Skyline Medical (NASDAQ: SKLN), producer of the FDA-approved STREAMWAY System for automated, direct-to-drain medical fluid disposal, has entered into an exclusive reseller agreement in which GLG Pharma, LLC intends to develop rapid diagnostic tests that utilize fluid and tissue collected by the STREAMWAY System during procedures. Per the agreement, Skyline will issue common stock to GLG Pharma in four separate tranches, with each tranche released after the achievement of certain development milestones. In addition, Skyline will pay a royalty to GLG on the sale of individual tests.
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About Skyline Medical, Inc.
Skyline Medical, Inc. 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 which 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 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 annually in the United States. For additional information, please visit www.skylinemedical.com.
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