Company Moves to Next Step, Builds Foundation for Increased Revenues, Branding And Positioning, as Well as a Handsome Settlement or M&A Transaction
LOS ANGELES, CA / ACCESSWIRE / March 12, 2019 / Decision Diagnostics Corp. (OTC PINK: DECN) Decision Diagnostics Corp. is a 16 year old diabetes focused bio-technology R&D firm, manufacturer, quality plan administrator, FDA registered medical device customer support organization, and exclusive worldwide sales and regulatory process agent for a growing brand of alternatives to legacy diabetic, proprietary, and pet testing glucose test strips.
Decision Diagnostics is pleased to announce and communicate that we have recently entered into a long term relationship with PARAGON Sales and Marketing Inc. to support the national growth of both our branded and private label retail products sold under our "Gen" brand, and our private label brands of Alltara!, ConsumerValue!, Infatig!, and Medicius!. Initial accounts that we have assigned to PARAGON for big box and private brand big box agreements include Walmart, CVS, Walgreens, Costco and Cardinal Health. PARAGON will also work closely with us in evaluating other potential new retail product categories and products that we may launch in both branded and private label offerings in the future.
Keith Berman, CEO of DECN commented, "Now that we have established our "Gen" technologies to the stage where we can comfortably direct our focus to the more traditional sales channels. Although never absent from our planning and operations, many intended activities and associations were held in abeyance until were confident that our "Gen" brand had been fully accepted in the market and our pricing structure stable. With our market prices now on the upswing we no longer now need to be restrained. We are beginning a full scale frontal assault on the domestic retail market immediately starting with the world's largest retailer, who by the way is already a customer.
The four year agreement with PARAGON charges them with executing and managing DECN's existing massive retail contract; completing negotiations and finalizing agreements in varied degrees of completion; introducing the company's "Gen" family of diabetic test strips to unexplored retail venues, and pursuing opportunities in new retail markets."
Chuck Deem, President & CEO of PARAGON continued, "DECN's PharmaTech Solutions subsidiary is an ideal client for PARAGON at the optimum moment in the test strip channel. The big box retail space is now ready to embrace the "Gen" line of products and advance them throughout the retail environment. PharmaTech's management and staff are deeply experienced with impressive success in developing products for a market that is still growing by leaps and bounds, moving brands from obscurity to presence, growth and rapid expansion. They know the business intimately; and we have existing business and personal relationships throughout the organizational chains of the primary US retailers and boast extraordinary sales results with each of their clients."
Product Development Updates
Our GenChoice! ("Ladybug") was submitted for FDA 510K clearance during the government shutdown. Subsequently the company has received two staff follow up letters from the FDA, the most recent letter informing the company last week that its 510K application has passed an FDA review milestone and has been moved to the FDA's substantive review team. We are pleased that we have moved from the initial review phase to the substantive phase in approximately 45 days. This event bodes well for 510K clearance.
Our GenUltimate! and the GenUltimate! TBG Precise Meter ("Dragonfly") remain the company's most exciting new product additions and those that have the highest ceilings. Product development and advanced testing have just been completed, and patient clinical trials are in the process of being scheduled in Korea. The GenUltimate! TBG product will capitalize on the GenUltimate! technology foundation, but will also feature two technologies that correct hematocrit, one new, the other somewhat traditional, that will deal with the largest interfering substance (red blood cells) in at home glucose measurements. GenUltimate! TBG will be the company's first complete system product for human diabetics; one that includes the test strips and the meter. The TBG product will set a new standard for glucose measurement precision by offering precision at the +/- 8% level. We have had discussions with one legacy manufacturer and plan to contact with the other in the next several weeks.
The company has launched its proprietary GenUltimate! 4Pets (the "Carnation") product over the past two weeks. This product includes our GenUltimate test strips calibrated for use on dogs, cats, and horses. The GenUltimate! 4Pets system also includes a meter, the first meter developed by the company for commercial sale. GenUltimate! 4Pets joins our PetSure! test strips designed to run on Alpha Trak meters by Zoetis. Our line of pet testing products are the most complete solutions in the pet testing market.
Mr. Berman concluded, "We will provide individual updates for each product discussed above in the coming days. In addition we will discuss in detail all product additions, changes and growth in our upcoming Annual Report for FY2018."
About Decision Diagnostics Corp
Decision Diagnostics Corp. is the leading manufacturer and worldwide distributor of diabetic test strips engineered to operate on legacy glucose meters. DECN's products are designed to operate efficiently and less expensively on certain glucose meters already in use by almost 7.5 million diabetics worldwide. With new inspired technology diabetic test strips already in the final stages of development, DECN products compete on a worldwide scale with legacy manufacturers currently selling to 71+ percent of a $12 billion at-home testing market.
This release contains the company's forward-looking statements which are based on management's current expectations and assumptions as of March 11, 2019, regarding the company's business and performance, its prospects, current factors, the economy, and other future conditions and forecasts of future events, circumstances, and results.
Decision Diagnostics Corp.
Keith Berman (805) 446-2973
SOURCE: Decision Diagnostics Corp.