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Ingen drives ahead(Business Press, The (San Bernardino, CA) (KRT) Via Thomson Dialog NewsEdge) Jun. 19--A Yucaipa medical technology developer is preparing an August launch of its oxygen monitor while pursuing its goal of selling stock to raise capital. Ingen Technologies Inc. (IGTG.PK) paid other businesses about $125,000 to form molds, weld parts, conduct pre-tests and print data onto device pieces and packaging for OxyView. OxyView is a pneumatic gauge that attaches to oxygen tubing just below a patient's neck. The gauge provides nurses with oxygen flow data and informs care givers of any leaks or malfunctions in the oxygen line. RC Product Development and Engineering in Corona conducted research and development of OxyView. Ingen hired Acorn-Gencom Inc. in Corona to manufacture the gauge, according to a release. To date, Ingen has invested $725,000 in research and development of OxyView, said Scott Sand, Ingen's chief executive officer and chairman in an interview June 14. "We'll be in full-tilt production on OxyView in August," said Chris Wirth, director of operations. "We've got samples coming out by the end of June." Ingen plans to sell OxyView to orginal equipment manufacturers to incorporate the device into their product lines, Wirth said. Neotech in Valencia and Japanese firm Tokibo have expressed interest in OxyView, he said. The U.S. Food & Drug Administration approved the sale of OxyView in April. The U.S. Patent and Trademark Office issued a "patent-pending" statement on the device, Ingen said. The company in May filed for patent applications in Japan and China and is negotiating with a major distributor in those countries, an Ingen release said. Ingen plans to file for patent protection in Europe in July and is finalizing distribution contracts with two major distributors for the United States, Japan, China and Europe, the release said. Meanwhile, Ingen Technologies expects to secure a listing on the Over-The-Counter Bulletin Board exchange by late July, Sand said. The company is filing its 2006 financial results with the U.S. Securities & Exchange Commission this month, completing one of the numerous requirements for bulletin board consideration. "One of the requirements is that we have three consecutive year-end audits filed. We have '04 and '05, and fiscal '06 just ended," Sand said. The company is listed on the pink sheets market, an exchange that does not require its member companies to file financial reports. "We're a fully reporting company with reveneus, products and IP, which is unusual for a pink sheet company," Sand said. Ingen's stock closed at 8 cents a share June 14. Ingen had hoped to apply for bulletin board listing earlier, but attorneys took a year longer than expected to prepare the company, he said. "There's a lot of due diligence that attorneys and auditors have to perform," to take a private company public, he said. In March 2004, Ingen Technologies performed a reverse merger with pink sheet-listed firm Creative Recycling Technologies in Georgia. The move provided Ingen with a public trading history, potentially hastening its approval by the U.S. Securities and Exchange Commission for bulletin board trading. Ingen has 20 consultants. Once OxyView sales are under way, it expects to expand from its 1,200 square-foot office in Yucaipa and hire five or six more sales, shipping and administrative staff. Ingen Technologies has two other products, Secure Balance and OxyAlert. Secure Balance comprises a computer-based eye-movement test to determine balance problems and a computerized balance trainer on which patients stand to learn gait stabilization. The company began selling Secure Balance in 2002 . OxyAlert wirelessly monitors oxygen flow to patients and gauges the amount of oxygen in the tank. In February, Ingen completed a prototype of OxyAlert. The company has invested $5 million in development of the product, Sand said. 3D Instruments LLC in Anaheim will manufacture OxyAlert, the Ingen release said. |