DANVILLE, Calif., Feb. 23, 2011 (GLOBE NEWSWIRE) -- S3Investment Company, Inc. (Pink Sheets:SIVC) today updated the status laboratory and clinical trials for the first product that its Redwood Medical subsidiary will distribute in the China market. Redwood Medical has entered into an agreement with the testing laboratory, and the reagents, verification specimens, and instruments have been sent to the laboratory in Beijing. The company expects testing, which will take approximately one week to complete, to begin as early as this week.
Redwood Medical, which represents companies seeking to import Western medical technologies and products into China, has an exclusive distribution agreement to distribute the product in China market, which is seeing increased demand for the best available medical technologies for a growing number of hospitals and clinics in the country.
Redwood Medical has entered into an agreement with two hospitals in Beijing, one with 800 beds and the other with 1,200 beds, for the purposes of conducting the clinical trials. Testing at the two hospitals will begin immediately after the testing laboratory has completed their testing. The hospital clinical trials are expected to take two weeks, and the trials will occur at both hospitals at the same time.
The product itself has already secured State Food and Drug Administration (SFDA) clearance, China's equivalent of FDA clearance in the United States, and can be sold in the country. The additional approvals currently being sought are for reagents that are utilized as part of the product's operation. The clearance process requires certain laboratory testing at a state operated testing laboratory and clinical trials at two hospitals.
"We are extremely confident regarding the outcome of testing that will be done on the product reagents," said S3 Investment Company Chairman and CEO Jim Bickel. "This is a product that is currently in use in markets around the world, and SFDA clearance is just a necessary step to launch distribution in China. There was a brief delay in initiating the testing due the timing of China's New Year, but with that holiday behind us, we are moving full speed ahead with the testing."
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About S3 Investment Company, Inc.
S3 Investment Company, Inc. () and its Redwood Group International subsidiary are focused on facilitating the success of its subsidiaries operating in the China market, including Redwood Capital, Inc. Redwood Capital assists private companies in Asia through the process of accessing capital markets through Alternative Public Offerings (APO) transactions. The company has participated in transactions for clients which are now listed on exchanges including the U.S. Over-the-Counter Bulletin Board (OTCBB) market and Canada's Toronto Stock Exchange (TSX) and has a pending client transaction on the Australian Stock Exchange. For more information, please visit http://www.redwoodcapinc.com. The Redwood Asia Fund, LP is a private equity fund formed to facilitate faster capital response to the financing needs of Redwood Capital clients. Redwood Medical, Inc. assists companies seeking to import and distribute Western medical technologies and products into the China market.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.
CONTACT: S3 Investment Company Investor Relations investors@redwoodgroupint.com