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SPECIALIZED HEALTH PRODUCTS INTERNATIONAL, INC.
(Name of Registrant as Specified In Its Charter)
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SPECIALIZED
HEALTH
PRODUCTS
INTERNATIONAL, INC.
November 18, 1996
Dear Shareholder:
I am pleased to take this opportunity to provide an update to you regarding our
progress with respect to the SHP product development and status with our
strategic partners.
During 1996 SHP has accomplished the following significant events:
Patent Status - During the year we have put particular emphasis on the
development of a strong intellectual property base to protect and support our
product development and delivery plan. In 1996 SHP received one new patent for
the Safety Cradle(R) sharps container and filed for an additional one which is
currently pending, one new SafetyStrip(TM) lancet patent and filed for an
additional one which is currently pending and six new ExtreSafe(TM) needle
withdrawal patents and filed for an additional one which is currently pending.
In summary, SHP now owns five sharps container patents with two pending, two
lancet patents with one pending and six needle withdrawal patents with one
pending. This gives us a firm, protective basis upon which to commercialize our
products.
Product Status - Early in the year we completed the final design of our new
Safety Cradle sharps container. We have three additional Safety Cradle concepts
that we will develop to introduce into other specific product market areas. The
new lancet strip will be completed in December. We will also be developing two
single lancet products for specific markets using the same technology. We have
completed pre-production parts for a revolutionary self-contained phlebotomy
device. We will have pre-production parts for a low-cost retractable catheter in
January. We expect to have pre-production parts for two new syringe devices in
1997.
Strategic Partner Status - On August 27th we signed an exclusive, three-year,
worldwide distribution agreement with Becton Dickinson for the sales, marketing
and distribution of our Safety Cradle sharps container line of products. This
agreement covers the new sharps container concepts that we plan to develop in
1997. We are currently negotiating a Development and Licensing Agreement with
the Vacutainer Division of Becton Dickinson for the two new single lancet
products. We are also in the discussion stages with several distributors for
sales of our SafetyStrip lancet. We will be presenting our safety phlebotomy
devices to potential strategic partners in December and our safety catheter
device in January.
655 E. Medical Drive Bountiful, Utah 84010 801-298-3360 Fax:801-298-1759
<PAGE>
Sales Status - Becton Dickinson has scheduled a National market launch of the
Safety Cradle products at their annual sales meeting in December. We expect to
generate our first sales of the SafetyStrip lancet in January. Sales of the
phlebotomy devices and catheter are projected for later in 1997. Sales for the
safety syringe devices are expected to start in 1998.
Financing Status - We are currently exploring several viable alternatives to
raise additional capital to be used for product development. We expect to
finalize the most beneficial option for the Company and shareholders by the end
of December.
This past year has been primarily dedicated toward building a strong base of
patent protected products. We expect to realize significant benefits from this
effort in the form of a growing volume of sales starting in January of 1997.
All of us at SHP are looking forward to an exciting year in 1997 as our life
saving safety products are introduced and begin to penetrate the market.
I am enclosing a copy of our new safety lancet brochure. Thank you for your
support.
Sincerely,
/s/ David Robinson
David Robinson
DR:pc
Enclosure
