SOURCE: Paradigm Medical Industries, Inc.

March 28, 2011 08:00 ET

Paradigm Moves Ahead With LD 500 Autoperimeter Upgrade and Update of Paramax™ FDA Application

SALT LAKE CITY, UT--(Marketwire - March 28, 2011) - Paradigm Medical Industries, Inc. (PINKSHEETS: PDMI) announced its new LD 500 autoperimeter has received very positive responses from many of its existing customers. Work on the LD 500 autoperimeter was recently completed and the new product has been released both as a new system, replacing the old LD 400, and as an upgrade for customers with existing LD 400s. During the past ten years, many LD 400 autoperimeters were sold throughout the world. As a result of these past sales, there are a large number of systems that can be upgraded to the new LD 500 level at a reasonable cost. Paradigm has begun to receive many requests for this LD 500 upgrade. Paradigm anticipates a rapidly growing number of new upgrade orders in the upcoming months.

Paradigm recently received new updated information concerning the Paramax™ from Costruzione Strumenti Oftalmici (CSO), its Italian partner. The U.S. Food and Drug Administration (FDA) had requested additional information concerning the Paramax™ pursuant to a 510(k) application that had been filed. Over 80% of the additional information has now been provided to the FDA, with the remaining support materials to be provided soon. The Paramax™ is designed to perform innovative tests for the early screening and follow-up for glaucoma, age related macular degeneration vascular retinal degeneration, and other pathologies related to optic nerve disease. 

Paradigm's management remains confident that the FDA will approve this important new technology for the early detection of glaucoma. Paradigm President and Chief Executive Officer Stephen Davis stated: "There continues to be a strong interest in the Paramax™. We are hopeful that the Paramax™, when approved by the FDA for sale in the United States, will have a significant impact in the Company's sales. Paradigm will continue to monitor the evaluations of this important new device by key glaucoma specialists in the United States market while it awaits a decision from the FDA."

About Paradigm Medical Industries, Inc.

Paradigm Medical Industries, Inc. is a medical device company that develops, manufactures and distributes ophthalmic diagnostic instruments and related products for early detection of glaucoma and other eye disorders. The Company's primary objective is to capture a niche market within the glaucoma and ultrasound microscopy fields. The Company markets its products to ophthalmologists, optometrists, universities, and clinics throughout the United States and internationally.

This press release contains statements that, if not verifiable historic fact, may be viewed as forward-looking statements that could predict future events and outcomes with respect to Paradigm and its business. The predictions embodied in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.

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