Guided Therapeutics, Inc., (OTCBB: GTHP) (OTCQB: GTHP), today announced that it received a $250,000 milestone payment from Freedom Meditech, Inc., a San Diego, California based ophthalmic medical device company. The payment was received as part of an agreement under which Guided Therapeutics licensed certain of its non-core intellectual property to Freedom Meditech for technology development related to scanning optical properties of the lens of the eye.
Freedom Meditech’s ClearPath DS-120™, cleared by the FDA this year, is a first-in-class, non-invasive tool designed to measure autofluorescence in the crystalline lens of the eye. Peer-reviewed studies have suggested that elevated lens autofluorescence may be an early indicator of diabetes. With 50% of the world’s diabetes population currently undiagnosed, and 100 million people in the United States with diabetes or pre-diabetes, there is an estimated $4 billion market opportunity for the product.
“We are very pleased that Freedom Meditech has recognized the potential of our biophotonic technology for scanning the eye,” said Guided Therapeutics CEO and President Mark L. Faupel, Ph.D. “By licensing our non-core technology, we are able to generate income to apply to the launch of our centerpiece LuViva Advanced Cervical Scan.”
Under the agreement, Guided Therapeutics is paid on milestones, minimum royalties and royalties on sales of Freedom Meditech’s products that use Guided Therapeutics’ intellectual property, up to a cap of $4 million. To date, payments received by Guided Therapeutics under the license agreement total $300,000.
About Guided Therapeutics
Guided Therapeutics, Inc. (OTCBB: GTHP) (OTCQB: GTHP) is the maker of a rapid and painless testing platform based on its patented biophotonic technology that utilizes light for the early detection of disease at the cellular level. The Company’s first product is the LuViva® Advanced Cervical Scan, a non-invasive device used to detect cervical disease instantly and at the point of care. In a multi-center clinical trial, with women at risk for cervical disease, the technology was able to detect cervical cancer up to two years earlier than conventional modalities, according to published reports. Guided Therapeutics is also developing a non-invasive test for the early detection of esophageal cancer using the technology platform. For more information, visit: www.guidedinc.com.
About Freedom Meditech
Freedom Meditech, Inc. is a medical device company focused on the commercialization of novel ophthalmic technologies for the detection of disease and management of patient health. In addition to ClearPath DS-120™, the company is also developing the I-SugarX, a non-invasive ophthalmic glucose monitor that measures glucose levels in the eye for people with diabetes. For more information, visit www.freedom-meditech.com, contact us at email@example.com or find us on Twitter, Facebook and LinkedIn.
The Guided Therapeutics LuViva® Advanced Cervical Scan is an investigational device and is limited by federal law to investigational use. LuViva, the wave logo and "Early detection, better outcomes" are registered trademarks owned by Guided Therapeutics, Inc.
Forward-Looking Statements Disclaimer: A number of the matters and subject areas discussed in these news releases that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from Guided Therapeutics’ actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include those related to the early stage of products in development, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the uncertainty of capital to develop products, the uncertainty of regulatory approval of products, dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading “Risk Factors” in Guided Therapeutics’ reports filed with the SEC, including Guided Therapeutics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and subsequent quarterly reports.
Mark Faupel, 770-242-8723
Alison Ziegler, 212-554-5469