Chinese Distributor/Manufacturer Completes $1 Million Payment to Guided Therapeutics and Orders Parts in Anticipation of Launch Next Year
Guided Therapeutics, Inc. (OTC Pink: GTHP), the maker of a rapid and painless testing platform based on its patented biophotonic technology, provided an update of the progress made working together with its Chinese co-manufacturing partner and commercial sales distributor for China, Shandong Yaohuo Medical Device Technology Company, Ltd. Shandong completed the last of its $1 million dollars in payments to Guided Therapeutics under the terms of the agreement between the two companies. In addition, Guided Therapeutics is completing transfer of final assembly plans to Shandong in China for the Chinese market. As part of that plan, Shandong placed an order to Guided Therapeutics for parts for five more LuViva devices. Further updates on China Market launch are anticipated over the next few months.
“We are excited that several important milestones have been achieved and look forward to the launch of LuViva in China early next year,” said Gene Cartwright, CEO of Guided Therapeutics. “Cervical Cancer is a major problem in China, and our Point of Care technology provides a good solution for this market, the largest in the world for our product.”
According to the World Health Organization, cervical cancer is ranked as one of the most frequent cancers in women in the world and in China it is the second most common cancer among women. China has a population of approximately 560 million women above 15 years of age, who are at risk of developing cervical cancer. Current estimates indicate approximately 100,000 new cases of cervical cancer are diagnosed each year and 30,000 deaths occur annually due to cervical cancer in China.
About Guided Therapeutics
Guided Therapeutics, Inc. (OTC Pink: GTHP) is the maker of a rapid and painless testing platform based on its patented biophotonic technology that utilizes light for the early detection of disease at the cellular level. The Company’s first product is the LuViva® Advanced Cervical Scan, a non-invasive device used to detect cervical disease instantly and at the point of care. In a multi-center clinical trial with women at risk for cervical disease, the technology was able to detect cervical cancer up to two years earlier than conventional modalities, according to published reports. For more information, visit: www.guidedinc.com.
The Guided Therapeutics LuViva ® Advanced Cervical Scan is an investigational device and is limited by federal law to investigational use in the U.S. LuViva, the wave logo and “Early detection, better outcomes” are registered trademarks owned by Guided Therapeutics, Inc.
Forward-Looking Statements Disclaimer: A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from Guided Therapeutics’ actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include those related to the early stage of commercialization of products, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the sufficiency of capital raised in prior financings and the ability to realize their expected benefits, the uncertainty of future capital to develop products or continue as a going concern, the uncertainty of regulatory approval of products, and the dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading “Risk Factors” in Guided Therapeutics’ reports filed with the SEC, including Guided Therapeutics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and subsequent filings.
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