SOURCE: WayPoint Biomedical Holdings, Inc.

June 03, 2009 18:42 ET

WayPoint Biomedical Holdings, Inc. Is Stopped by the FDA From Marketing and Selling Its "Trans-Dermal Patches," Hangover-Free & Energy Boost Patches

HUNTINGTON BEACH, CA--(Marketwire - June 3, 2009) - Waypoint Biomedical Holdings, Inc. (PINKSHEETS: WYPH) announced today that the Federal Drug Administration, FDA, has directed WayPoint to cease promoting, marketing and selling its "trans-dermal patch products." It further informed the company that it could not use the word "Hangover" on its packaging as it depicts a "disease" and is in violation of the FDA's rules and regulations. The FDA also determined that the Company's products were a "drug delivery system" and therefore were in violation of rules and regulations as defined by the FDA. The Company was given permission by the FDA to sell its products in the International markets and would be allowed to continue to manufacture its "trans-dermal" products for export only. The Company is evaluating its position of marketing, promoting and selling its products internationally in order to determine the feasibility and economics of such a plan.

WayPoint Biomedical Holdings, Inc. also announced that, effective February 6, 2009, President, Chief Operating Officer and Director Bret Hendzel was relieved of all of his employment positions and duties with the Company for cause. Mr. Hendzel was offered a severance package, which he declined. As a result, the Company will be pursuing its legal remedies in order to recover Company shares issued to Mr. Hendzel based upon claims that the company asserts against Mr. Hendzel for various alleged breaches of fiduciary duty, including breaches arising out of the actions taken by the FDA as noted here: Superior Court filing, County of Orange, Case number 00123894.

About WayPoint Biomedical Holdings, Inc.:

WayPoint Biomedical Holdings, Inc. (PINKSHEETS: WYPH) is a pioneering biomedical firm specializing in enhancing human health, wellness and fitness. The Company developed and marketed a unique array of cutting-edge products, which included their Health Essist® Hangover-Free and Energy Boost Topical Patch, which is now for export only. For more information on WayPoint Biomedical and their product range visit

Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding WayPoint's performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, the success of enhancements to WayPoint's brand image, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. WayPoint Biomedical does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

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