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Customer Elects to Forego Commercial Production of Product
Date:1/23/2010

IRVINE, Calif., Jan. 22 /PRNewswire-FirstCall/ -- PRO-DEX, INC. (Nasdaq: PDEX) (the "Company") today announced that one of its customers has elected to not bring to market a product developed by Pro-Dex under a Development Agreement with such customer and, instead, will pay a $250,000 fee pursuant to its agreement with Pro-Dex.

As previously announced by the Company in past earnings conference calls, Pro-Dex has developed a new battery-powered shaver system for a major player in the spine segment of the orthopedic market.  This development work was completed in early 2009 for which Pro-Dex was paid approximately $200,000.  Since then, the customer has been addressing regulatory requirements related to, and assessing the changing market environment for, such product.  First year revenue to Pro-Dex from this new product had been estimated by Pro-Dex at $1.5 to $3.0 million and contingent on FDA approval of the system.

Pro-Dex has now been informed by the customer that, given the combined impact of 1) the lack of medical reimbursement for the clinical procedures in which this product is used, 2) the high cost of customer-developed consumable components involved in the procedure, and 3) the cost and restrictions related to the disposal of those consumable components, they are electing to abandon the commercialization of the new battery-powered product, opting instead to rely on the corded version of the device previously manufactured by Pro-Dex for them.

The Customer currently has approximately 200 of the earlier corded systems installed worldwide and has informed Pro-Dex that it intends to update those systems through the purchase of ada
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SOURCE Pro-Dex, Inc.
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