Paradigm Medical Industries, Inc (PMED.OB), a leader in glaucoma diagnostic and management devices, announced that the company has signed an exclusive agreement with LACE Elettronica. Under the terms of this agreement, LACE is to distribute the company’s proprietary GLAID electrophysiology instrument for the early detection of glaucoma.
GLAID is a revolutionary diagnostic device that utilizes Pattern Electroretinogram technology to measure the degree of glaucoma in a patient. The GLAID device was approved by the U.S. Food and Drug Administration in 2007. GLAID has also undergone extensive testing and clinical studies in the U.S., Canada and Italy.
Raymond Cannefax, Paridigm Medical’s CEO, stated, “We believe the GLAID device is the most significant development in glaucoma detection in the last 20 years. It represents a multimillion-dollar market opportunity for our Company.”
Alessio Romani, CEO of LACE, also stated, “We are pleased to be working with Paradigm Medical in introducing and promoting GLAID. The Company is well known and respected for its glaucoma diagnostic devices. The agreement is expected to accelerate acceptance of the GLAID technology in North America and Canada in 2008.”
Mr. Cannefax added, “The GLAID device is believed to be the fastest method of testing for retinal ganglion cell loss. The GLAID not only measures dead and living ganglion cells, but also detects ailing ganglion cells. Due to the device’s ability to detect dying ganglion cells, in most cases the viability of these cells can be fully restored with treatment.”
Mr. Cannefax concluded by stating, “GLAID provides a test that is fast and easy to understand and administer, easy to interpret by the clinician, and is non-invasive. It is reliable, operator independent, and is able to detect dysfunction of the ganglion cells in patients who are glaucoma suspects. GLAID can detect the onset of retinal defects significantly earlier than can be measured by the current standard of detection method of Visual Fields Analysis (Perimeters). We expect to begin filling orders during the first quarter of 2008.”
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