TORONTO, ON--(Marketwired - Nov 12, 2013) - Medifocus, Inc. (OTCQX: MDFZF) (TSX VENTURE: MFS) (Medifocus or the Company), a leader in the development and commercialization of focused microwave energy to treat cancer and other diseases, is pleased to announce that it has entered into a joint venture agreement with Ideal Concept Group, Ltd. (ICG), a Hong Kong-based company with extensive expertise in business development in Greater China and other Asia Pacific countries. Under the terms of the joint venture agreement, ICG and Medifocus will own 60% and 40% of the Joint Venture (JV), respectively.
The initial focus of the JV is to assist Medifocus in obtaining commercial approval for the Company's Prolieve® Thermodilatation System from the China Food and Drug Administration (CFDA) to allow the marketing and sales of Prolieve® as a treatment for benign prostatic hyperplasia (BPH) in China. Following the CFDA approval, the JV intends to seek distributors to market and sell Prolieve® in Greater China and other countries in Asia. In parallel, the JV will identify and select GMP compliant manufacturers for the Prolieve® system and treatment disposables to reduce costs and broaden supply channels.
The Company's APA 1000 Breast Cancer Treatment System has already received allowance from the U.S. FDA and Health Canada to conduct a pivotal Phase III clinical trial as a final step towards pre-marketing approval (PMA) for commercialization. ICG will assist Medifocus in recruiting additional clinical sites in China to expedite the completion of the study and also initiate the process to seek simultaneous CFDA approval for the APA 1000 for treatment of breast cancer.
In addition, the JV expects to identify and collaborate with leading institutions in China to develop next generation focused heat systems using the Company's catheter-based Endo-thermotherapy Platform for the treatment of cervical, prostate and esophageal cancers, and to develop external focused heating systems using its Adaptive Phased Array (APA) Microwave Focusing Technology Platform for the treatment of surface, sub-surface and deep seated localized and regional cancers. The Endo-thermotherapy Platform utilizes catheter-based microwave applicators to deliver thermotherapy directly to deep seated tumors via natural body orifices. The APA platform utilizes external phased array antenna systems to focus microwave energy at the tumor center to induce tumor shrinkage or eradication without undue harm to surrounding healthy tissues. These next generation treatment systems are expected to significantly expand the market opportunity for Medifocus initially in Asia and eventually worldwide.
Dr. Augustine Y. Cheung, President and CEO of Medifocus, commented, "This joint venture should expedite the entry of our products in a region with a significantly larger patient population and position our technology platforms and products at the forefront of the vast and rapidly expanding BPH and cancer treatment markets worldwide. In addition, Ideal Concept Group offers the added resources, connections, and know-how to facilitate the development of additional products utilizing our thermotherapy technology platforms. We look forward to our growth as a much larger and stronger entity with global reach for our technologies."
About Medifocus, Inc.
Medifocus owns two fully developed technology platforms with comprehensive US and international patent protection: (1) The Endo-thermotherapy Platform -- a catheter-basis focused heat technology platform that utilizes natural body openings to deliver precise microwave thermotherapy to the diseased sites. The U.S. FDA approved Prolieve Thermodilatation System for the treatment of Benign Prostatic Hyperplasia ("BPH") was developed based on Endo-thermotherapy and is currently generating revenue, and (2) The Adaptive Phased Array (APA) Microwave Focusing Platform-invented by MIT, licensed to Medifocus, directs precisely focused microwave energy at tumor center to induce shrinkage or eradication of tumors without undue harm to surrounding tissue. The Company's APA 1000 Breast Cancer Treatment System, developed from the APA technology platform has received approval from the U.S. FDA and Health Canada to conduct the pivotal Phase III clinical trials. The Company believes that these two technology platforms can provide the design basis for the development of multiple cancer treatment systems for surface, subsurface and deep seated localized and regional cancers. Please visit www.medifocusinc.com, www.prolieve.com and http://www.facebook.com/pages/Medifocus-Inc-Company-Page/546315028715627 for more details.
About Ideal Concept Group, Ltd.
Ideal Concept Group Ltd. is owned and driven by a group of individuals with extensive experience developing businesses in Asia. The group is focused on helping companies with advanced innovative technologies and proven track records to expand business opportunities in China and the rest of Asia. The group utilizes its extensive network in the region to identify the relevant strategic partners in each country to further accelerate the company's growth.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of CCTI, Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.