Lifeline Scientific, Inc USD3.3m China order & trading update (5241J)

TIDMLSIC

RNS Number : 5241J

Lifeline Scientific, Inc

18 December 2015

Lifeline Scientific, Inc.

("Lifeline" or the "Company")

Key Distributor order from China of $3.3m

& Update on Trading

Lifeline Scientific (AIM: LSIC), the transplantation technology company, announces receipt of a stocking order from its principal distributor in China worth approximately US$3.3m.

The Company also announces that it expects revenues for the year ending 31 December 2015 to be ahead of market expectations of US$36.3m and for adjusted pre-tax profit to be materially ahead of market expectations of US$3.4m. A further trading update will be provided in January.

China order

This order follows on from the 2015 China Food and Drug Administration (CFDA) regulatory approvals for the Company's full line of branded organ preservation and transport products, including the September approval of the global market leading LifePort Kidney Transporter and related single-use consumable devices.

During LifePort's regulatory review process, 21 of China's major renal transplant centres adopted LifePort under observational research protocols, during which time revenues of over US$3.3m were realised by the Company and a reported 1,340 LifePort preserved kidneys were successfully transplanted.

Following CFDA regulatory approvals, Lifeline has been working closely with its distribution partner in China as they prepare for a phased nationwide commercial launch during 2016 of the Company's products to China's 169 renal transplant centres. Efforts have focused on providing extensive clinical training, technical and logistics support.

With China's official transplant waiting list reported at over 30,000 patients, and a reported several hundred thousand end-stage renal and liver disease patient population driving demand, China has potential to become a transplant market equivalent to or larger than the US and Europe over the next five to ten years. As a key strategic initiative, Lifeline Scientific has made significant investments in the region since 2010 in market research and developing key clinical and distributor relationships.

Commenting, David Kravitz, CEO of Lifeline Scientific, said: "It has been a main focus to establish our Company's full product line throughout Asia. China is among the largest developing transplant markets in the World, and its Health Ministry appears fully committed to a long term programme for achieving meaningful advancements in the country's organ donation and transplantation infrastructure and practices. These changes include adopting best available technologies and protocols in order to achieve the best outcomes for its patient population. Our proprietary LifePort machine preservation products have a first mover advantage in this market, and we aim to support these and our future innovations in donor organ care becoming clinical standards of care nationwide."

 
 Lifeline Scientific, Inc.                              www.lifeline-scientific.com 
 David Kravitz, CEO                                            Tel: [phone] 
 Lisa Kieres, CFO                                              Tel: [phone] 
 
 Panmure Gordon (UK) Limited                               Tel: [phone] 
 Freddy Crossley (Corporate 
  Finance) 
 Maisie Atkinson (Corporate 
  Broking) 
 
 Walbrook PR Limited           Tel: [phone] or [e-mail] 
 Paul McManus                                              Mob: [phone] 
 Mike Wort                                                 Mob: [phone] 
 

About Lifeline Scientific Inc.

Lifeline Scientific, Inc. is a Chicago-based global medical technology company with regional offices in Brussels and Sao Paulo. The Company's focus is the development of innovative products that improve transplant outcomes and lower the overall costs of transplantation. Its lead product, LifePort Kidney Transporter, is the global market-leading medical device for hypothermic machine preservation of donor kidneys. LifePorts and novel solutions designed for preservation of other organs are in development, with LifePort Liver Transporter next in line for commercial launch. For more information please visit www.lifeline-scientific.com

About LifePort Kidney Transporter

Created with the challenges of organ recovery and transport in mind, LifePort Kidney Transporter is a proprietary medical device designed to help improve kidney preservation, evaluation and transport prior to transplantation. It has been widely studied in clinical trials throughout the world and is the standard of care for machine preservation of donor kidneys. Employed by surgeons in over 206 leading transplant programmes in 29 countries, LifePorts have successfully preserved more than 70,000 kidneys indicated for clinical transplant. For more information please visit www.organ-recovery.com

About LifePort Liver Transporter

LifePort Liver Transporter is modelled upon the clinically proven technology platform of LifePort Kidney Transporter and the Company's early HMP prototype successfully used in clinical transplant studies by surgeons at New York-Presbyterian Hospital/Columbia University Medical Center. LifePort Liver Transporter and the Company's proprietary machine preservation solution, Vasosol(R), are in the process of US and international regulatory registrations. The system is designed to help improve outcomes in liver transplantation by enabling the clinical use of hypothermic machine perfusion, and has been developed in consultation with clinical and research teams specialising in liver transplantation at Columbia University Medical Center and the University of Chicago. The system employs a rugged, streamlined ergonomic design for ease of use and transportability from donor bedside to recipient operating room. For more information please visit: http://www.organ-recovery.com/pipeline.php

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCQVLBFELFEFBX

(END) Dow Jones Newswires

December 18, 2015 02:00 ET (07:00 GMT)