected Stellartech for this project due to their experience with similar machines, their management team and their ability to support our aggressive schedule."
CSMG owns the technology and exclusive world rights to the live tissue bonding device through Live Tissue Connect, Inc., a subsidiary corporation formed for the development and exploitation of the platform technology.
LTC expects to complete a generator for duct and vessel sealing, meeting FDA and European CE Mark standards, respectively. They also expect to start filing for approval of this device with regulatory entities during the first quarter of 2007.
About CSMG Technologies' Tissue Welding/Bonding Technology
The LTC tissue bonding / welding device is a platform technology that bonds and reconnects living soft biological tissue through fusion without the use of foreign matter in contrast with conventional wound closing devices such as sutures, staples, sealant, or glues.
Surgeons at 27 Ukraine hospitals and clinics are using the tissue welding/bonding technology in clinical trials. They have completed more than 7,000 human surgeries using more than 80 types of open and laparoscopic surgical procedures, demonstrating the technology is universal in its ability to repair soft biological tissue. These surgeries included lung, neuro-surgery, nasal septum, intestine, stomach, skin, gall bladder, liver, spleen, blood vessels, nerves, alba linea, uterus, bladder, gynecological, fallopian tube, ovary and testicles and dura-matter. Cosmetic surgeries conducted with this technology include breast reduction, breast implants, mastopexy and abdominoplasty. The procedure involves little or no scarring, while restoring the normal function of the body organ or tissue.
The technology was invented and developed at the internationally renowned E.O. Paton Institute of Electric Welding, National Academy of Sciences of Ukraine, Kiev, Ukraine, headed by Professor B.E. Paton. U.S., Australian, Canadian and European Union patents have been issued, and additional U.S. and foreign patents are pending, all owned by LTC.
About CSMG Technologies, Inc.
CSMG Technologies is a technology management company that finances, owns, develops, licenses and markets innovative advanced technologies and business opportunities created in the Ukraine through a network of scientific institutes and private organizations. CSMG is focused on two primary subsidiaries, Live Tissue Connect, Inc. and landfill gas processing.
For further information on CSMG Technologies and its various subsidiaries, please visit our website at www.ctum.com.
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Contact:
CSMG Technologies, Inc.
Donald S. Robbins, 361-887-7546
or
K. Bruce Jones, 770-955-0409
or
ROI Group Associates, Inc.
Michael Dodge, 212-495-0744
mdodge@roiny.com
or
Bob Giordano, 212-495-0201
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Source: CSMG Technologies, Inc.
