Posted by Sandy Donchess on January 25, 2000 at 10:41:03:
SOURCE: Biocontrol Technology, Inc.
Biocontrol Technology, Inc.'s Subsidiary, Diasensor.com, Invests In MicroIslet, Inc. to Find a Cure for Diabetes
PITTSBURGH, Jan. 25 /PRNewswire/ -- Biocontrol Technology, Inc. (OTC Bulletin Board: BICO - news) subsidiary, Diasensor.com, Inc., in conjunction with MicroIslet, Inc. of San Diego, CA, is pleased to announce an alliance that has been initiated with a strategic investment by Diasensor.com into MicroIslet. With an initial equity investment of $500,000, Diasensor.com will receive a 10% stake with an option to purchase an additional 10% in the future.
MicroIslet has licensed several technologies from Duke University that have been developed over the last decade by Dr. Emmanuel Opara, Ph.D., Director of Islet Transplant Research at the Duke Medical Center. The Duke/MicroIslet technology is unique in that it is a comprehensive multi- disciplinary system developed with the goal of curing insulin dependent diabetes. Optimization of the microencapsulated islet for transplantation is the focus of the Duke/MicroIslet effort. Dr. Opara and his staff have demonstrated a proprietary methodology for the isolation, culture, storage, and immunoprotection of islet cells.
Diasensor.com's investment in MicroIslet demonstrates a commitment of the company and its parent, Biocontrol Technology, to work towards a cure for diabetes and improved quality of life for those who suffer from the disease. Diasensor.com owns the patent, marketing and distribution rights to the Diasensor®2000 noninvasive glucose monitor currently in the FDA approval process. Biocontrol Technology developed and manufactures the monitor.
More than 16 million people in the U.S. are currently living with diabetes, and approximately 4 million of these people require daily insulin therapy to help them manage their disease. People with Type I diabetes do not produce any insulin because the insulin producing beta cells have been destroyed by autoimmune reaction. People with Type I diabetes require self- monitoring of blood glucose, a strict diet, and constant administration of insulin. Although people with Type II diabetes produce some insulin, a significant percentage of these patients also require insulin injections. These populations would benefit the greatest from transplanted islets to restore normally functioning, insulin producing cells instead of only treating symptoms of the disease. It is estimated that in excess of 100 billion dollars is spent annually in the U.S. on both the direct and indirect costs related to diabetes.
John F. Steel IV, President & CEO of MicroIslet stated that current funding activity is to be used for expanded pre-clinical research in non-human primates at the Duke University Medical Center and other corporate purposes. Mr. Steel, who has Type I diabetes, further commented that reducing or eliminating that need for frequent insulin injections and blood-glucose monitoring would be a major milestone in the day-to-day management of diabetes. ``A curative therapy has the potential to dramatically reduce the burden the diabetes epidemic is placing on the national health care system.''
Fred E. Cooper, CEO of Biocontrol Technology, Inc., added that the early stage investment in MicroIslet allows Diasensor.com to expand on its diabetes interests with a technology that may potentially provide a cure for insulin dependent diabetes.
Biocontrol Technology has its corporate offices in Pittsburgh, PA, and is involved in the development and manufacture of biomedical devices and environmental products. Biocontrol owns 52% of Diasensor.com, which is also located in Pittsburgh, PA.
This press release contains statements of a forward looking nature. Shareholders and potential investors are cautioned that such statements are predictions and actual events or results may vary significantly.
Web site: www.bico.com
INVESTOR RELATIONS NEWSLINE NUMBER: 1-800-357-6204
SOURCE: Biocontrol Technology, Inc.