Looking good now, FDA approval not far down the road and I believe they have an AGM today.
Enters Put Option over Final 18.8% in Objectivision P/L 11:23 17/5/2002 No.6216375
MEDICAL CORPORATION Last trade $0.470 at 14:31 16/5/2002
MEDICAL CORPORATION AUSTRALASIA LIMITED 2002-05-17 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ Medicalcorp is pleased to announce that it has entered into a put option over the final 18.8% of the equity in ObjectiVision Pty Ltd ("ObjectiVision"), held by the University of Sydney.
ObjectiVision is a medical technology company, which has researched, patented and developed a revolutionary diagnostic system ("AccuMap"), which can accurately measure visual field loss, as seen in glaucoma. The AccuMap has been enthusiastically accepted by the ophthalmology community. Further research is underway to clearly define the role of the AccuMap technology in the early detection of other disease states especially those associated with the central nervous system.
The put option enables Medicalcorp to acquire the remaining 18.8% of ObjectiVision by either;
(i) issuing 13,764,000 fully paid ordinary shares in Medicalcorp; or (ii) such amount as determined by the parties with the assistance of an independent valuation if required.
The put option expires on 30 November 2003.
On the exercise of the put option, Medicalcorp will seek any necessary regulatory and shareholder approvals required in regard to the put option.
Medicalcorp is pleased with the rapid progress made in the commercialisation of the Accumap system that is currently being used to diagnose glaucoma, a leading cause of blindness. It is also actively exploring the application of the technological platform in to other medical fields.
The current year should see Accumap achieve a significant presence in Australia and New Zealand and obtain the relevant approvals to sell in the United States and Western European markets.
The Put Option allows Medicalcorp to obtain 100% ownership of 0bjectivision Pty Ltd and to have Sydney University as a shareholder of the Company.
S Lee EXECUTIVE CHAIRMAN
Enquiries should be directed to Mr Dimitri Bacopanos or Mr Simon Lee on (08) 9218 8111.
MOD Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held