FREDERICK, Md., June 3 /PRNewswire-FirstCall/ -- BioElectronics Corp. (BIEL), the maker of the ActiPatch(TM), a drug free anti-inflammatory patch, with an embedded battery operated microchip delivering continuous pulse therapy, specifically designed to speed healing, today announced that recent sales successes, particularly in the international arena, and careful expense controls have resulted in the Company recently achieving operating breakeven. Additionally, the company announced today that world renowned plastic surgeon David G. Genecov will develop, institute and complete a new research study on the use of ActiPatch therapy for the treatment of plantar fasciitis, a condition that affects tens of millions of people throughout the world. The double-blind randomized study will be completed in conjunction with leading podiatrists under Dr. Genecov's direction and supervision.
"These are clearly exciting times for all of us at BioElectronics Corporation. We are continuing to see increased user acceptance of our products not only within the general and plastic surgery related markets in the United States, but also throughout many parts of Europe and Asia," commented Andy Whelan, CEO and President of BioElectronics Corporation. "Over the past few months, our international distribution channels have seen a significant amount of success and our penetration of the general and plastic surgery markets as meaningfully increased. Combined with tight expense controls at the Company, these successes have allowed us to reach profitability sooner than we had previously expected. We are expecting our revenues to continue to grow throughout the remainder of 2008 and into 2009 as ActiPatch continues to gain increased acceptance in both the domestic and international marketplaces."
Mr. Whelan continued, "In order to further drive our future revenue opportunities, we are aggressively pursuing various clinical studies with leading medical professionals. We recently announced clinical studies for the use of ActiPatch in breast augmentation and cesarean section post-surgical care and today we are pleased to announce that an additional trial for the use of ActiPatch for the treatment of plantar fasciitis will soon get underway. As the baby boomer generation ages, Plantar fasciitis is becoming increasingly common. This condition, which is mainly caused by excessive wear to the plantar fascia, the connective tissue that supports the arch of the foot and is commonly associated with aging, obesity, pregnancy, and jobs that require a lot of work on hard surfaces, causes considerable pain to millions of people. To relieve the pain and inflammation, many have turned to non-steroidal anti-inflammatory drugs (NSAIDs) such as aspirin and ibuprofen, but the science clearly shows these are often of limited benefit. We are very excited about working with this group leading lower extremity experts on evaluating ActiPatch as a treatment for this painful condition."
Dr. David G. Genecov added, "Many Doctors of Podiatric Medicine and other medical professionals are starting to investigate the use of ActiPatch for the treatment of a variety of foot and ankle related conditions, but there has been little clinical data. The team we have assembled for this important study looks forward to providing this real world clinical data to our colleagues."
About BioElectronics Corporation
BioElectronics Corporation is the maker of the ActiPatch(TM). ActiPatch is a drug-free anti-inflammatory patch with an embedded battery operated microchip that delivers weeks of continuous pulsed therapy for about a dollar a day. The unique ActiPatch 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 in musculoskeletal complaints. The US government's 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 two pulsed electromagnetic medical device as have numerous other international record for agencies.
About David G. Genecov, MD FACS FAAP
Dr. David G. Genecov is a native of Dallas, Texas. After finishing his undergraduate degree in the Plan II Honors Program at the University of Texas, he completed his medical training at the University of Texas Health Science Center in San Antonio. Upon completion of his general surgery residency at West Virginia University, Dr. Genecov became board certified in general surgery. He continued his education at Wake Forest University -- Bowman Gray School of Medicine and completed his plastic surgery residency. He then completed a fellowship at the International Craniofacial Institute, Dallas, Texas, in Craniomaxillofacial surgery for adults and children with congenital and acquired deformities.
Widely published in both national and international literature, Dr. Genecov has also authored four medical book chapters. Dr. Genecov has received numerous awards for academic excellence, his surgical expertise and philanthropy. Most recently he was named one of the country's top surgeons by the independent Consumer Research Council of America for 2004-2005. He is Certified Member of the American Board of Plastic Surgery, a Certified Member of the American Board of Surgery, a Member of the American Society of Plastic Surgeons, a Member of the American Society of Maxillofacial Surgeons, a Member of the International Society of Craniofacial Surgeons, a Member of the Council of Health Care Advisors, and a Member of the American Academy of Anti-Aging Medicine. More information about Dr. Genecov can be seen at http://www.genecovplasticsurgery.com/images/CV_genecov.pdf .
Information on ActiPatch and BioElectronics Corporation is available at the following websites:
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.
SOURCE BioElectronics Corporation