Skyline Medical Opens New European Headquarters to Drive International Sales of the STREAMWAY System
January 26 2018 - 11:30AM
Skyline Medical Inc (NASDAQ:SKLN) (“Skyline” or the “Company”),
today announced that it has opened new European headquarters in
Belgium and appointed Jean-Paul Rasschaert as Vice President of
International Sales to drive international sales for the STREAMWAY
System. Based in Brussels, Mr. Rasschaert will be responsible for
overseeing sales of the Company’s FDA-approved STREAMWAY® System
for automated, direct-to-drain medical fluid disposal to hospitals
and medical centers across Europe.
In 2017, the Company initiated an aggressive U.S. sales and
marketing campaign for the STREAMWAY system, which resulted in a
meaningful ramp in domestic sales in the fourth quarter of 2017 and
early 2018. The Company also made initial investments in its
international sales and marketing strategy by signing independent
distribution agreements in Australia, Canada and Switzerland, as
announced in November 2017. The opening of a European Headquarters
in Brussels, Belgium marks the latest milestone in the Company’s
expanded sales and marketing strategy.
Mr. Rasschaert is a senior executive with extensive sales and
marketing expertise in both the U.S. and international medical
device markets. He joins Skyline Medical from Mitral Technologies,
a medical device company, where he served as President, CEO and
Co-founder. He has also served in senior leadership positions at
Cormove, MitralFlex, Epitek, CardialCare, Timm Medical
Technologies, and InStent and has held several board positions at
medical technology start-ups. He started his career as a product
manager in the pacemaker business at Medtronic’s European
headquarters in Brussels, Belgium.
“We consider Europe to be a major potential market for STREAMWAY
System sales,” Dr. Carl Schwartz, CEO of Skyline Medical,
commented. “The EU has stated the importance of the proper
management of hazardous or infectious health-care waste in order to
minimize any risk to both the environment and healthcare staff. Our
solution is therefore perfectly suited to the European market and I
am pleased to welcome Jean-Paul to Skyline so he can drive sales in
the region. He has a consistent track record of achieving strong
sales growth at both large medical device companies and at several
start-ups, where he helped to educate the market about new products
and demonstrated an entrepreneurial mindset. I am confident his
proven leadership and sales expertise will be an asset to the
Company. Jean-Paul was instrumental in securing our agreement with
an independent distributor based in Switzerland which we announced
in November 2017, and I am pleased to have him join us as Vice
President of International Sales.”
Mr. Jean-Paul Rasschaert, Vice President of International Sales
at Skyline Medical, commented, “I am excited to join Skyline
Medical at a time when it is starting to see increased sales
momentum for its STREAMWAY System. The STREAMWAY System offers
unrivalled benefits to hospitals that are looking to responsibly
manage their medical waste while reducing costs and provides a
much-needed solution to Europe’s problem of medical waste
management. I hope my decades of experience in medical device sales
and strong industry networks will help support sales growth at the
Company.”
As part of Mr. Rasschaert's compensation package he will receive
inducement stock options in accordance with NASDAQ listing rules
for 50,000 shares of Skyline common stock at $0.97 per share. The
options will vest quarterly in four equal installments over a
12-month period and have a term of 10 years.
About the STREAMWAY System
Skyline's revolutionary, FDA-cleared STREAMWAY System is the
first true direct-to-drain fluid disposal system designed
specifically for medical applications, such as radiology,
endoscopy, urology and cystoscopy procedures. It connects directly
to a facility's plumbing system to automate the collection,
measurement and disposal of waste fluids.
The STREAMWAY minimizes human intervention for better safety and
improves compliance with Occupational Safety and Health
Administration (OSHA) and other regulatory agency safety
guidelines. It also provides unlimited capacity for increased
efficiency in the operating room, which leads to greater
profitability. Furthermore, the STREAMWAY eliminates canisters to
reduce overhead costs and provides greater environmental
stewardship by helping to eliminate the approximately 50 million
potentially disease-infected canisters that go into landfills
annually in the U.S. For a demonstration please visit
www.skylinemedical.com or call 855-785-8855.
In the fourth quarter of 2017, Skyline Medical announced its
intention to enter the precision medicine space through a strategic
partnership with Helomics Corporation. As of February 1, 2018, the
Company’s corporate name will be changed to Precision
Therapeutics.
About Skyline Medical
Skyline Medical produces a fully automated, patented,
FDA-cleared waste fluid disposal system that virtually eliminates
staff exposure to blood, irrigation fluid and other potentially
infectious fluids found in the healthcare environment. Antiquated
manual fluid handling methods that require hand carrying and
emptying filled fluid canisters present an exposure risk and
potential liability. Skyline Medical's STREAMWAY System fully
automates the collection, measurement and disposal of waste fluids
and is designed to: 1) reduce overhead costs to hospitals and
surgical centers; 2) improve compliance with OSHA and other
regulatory agency safety guidelines; 3) improve efficiency in the
operating room, and radiology and endoscopy departments, thereby
leading to greater profitability; and 4) provide greater
environmental stewardship by helping to eliminate the approximately
50 million potentially disease-infected canisters that go into
landfills each year in the U.S. For additional information,
please visit www.skylinemedical.com.
Forward-looking Statements
Certain of the matters discussed in this announcement contain
forward-looking statements that involve material risks to and
uncertainties in the Company's business that may cause actual
results to differ materially from those anticipated by the
statements made herein. Such risks and uncertainties include risks
related to the proposed joint ventures, including the need to
negotiate the definitive agreements for the joint ventures;
possible failure to realize anticipated benefits of the joint
ventures; and costs of providing funding to the joint ventures.
Other risks and uncertainties relating to the Company include,
among other things, current negative operating cash flows and a
need for additional funding to finance our operating plan; the
terms of any further financing, which may be highly dilutive and
may include onerous terms; unexpected costs and operating deficits,
and lower than expected sales and revenues; uncertain willingness
and ability of customers to adopt new technologies and other
factors that may affect further market acceptance, if our product
is not accepted by our potential customers, it is unlikely that we
will ever become profitable; adverse economic conditions; adverse
results of any legal proceedings; the volatility of our operating
results and financial condition; inability to attract or retain
qualified senior management personnel, including sales and
marketing personnel; our ability to establish and maintain the
proprietary nature of our technology through the patent process, as
well as our ability to possibly license from others patents and
patent applications necessary to develop products; the Company's
ability to implement its long range business plan for various
applications of its technology; the Company's ability to enter into
agreements with any necessary marketing and/or distribution
partners and with any strategic or joint venture partners; the
impact of competition, the obtaining and maintenance of any
necessary regulatory clearances applicable to applications of the
Company's technology; and management of growth and other risks and
uncertainties that may be detailed from time to time in the
Company's reports filed with the Securities and Exchange
Commission, which are available for review at www.sec.gov.
This is not a solicitation to buy or sell securities and does not
purport to be an analysis of the Company's financial position. See
the Company's most recent Annual Report on Form 10-K, and
subsequent reports and other filings at www.sec.gov.
Contacts:
Skyline MedicalCarl Schwartz, Chief Executive
Officer(651) 389-4800cschwartz@skylinemedical.com
Investors KCSA Strategic CommunicationsElizabeth Barker (212)
896-1203 ebarker@kcsa.com
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