Skyline Medical Awarded Innovative Technology Contract from Vizient, Inc. for STREAMWAY ® System

MINNEAPOLIS, March 01, 2017  -- Skyline Medical Inc. (NASDAQ:SKLN) (“Skyline” or “the Company”),producer of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal has received an Innovative Technology contract  from Vizient, Inc. With an annual purchasing volume of almost $100 billion, Vizient is the largest, member-driven health care performance improvement company in the country. The contract was based on a recommendation of STREAMWAY by hospital experts with expertise in this category who serve on one of Vizient’s member-led councils.  Innovative Technology contracts are reserved for technologies that demonstrate an ability to enhance clinical care or patient safety, and those that improve an organization’s care delivery and business model.

“We are delighted that STREAMWAY has been awarded the Innovative Technology contract, which will provide new avenues to reach member organizations as potential customers for STREAMWAY,” said Dr. Carl Schwartz, chief executive officer of Skyline Medical.  “We also are honored that the system has been recognized by Vizient for its innovation. The award is the culmination of more than a year’s work for Skyline, beginning with a presentation and subsequent participation in Vizient’s Summit.  The award has permitted STREAMWAY to be added to Vizient’s contracts outside of its competitive bidding cycle.”

 

“Due to the number of products and services being released and marketed as ‘innovative’, member hospitals truly value the peer-review system in place at Vizient to help them identify products worth further evaluation at their own facilities,”  said Debbie Archer, director of procurement and leader of Vizient’s Innovative Technology program for suppliers.  “After a review of the STREAMWAY® System, Vizient’s member council agreed this solution offers unique and incremental benefit over other products available on the market today, and recommended it for an Innovative Technology designation.”

 

Vizient, Inc. represents the combined strengths of the organizations formerly known as VHA Inc., University HealthSystem Consortium, Novation and MedAssets’ Spend and Clinical Resource Management. Since 2003, nearly 2200 new and innovative products and technologies have been submitted through the Vizient Innovative Technology program. Vizient works with member-led councils and task forces to identify and review potentially innovative products. If it is determined that a product is innovative, a contract may be awarded outside of Vizient’s competitive bid cycle.

 

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.  As of September 30, 2016, Skyline Medical customers have installed 96 STREAMWAY systems in 50 facilities across 19 states.

 

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.

 

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, 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, including the possibility that the development of applicable technologies by GLG Pharma, LLC will be delayed, will not occur or will not receive applicable regulatory approvals on a timely basis; the Company's ability to consummate its joint venture with Electronic On-Ramp, Inc.; the Company's ability to enter into agreements with any necessary marketing and/or distribution 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.

 

 

 

 

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Kim Sutton Golodetz

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