Medisafe’s patented technology is a medical assembly with a locking mechanism that is intended to ensure the substance cannot be released from the hypodermic needle without positive pre-matching between the substance and its intended patient.

Medisafe 1 Technologies intends to begin licensing the device technology to commercial entities during the first quarter of 2011.

Medisafe 1 Technologies CEO Jacob Elhadad said within just a few months, Medisafe 1 Technologies has been able to develop a commercially viable product for the multi-billion dollar healthcare industry.

"The locking device has garnered significant interest from noteworthy entities, who are interested in employing our technology in hospitals to reduce loss of life through avoidable human errors, and in turn reduce hospital operating expenses," Elhadad said.

"We look forward to entering the commercial phase of the product lifecycle."