Skyline Medical Inc (SKLN) Wins Contract with Vizient; Shares Soar
Skyline Medical Inc (NASDAQ:SKLN) are overwhelmingly excited today after the medical device maker has received an Innovative Technology contract from Vizient. In reaction, Skyline Medical shares are rising over 40% to $2.76.
With an annual purchasing volume of almost $100 billion, Vizient is the largest, member-driven health care performance improvement company in the country. The contract was based on a recommendation of STREAMWAY by hospital experts with expertise in this category who serve on one of Vizient’s member-led councils. Innovative Technology contracts are reserved for technologies that demonstrate an ability to enhance clinical care or patient safety, and those that improve an organization’s care delivery and business model.
“We are delighted that STREAMWAY has been awarded the Innovative Technology contract, which will provide new avenues to reach member organizations as potential customers for STREAMWAY,” said Dr. Carl Schwartz, chief executive officer of Skyline Medical. “We also are honored that the system has been recognized by Vizient for its innovation. The award is the culmination of more than a year’s work for Skyline, beginning with a presentation and subsequent participation in Vizient’s Summit. The award has permitted STREAMWAY to be added to Vizient’s contracts outside of its competitive bidding cycle.”
“Due to the number of products and services being released and marketed as ‘innovative’, member hospitals truly value the peer-review system in place at Vizient to help them identify products worth further evaluation at their own facilities,” said Debbie Archer, director of procurement and leader of Vizient’s Innovative Technology program for suppliers. “After a review of the STREAMWAY® System, Vizient’s member council agreed this solution offers unique and incremental benefit over other products available on the market today, and recommended it for an Innovative Technology designation.”
Vizient, Inc. represents the combined strengths of the organizations formerly known as VHA Inc., University HealthSystem Consortium, Novation and MedAssets’ Spend and Clinical Resource Management. Since 2003, nearly 2200 new and innovative products and technologies have been submitted through the Vizient Innovative Technology program. Vizient works with member-led councils and task forces to identify and review potentially innovative products. If it is determined that a product is innovative, a contract may be awarded outside of Vizient’s competitive bid cycle.
Skyline Medical, Inc. is a medical device company. It engages in conscientious system for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care.