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FOR IMMEDIATE RELEASE For
more information contact: Welch Allyn and Applied Spectral Imaging to Receive Funding from BIRD to Develop Portable Retinal Imaging Diagnostic Products Migdal Ha'Emek, Israel , 22 May, 2000 - Applied Spectral Imaging and Welch Allyn will receive a grant totaling $750,000 from BIRD (Israel - U.S. Binational Industrial Research and Development Foundation) to jointly develop portable retinal imaging diagnostic products. The companies will use Applied Spectral Imaging's proprietary SpectraCube® spectral imaging technology to identify and track the progression of retinal eye disease. Dov Hershberg, executive director of the BIRD Foundation said, "BIRD has made a strategic decision to strengthen its support of life science projects. This medical diagnostic device project, combining two outstanding companies, brings together technology, marketing, and the knowledge of the customer to create a win-win situation and a model for life science advancements. The program is precisely the type in which BIRD wants to be involved." "Welch Allyn is pleased that BIRD has made the important decision to support development of this technology" said Stephen F. Meyer, group vice president, Welch Allyn, Inc. "Their investment in this development should facilitate a more rapid realization of the technology's promise to give primary eye care providers more effective tools to diagnose and manage retinal eye disease". "Receiving this grant from BIRD not only provides external validation for the SpectraCube® technology but also gives concrete financial backing to help Applied Spectral Imaging and Welch Allyn develop a successful retinal diagnostic product," said H. Laurence Shaw, MD, CEO of Applied Spectral Imaging. "Applying our SpectraCube® technology to retinal disease has been a focus for Applied Spectral Imaging as we continue to extend our applications following the successful launch of our cytogenetic product in 1997". SpectraCube® spectral imaging is a patented breakthrough technology which separates the spectral content of light reacting with retinal tissue to provide a multi-dimensional data base which can be used for image enhancement and analysis. Spectral retinal imaging provides information not obtainable using existing techniques on key parameters of the retina, such as oxygen saturation, an early indicator in of most retinal diseases. Applied Spectral Imaging was founded in 1993 and developed SpectraCube®, a platform technology that combines conventional imaging with spectroscopy to display previously undetected information in an image. There are applications for SpectraCube® in cytogenetics, pathology and ophthalmology as well as in other fields not related to the medical industry. The technology was awarded the "European IT Grand Prize" in 1997 and the "Photonics Circle of Excellence Award" in 1995. Applied Spectral Imaging has offices in Migdal Ha'Emek (Israel), Carlsbad, CA, (US), and Mannheim (Germany). With its first marketed product, Applied Spectral Imaging is the world's leader in the 24-color imaging system market in the field of molecular cytogenetics. Welch Allyn, Inc. was founded in 1915 and is today a leading manufacturer of innovative medical and dental diagnostic equipment and miniature precision lamps. Headquartered in Skaneateles Falls, New York, U.S.A., Welch Allyn, Inc.has more than 1600 employees and numerous manufacturing, sales, and distribution facilities located throughout the world. For more information on Welch Allyn, contact Jean Vincent in Skaneateles Falls at 1-315-685-3696 or visit www.welchallyn.com. BIRD, the Israel-US Binational Industrial Research and Development Foundation, was established by the two governments in 1977. BIRD works closely with the chief scientist at the Israel Ministry of Industry and Trade, and with the US National Institute of Standards and Technology. Delegations from both these organizations are governors on BIRD's board, the chairmanship of which rotates between Israeli and U.S. representatives. The Foundation undertakes, at no cost, to find strategic partners for the development of a joint product. BIRD directly cost-shares with each partner in the project, from the R&D stage to the final packaging and initial marketing, without taking equity in either company. If a project succeeds, BIRD receives repayments based on actual revenues. If a project fails to reach commercial realization, BIRD does not request any repayment of its grant. This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in demand for products, the timing and amount or cancellation of orders and other risks. |