New Agreement For Distribution Of PNT Glaucoma Treatment Device In China
Fountain, Hills, AZ - Coronado Industries Inc., the manufacturers of unique proprietary pneumatic devices for the non-invasive treatment of glaucoma announced that it had reached agreement with Beijing Vision World Trading Co., Ltd. to represent the company and its PNT technology in the People's Republic of China (excluding the territories of Hong Kong, Macao and Taiwan). Under this exclusive arrangement, Beijing Vision will immediately begin to obtain the necessary registration and licenses to enable Coronado's Pneumatic Trabeculoplasty (PNT) device to be sold in China.
In making the announcement, Richard Smith, chairman of Coronado Industries, said the arrangement affords wide-ranging advantages for Coronado. "The Beijing company has agreed to be responsible for all costs of bringing the PNT product to market, while Coronado will continue to own all registrations, trademarks and patents pertaining to PNT, and will license Beijing Vision as an exclusive representative under them.
"This marks a major step forward in our international marketing program to bring PNT to the millions of open-angle glaucoma and ocular hypertensive patients throughout the world," he said.
Smith said that China represents a huge market, probably the largest single glaucoma market in the world. "Because of this, we are delighted to be working with Beijing Vision, a highly reputable distributor of ophthalmic and other medical products in China. They are a highly capable sales organization who can effectively distribute the product across China," a market that could provide enormous future ring sales for Coronado.
Dr. John Sharkey, president of Coronado's subsidiary, Ophthalmic International, who also directs Coronado's marketing and licensing efforts, said that having Beijing Vision act as Coronado's representative and exclusive distributor for the company's PNT glaucoma device until the end of 2010 will allow sufficient time to successfully establish the product within the Chinese ophthalmic market.
"China represents a tremendous market for Coronado. Our PNT technology provides an efficient and thoroughly economic alternative to invasive surgery, which many Chinese glaucoma patients can neither access nor afford. The device is compact and easily transportable, and will, we believe, quickly find a place in China's mobile clinics, as well as its hospitals and ophthalmic clinics. We believe that in signing with Beijing Vision, our considerable future in China could not be in better hands, and we now look forward to working closely with them," he said.
Amy Li, the senior vice president of marketing for Beijing Vision, said that there was a great demand for an alternative treatment to invasive surgery in order to combat the growing menace of glaucoma throughout China. "We believe that Coronado's PNT technology has considerable potential and will provide a thoroughly economic alternative treatment for glaucoma in Chinese cities and villages alike. We shall move ahead quickly in our meetings with the SFDA in planning of all necessary registration and in conducing any additional clinical trials which may be necessary. We are so very pleased to play a central role in bringing the PNT device to our country," she said.
Coronado Industries, through its wholly owned subsidiary, Ophthalmic International, is focused on the development and commercialization of its patented procedure as a cost-effective alternative for the treatment of the most common types of glaucoma, which are open-angle and pigmentary, as well as for the treatment of ocular hypertension.
SOURCE: Coronado Industries Inc.