Endeavor Power Corp. Announces New CEO & Targets $14 Billion Point of Care Testing Market
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Endeavor Power Corporation ("Endeavor" or the "Company") (OTCQB: EDVP) is pleased to announce that J. Michael Redmond has been appointed as the Company's new CEO, President and member of the Company's Board of Directors.
Mr. Redmond is an accomplished senior executive with wide-ranging experience and an industry veteran in the diagnostic, medical device and biotech markets. He brings over 29 years of experience in business development, licensing/acquisitions, sales management, product management and marketing management derived from his work at companies such as Abbott Laboratories Diagnostics Division, KMC Systems, Bioject and DxTech, Inc. Mr. Redmond has successfully grown early stage companies and created shareholder value. While at Bioject he helped grow the market cap from $10M to over $300M and while at KMC and DxTech he successfully negotiated partnerships with several international medical and diagnostic companies.
Endeavor Chairman Edward W. Withrow III commented, "The Company's Board of Directors is thrilled to have Michael Redmond at the helm during this important stage in the Company's development. The Board believes that Mike is the best person to grow Endeavor Sciences, Inc. and execute its business plan. He is a hands-on, pragmatic and very capable executive, and has a clear focus and vision for the Company and its shareholders."
Endeavor's wholly owned operating subsidiary, Endeavor Sciences Ltd., is a world-class, innovative medical diagnostics company headquartered in Cambridge, MA. The Company's FDA approved innovative technology platform provides rapid, qualitative and quantitative, high performance point-of-care diagnostic tests. All that is required from the patient is a single prick of blood and Endeavor's diagnostic technology can deliver extremely precise and accurate results. The testing takes place in close proximity to the patient, and results are delivered within 15 minutes without the need to send samples to a laboratory for analysis.
Mr. Redmond, the Company's newly appointed President and CEO commented, "This is an exciting time to be in the Point of Care Testing ("POCT") business. It is like a perfect storm of market drivers including the need to reduce healthcare costs, provide better healthcare to patients and the growing development of the healthcare industry in BRIC countries such as Brazil, Russia, India and China."
The POCT market has been predicted to reach a total market value of $34.6 billion by 2021, according to a recent report published by Kalorama Information. With the ability to help reduce healthcare costs while simultaneously improving patient care, POCT represent a significant and growing share of the global in vitro diagnostics ("IVD") market, according to Kalorama. In 2010 the value of the POCT market was $13.4 billion and grew to $13.8 billion in 2011. Over the five-year period to 2016 the market is expected to experience a compound annual growth rate (CAGR) of 3.7%, to further increase its value to $16.5 billion.
Mr. Redmond added, "The reason for the shift from central laboratory to POCT and steady growth in the type and number of POC tests performed have been stimulated by various factors such as increased competency of test results, reduced costs, better access for patients and a general reduction in patient time spent with healthcare providers. The patient receives tests results at the health provider facility, which allows the physician to more efficiently treat and an opportunity to generate additional income from performing the test in-house. We are coming to the market at the perfect time with a value proposition that reduces cost and increases efficiency. It is a win-win for all the players in the system and a huge opportunity for Endeavor Sciences."
ABOUT ENDEAVOR POWER CORPORATION
Endeavor Power Corp. ("Endeavor") is a fully reporting Nevada corporation traded on the OTCQB under the symbol "EDVP". The Company's wholly owned subsidiary Endeavor Sciences, Ltd. is a world-class medical diagnostics company headquartered in Cambridge, MA with an FDA approved innovative technology platform for rapid, qualitative and quantitative, high performance point-of-care diagnostic tests, which deliver extremely sensitive and accurate results while testing close to a patient within 15 minutes. Each diagnostic test requires only a single pinprick of whole blood. Endeavor owns 11 FDA Cleared point-of-care immunoassay diagnostic tests, based on its Target System platform ("Target System") in the area infectious disease and pregnancy and an FDA Cleared light spectrum immunoassay bench top analyzer, the VT 1000, developed specifically for its Target System platform. Endeavor's tests are ready to be prepared for market and have been tested by the FDA and have met all of the regulatory agencies requirements for commercial sale in the U.S. More information is available at www.endeavorpowercorp.com.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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