Skyline Medical Reports Third Quarter 2016 Financial Results

MINNEAPOLIS, Nov. 15, 2016 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (NASDAQ:SKLN) ("Skyline" or "the Company"), developer of the innovative STREAMWAY® waste fluid disposal system for medical applications, reports financial results for the three and nine months ended September 30, 2016.

Highlights of the third quarter of 2016 and recent weeks include:
  • Signed an agreement with GLG Pharma, Inc. to be the exclusive distributor of the STREAMWAY System in the U.K., Poland and certain Central European countries
  • Entered into a partnership with GLG Pharma, LLC to develop diagnostic kits to be used with the STREAMWAY System
  • Signed a Letter of Intent to form a joint venture with Electronic On-Ramp (EOR)
  • Sold a sixth and a seventh STREAMWAY System unit to a top-ranked U.S. hospital system for its headquarters location
  • Appointed Timothy A. Krochuk and J. Melville ("Mel") Engle to the Board of Directors
  • Appointed Dr. Paul Sweetnam to the Medical Advisory Board
  • Hired Peter Alex as Vice President of Sales to lead renewed initiative targeting both direct and distributed channels

Management Commentary

"The third quarter and recent weeks have been extremely active as we took a number of decisive steps to support Skyline's growth in the coming months, and to establish a foundation for highly significant longer-term opportunities.  We are grateful to our shareholders for their support and their shared optimism for our future," said Dr. Carl Schwartz, Executive Chairman of Skyline Medical. "We broadened the management team with the hire of Peter Alex as Vice President of Sales, and appointed world-class, accomplished advisors and board members in Dr. Paul Sweetnam, Tim Krochuk and Mel Engle.  Collectively these additions are improving our sales channels and pipeline of potential products, and open new opportunities for Skyline Medical.

"The recent announcement of a partnership with GLG Pharma and a letter of intent for a joint venture with EOR could be transformative, when completed.  In GLG Pharma we have a partner with distribution capability in the EU and a pipeline of products in development for rapid diagnostic tests that would utilize fluid and tissue collected by the STREAMWAY System during procedures.  EOR brings to the joint venture a Native American Indian, (8a) certified Small Disadvantaged Business owned by a Service Disabled Veteran.  EOR's Partner contracts with the U.S. National Institutes of Health (NIH) and Department of Defense are expected to provide Skyline Medical with access to bid on procurement contracts for up to $550 million or more in federal funds budgeted for health, security, life safety systems support, humanitarian assistance and disaster preparedness, and in particular mobile operating rooms."

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