VeriTeQ Endorses England’s Decision to Launch Breast Implant Registry to Track Procedures and Devices

VeriTeQ’s Q Inside Safety Technology Provides Proprietary Unique Device Identification of Breast Implants In Vivo in the Event of Safety Issue or Recall

Business Wire

DELRAY BEACH, Fla.--(BUSINESS WIRE)--

VeriTeQ Corporation (“VeriTeQ”) (OTC Markets: VTEQ), a provider of implantable medical device identification and radiation dose measurement technologies, announced today that a new breast implant registry will be launched in England beginning early this year to track breast implant procedures performed in the country. Health ministers in Wales, Scotland and Northern Ireland will also be encouraged to join the register.

Health ministers in England are expected to announce the launch of the pilot registry this month, and legislation to make it a statutory requirement is expected later this year. The cosmetic procedures market in the UK totaled £750m in 2005, and reached £2.3bn in 2010. It is forecast to reach £3.6bn by 2015.

VeriTeQ’s FDA cleared Q Inside Safety Technology™ acts as an electronic serial number to enable physicians and patients to access a secure online database to retrieve implant-specific data, such as serial number, manufacturer name, date of manufacture, lot number, volume, size, and other data. Q Inside Safety Technology can be the technology option to aid the registry by providing accurate device identification that cannot be lost or entered incorrectly into a patient’s electronic health record.

Following the Poly Implant Prothese (“PIP”) scandal that occurred throughout the EU in which tens of thousands of women received defective breast implants, legislators and the healthcare community are focused on improving healthcare records and device traceability through a mandated registry, much like the registry currently used to record hip and knee surgeries.

“We have continually pronounced our belief that all medical devices should be able to be identified non-invasively from within the body, without the need to explant a device, in the event of a safety issue or recall,” said Scott R. Silverman, Chairman and CEO of VeriTeQ. “The PIP scare is an unfortunate yet perfect example of why it is critical for this type of accurate device identification. There are still many women in the EU who do not know that they received PIP implants, which carry a significantly higher chance of rupture.”

About VeriTeQ

VeriTeQ develops innovative, proprietary RFID technologies for implantable medical device identification, and dosimeter technologies for use in radiation therapy treatment. VeriTeQ offers the world's first FDA cleared RFID microchip technology that can be used to identify implantable medical devices, in vivo, on demand, at the point of care. VeriTeQ's dosimeters provide patient safety mechanisms while measuring and recording the dose of radiation delivered to a patient in real time. For more information on VeriTeQ, please visit www.veriteqcorp.com.

Statements in this press release about our future expectations, including, without limitation, the likelihood that a breast implant registry will be launched in England beginning early this year to track breast implant procedures performed in the country; the likelihood that health ministers in Wales, Scotland and Northern Ireland will also be encouraged to join the register; the likelihood that health ministers are expected to announce the launch of the pilot registry this month, and legislation to make it a statutory requirement is expected later this year; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, VeriTeQ’s ability to commercially launch its Q Inside Safety Technology in the EU; the Company’s ability to target the UDI sector and medical device manufacturers; VeriTeQ’s ability to raise capital; as well as other risks. Additional information about these and other factors may be described in VeriTeQ’s Forms 10-Q, filed on August 9, 2013 and November 14, 2013, and future filings with the Securities and Exchange Commission The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.

Contact:
VeriTeQ
Allison Tomek, 561-846-7003
atomek@veriteqcorp.com

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