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KarmelSonix appoints Viriathus to support OTC listing, to step up U.S. asthma product push

KarmelSonix (ASX: KSX) has appointed Viriathus Capital as the company's investment banking partners in the U.S.

Viriathus has a proven track record of advising and supporting the capital raising programs of numerous private and public firms, including several ASX listed companies.

KarmelSonix is also looking to complete an OTC-QX listing by September 2011, providing U.S. and international investors with an easier avenue to invest in the company.

KarmelSonix is currently evaluating multiple investment proposals from the U.S. and Australian based investment groups, which will anchor the company's capital raising programs.

The funding injection will support the company’s distribution channel partnerships for the WheezoMeterTM product line, while supporting the expansion of the business model that includes home ambulatory testing.

KarmelSonix focuses on supplying innovative, non-invasive acoustic tools for disease management of asthma and related pulmonary disorders.

The company’s product offerings afford KarmelSonix a unique opportunity to adopt a business model that combines device sales with high margin recurring revenues in a global $30 billion respiratory disease management market.

KarmelSonix recently introduced its respiratory devices into a substantial and growing Asian market with orders taken for its PulmoTrack® and Wholter® devices for placement into respiratory units across South Korea, including one of Korea’s leading respiratory hospitals.

The company followed a pivotal distribution agreement signed in early May with OMRON Healthcare, part of OMRON Corporation (TOKYO: 6645; ADR: OMRNY) of Japan to distribute KarmelSonix’s Clinical and Personal WheezoMeters™ in multiple international territories.

The prevalence of asthma is estimated to be growing in many Asian markets and KarmelSonix's respiratory devices neatly cater to physicians as well as a device for patients.

The products meet an unmet need for accurate, low cost, easy-to-use devices to identify and quantify the presence of wheeze.

Wheeze is an indication of the severity of the patient’s asthma.