Time Finance Regulatory News (TIME)

14 Sep 2009 07:00

14 September 2009

TIME.L

Timestrip plc

("Timestrip" or the "Company")

TimestripPlus - feedback from NHS trials and Appointment of Distributor

The Company is delighted to announce significant progress with its commercialisation of TimestripPlus in the healthcare sector. TimestripPlus is a cost effective and simple to use indicator that was developed from the Company's existing technology platform and shows if a product, such as a temperature sensitive drug, has been exposed to temperature abuse during storage or transit and for how long that temperature abuse lasted.

Feedback from trials by NHS pharmacies indicates that the product is capable of delivering both patient safety benefits and significant cost savings to the NHS. The Company is pleased to announce that it has signed an agreement with, and received initial orders from, Vygon UK Limited who will become the main distributor of TimestripPlus to hospital pharmacies in the UK and Ireland. The product will shortly be available through the NHS Supply Chain Catalogue and will be fully launched later this year.

TimestripPlus has been used with a number of different drug products by hospital pharmacies over recent months. In one example, a hospital pharmacy has reported a net saving of £4,000 in a four week period, achieved by using TimestripPlus with just one of its high cost, temperature sensitive drugs. Attaching a TimestripPlus to each dose has allowed the pharmacy to validate its condition when the dose is returned, unused by the ward, thereby avoiding unnecessary disposal.

Paul Freedman, Joint CEO Timestrip Plc: "These findings demonstrate the extensive commercial opportunity for TimestripPlus in the hospital pharmacy sector. The product can deliver significant and immediate cost savings to the NHS by validating the condition of and thereby preventing the unnecessary disposal of expensive, temperature sensitive drugs. There is an almost immediate payback on the investment in adopting TimestripPlus into the pharmacy protocols. We are delighted to appoint Vygon UK Limited as the main distributor of TimestripPlus and are confident that this gives the Company a great opportunity to achieve widespread adoption of the product across the NHS." 

Les Davies, Managing Director, Vygon UK Limited: "Vygon are delighted to be distributing TimestripPlus to hospital pharmacies in the UK and Ireland. Initial feedback from users has been overwhelmingly positive and it is clear that there is a compelling case for the adoption of TimestripPlus both on patient safety and commercial grounds."

Ends.

For more information please contact:

Paul Freedman, Joint CEO, Timestrip Plc 01462 440700

Geoff Nash / Ed Frisby, FinnCap, NOMAD 020 7600 1658