ORLANDO, FL -- (Marketwired) -- 04/23/14 -- MEDITE Group, a leading developer and manufacturer of innovative, high-quality equipment and supplies for histology, pathology and cytology laboratories, has signed an OEM agreement with a leading anatomical pathology company to distribute MEDITE's proprietary high transparency coverslipping film to be used in all Tape-Coverslipper machines. MEDITE's branded CytoTape is manufactured in Germany and was commercially launched in 2013. It was specifically designed for perfect optical characteristics, long durability and the ability to withstand higher temperatures. Tape-Coverslippers can process up to 1,200 microscopic slides per hour compared to up to 400 slides per hour for standard glass coverslippers, a key advantage for high volume labs in the cancer diagnostic segments of cytology and histology.
Under the terms of the agreement, this leading anatomical pathology company will have exclusive rights to market, sell and distribute MEDITE's coverslipping film as an OEM product in the U.S. and Canada. MEDITE anticipates this agreement, along with the positive response to CytoTape experienced in other global markets, will be a significant contributor to the Company's revenue growth in 2014. The Company did not report meaningful revenue from CytoTape in 2013 as it was launched late in the year.
"After significant investments into the development of innovative new products in previous years, the focus for the past year has been developing new sales channels primarily in the North American market for our products," commented Michaela Ott, Chief Executive Officer of CytoCore (Ms. Ott was Co-President and CEO of MEDITE prior to the recent acquisition with CytoCore). "Reflecting our innovative heritage as a manufacturer of quality products that are highly valued by leading laboratory companies, CytoTape is an outstanding product with features preferred by high-volume labs, such as accelerated adhesiveness and cost effectiveness. It is being used by labs globally and based on the market's acceptance and positive feedback along with today's announcement; we believe it could become a standard for every lab that uses Tape-Coverslippers."
On April 3, 2014, MEDITE completed an acquisition transaction with CytoCore, Inc. (OTCBB: CYOE). The Company is positioned to emerge as a rapidly growing disruptive force in the multi-billion dollar global histology and cytology systems marketplace for cancer detection.
The Holding MEDITE Enterprise Inc., Orlando, wholly-own Medite GmbH a Germany-based Company with its subsidiaries CytoGlobe GmbH (Cytology Products, Germany), Medite GmbH (Distributor, Austria), Medite Inc. (Distributor, Americas). Since 1978, MEDITE® Group has specialized on the development, manufacture and distribution of medical laboratory automation equipment and supplies for pathology, histology and cytology. For these fields, the Company offers a complete range of devices and consumables. MEDITE Group currently sells into 70 countries and is the market leader in Germany. Through CytoGlobe, a wholly owned subsidiary, MEDITE offers a full range of products for Cytology labs. Additional information on MEDITE's products and services can be found at www.medite-group.com. CytoCore®, Inc. is a biomolecular diagnostics company engaged in the design, development, and commercialization of cost-effective cancer screening systems and Biomarkers to assist in the early detection of cancer.