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Electro-Optical Sciences Announces Licensing Agreement With KaVo Dental GmbH to Commercialize DIFOTI(R)
| Source: Electro-Optical Sciences, Inc.
IRVINGTON, NY -- (MARKET WIRE) -- December 11, 2006 -- Electro-Optical Sciences, Inc. ("EOS")
(NASDAQ : MELA ) today announced that it has signed an exclusive licensing
agreement with KaVo Dental GmbH ("KaVo"), a leading dental equipment
manufacturer, to further develop and commercialize DIFOTI®, a U.S. Food
and Drug Administration-cleared non-invasive imaging device developed by
EOS for the detection of dental caries.
In accordance with the terms of the agreement, KaVo will pay EOS an
undisclosed upfront sum as well as up to a double digit annual royalty
based on the number of systems sold per calendar year. KaVo has made a
multi-million dollar commitment to refine the DIFOTI product for commercial
launch.
"We are excited to add DIFOTI to our product portfolio. DIFOTI presents an
ideal addition to our strategy for prophylactic and minimal invasive
technologies. It visualizes dental caries, or tooth decay in an X-Ray-like
image without exposing the patient to radiation -- with a sensitivity of up
to 10 times. We believe it will enable dentists to improve and accelerate
diagnosis. It supports therefore the current trend towards Minimally
Invasive Dentistry and fits very well with our other products in the
portfolio," said Michael Eidenschink, Business Unit Director of KaVo's High
Tech Business Unit.
"We are pleased that KaVo will be commercializing DIFOTI to realize its
true value in the high-tech dental arena. KaVo is known for its constant
innovation and we believe that their marketing expertise will allow for
tremendous success with DIFOTI," said Joseph V. Gulfo, MD, MBA, president
and CEO of EOS. "EOS remains focused on the development and
commercialization of MelaFind, our non-invasive, point-of-care instrument
to assist in the early diagnosis of melanoma."
About Electro-Optical Sciences
EOS is a medical device company focused on designing and developing a
non-invasive, point-of-care instrument to assist in the early diagnosis of
melanoma. MelaFind, EOS's flagship product, features a hand-held imaging
device that emits multiple wavelengths of light to capture images of
suspicious pigmented skin lesions and extract data. The data are then
analyzed against EOS's proprietary database of melanomas and benign lesions
using sophisticated algorithms in order to provide information to the
physician and produce a recommendation of whether the lesion should be
biopsied.
Melanoma is the deadliest of skin cancers, responsible for approximately
80% of all skin cancer deaths. Unless melanoma is detected early and
excised with proper margins, the patient survival rate is poor, as there is
currently no cure for advanced stage melanoma.
For more information on EOS, visit www.eosciences.com.
About KaVo
KaVo is the premier technology oriented dental equipment manufacturer with
a long history of leading innovations. Originally known for its superior
hand pieces and dental treatment units, KaVo has systematically developed
products in the last 30 years in the areas of prophylactic, minimal
invasive and aesthetic dentistry, serving dentists and dental labs. KaVo
has extensive market coverage world wide, with a focus in Europe, North
America, and Asia Pacific.
For more information on KaVo, visit www.kavo.com
Safe Harbor
This press release includes "forward-looking statements" within the meaning
of the Securities Litigation Reform Act of 1995. These statements include
but are not limited to our plans, objectives, expectations and intentions
and other statements that contain words such as "expects," "contemplates,"
"anticipates," "plans," "intends," "believes" and variations of such words
or similar expressions that predict or indicate future events or trends, or
that do not relate to historical matters. These statements are based on our
current beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are beyond our
control. There can be no assurance that our beliefs or expectations will be
achieved. Actual results may differ materially from our beliefs or
expectations due to economic, business, competitive, market and regulatory
factors.