InstaCare Subsidiary Signs New Agreement for Expanded Management and Sales of Shasta Genstrip Into the $20 Billion Worldwide Diabetes Testing Market
LOS ANGELES, April 18, 2011 /PRNewswire/ -- InstaCare Corp. (OTCQB: ISCR) a leading provider of prescription diagnostics, home testing products for the chronically ill, a leading fulfillment provider of direct to patient diabetes programs, and a leading developer of revolutionary cell phone centric e-health products and technologies, today announced that its operating subsidiary, Pharma Tech Solutions, Inc., has significantly expanded its agreement to control, manage and distribute the novel at-home diagnostic product, the Shasta Genstrip. This diagnostic consumable is targeted at an existing, FDA-approved platform for in-home diabetes testing, the market leader in the $20 billion worldwide market.
The revised and expanded agreement provides Pharma Tech Solutions ("Pharma Tech") with worldwide distribution rights to all markets and complete control of the Genstrip diabetes diagnostic product, including regulatory responsibility with the US FDA, Medicare and Medicaid, plus the European Economic Area approval of the mandatory "CE" (Conformite Europeenne) conformance mark.
"This expanded agreement provides us with greater control and significantly broadens our market opportunity, accelerating our pathway to market and increasing the ultimate potential of this business line," commented Keith Berman, President of Pharma Tech Solutions, Inc. and CFO of InstaCare. "This increased control is of paramount importance, as it allows us to drive the regulatory approval process and better manage the overall initiative. We are moving with all due haste while simultaneously building a distribution, sales and marketing infrastructure necessary to support this game-changing product. "
This new diagnostic product will be targeted at diabetics already a part of the world-wide at-home diabetes testing market estimated to exceed $20 billion in 2010. Shasta Genstrip, an alternative test strip, is c