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Published in Stocks and Investing on Thursday, May 14th 2009 at 6:48 GMT, Last Modified on 2009-05-14 06:50:21 by Market Wire🞛 This publication is a summary or evaluation of another publication
FREDERICK, MD--(Marketwire - May 14, 2009) - BioElectronics Corp. (
ActiPatch™ is a medical device that utilizes Pulsed Electro-Magnetic Frequency (PEMF) to accelerate healing of soft tissue injuries. A drug-free patch with an embedded battery operated microchip; ActiPatch™ delivers weeks of continuous pulsed therapy. Patients suffering from pain and swelling in conditions such as low back pain, sports and work injuries, ankle sprain, tennis elbow, all kinds of sprains & strains and inflammation can benefit from this product. Its unique delivery system, using patented technology, provides a cost-effective patient friendly method to reduce soft tissue pain & swelling.
ActiPatch™ will be available within the Indian market in four different ranges; for back pain therapy, knee pain therapy, foot & ankle pain therapy, and for wrist pain therapy. The ActiPatch™ range for back pain & knee pain therapy works for maximum 720 hours (30 days) and that of foot & ankle and the wrist pain therapy has a working time of 360 hours (15 days). In India, ActiPatch™ will be available by prescription.
According to the American Chronic Pain Association, pain is the number one cause of adult disability. The Indian Pain Management market is valued at Rs. 3000 crore with around 1.5 lakh patients on some form of pain management therapy everyday.
Dr. Swati Piramal, Director, Piramal Healthcare Ltd., said, "At Piramal Healthcare we believe in reducing the burden of disease. Propelled by our core values of Knowledge Action Care, Piramal Healthcare strives to apply breakthrough technology and continuously explore innovations to alleviate the lives of the end patients. With the ActiPatch™ launch, we are delighted to bring yet another advanced product to India to offer a cost effective healing solution."
Andrew J. Whelan, CEO of BioElectronics Corporation, explains, "We congratulate Piramal Healthcare on bringing this important technology to India. With its strong infrastructure, Piramal Healthcare is a right partner to help us roll our product in India. We look forward to working with Piramal to make this revolutionary product a success in the Indian market."
About the Piramal Group
The Piramal Group, led by Ajay G. Piramal is one of India's foremost business conglomerates. Driven by the core values of Knowledge Action Care, the Piramal Group has interests in a myriad of industries that encompass healthcare, drug discovery & research, diagnostics, glass and real estate. The Piramal Group steadfastly pursues inclusive growth while adhering to ethical and value driven practices. The Group's turnover exceeded US$ 900 million in FY2009.
About Piramal Healthcare Ltd.
Piramal Healthcare Ltd., a Piramal Group company, is one of India's largest pharmaceutical companies, with a growth track record of above 29% CAGR since 1988. Piramal Healthcare had consolidated revenues of US$ 656 million in FY2009. The Company is currently ranked 4th in the Indian market with a diverse product portfolio spanning fourteen therapeutic areas. The Company is also one of the largest custom manufacturing companies with a global footprint of assets across North America, Europe and Asia. Piramal Healthcare is listed in India on the National Stock Exchange and the Bombay Stock Exchange.
About BioElectronics Corporation
BioElectronics Corporation is the maker of ActiPatch® Therapy, RecoveryRx™ Devices, HealFast™ Therapy ([ www.healfasttherapy.com ]) and Allay™ family of inexpensive, disposable drug-free anti-inflammatory devices. These devices utilize embedded battery operated microchips to deliver weeks of home therapy for only about a dollar a day. The unique delivery system, using patented technology, provides a cost effective patient friendly method to reduce soft tissue pain and swelling. ActiPatch is approved by health Canada for the relief of pain and musculoskeletal complaints. The US government food and drug administration (FDA) has cleared the use of the product for reducing edema (swelling) following blepharoplasty and the European Union has approved the product as a Class II pulsed electromagnetic medical device as have numerous other international agencies. For more information please see [ http://www.BioElectronicsCorp.com ].
Safe Harbor Statement
This news release contains forward-looking statements related to future growth and earnings opportunities. Such statements are based upon certain assumptions and assessments made by management of both companies in light of current conditions, expected future developments and other factors it believes to be appropriate. Actual results may differ as a result of factors over which the company has no control.
