Precision Therapeutics Granted European Patent for its Medical Fluid Disposal System

Precision Therapeutics Inc., a company focused on applying artificial intelligence to personalized medicine and drug discovery, is pleased to announce that on July 11, 2018 the European Patent Office (EPO) granted European Patent No. 2948200 covering the Company’s STREAMWAY System for automated, direct-to-drain medical fluid disposal, which is sold through the Company’s Skyline Medical division. The Company is seeking national validation of its European patent in 11 European countries, including Belgium, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Spain, Sweden and the United Kingdom. As a result of the granting of the European patent, the Company has confidence that its intellectual property is protected as it executes on its sales strategy for its revolutionary, CE-marked, STREAMWAY System in Europe.

Dr Carl Schwartz, Chief Executive Officer of Precision Therapeutics, commented, “We view this announcement as recognition of the unique benefits of the STREAMWAY System and validation of our belief that we have a one-of-a-kind offering that fulfils an unmet need in Europe. Our international expansion strategy is underway, led by our European Headquarters, which opened earlier this year, and supported by our strong team of in-house sales reps and local independent distributors. As we continue to grow our presence in Europe, we are pleased to have this patent in place to provide protection for our product.”

The STREAMWAY System is a true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. The STREAMWAY System connects directly to a facility’s plumbing system to automate the collection, measurement and disposal of waste fluids. This 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 System eliminates the need for canisters – thereby reducing overhead costs and providing greater environmental stewardship by helping eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the US – Medical Buyer Bureau