Healthcare Industry News: HeliPaq
News Release - March 6, 2006
Micrus Endovascular Receives Marketing Approval in JapanSUNNYVALE, Calif.--(HSMN NewsFeed)--March 6, 2006--Micrus Endovascular Corporation (Nasdaq:MEND ) today announced that it has received Shonin approval from the Ministry of Health, Labour and Welfare (MHLW) to market in Japan its system for the endovascular treatment of cerebral aneurysms, including the MicruSphere®, HeliPaq® and InterPaq® embolic coils. The Company believes that Japan represents a significant portion of the total Asian market that is estimated to produce approximately one-third of interventional cerebral vascular disease procedure revenues worldwide.
"Entry into the Japanese coiling market represents a significant revenue opportunity for Micrus," said John Kilcoyne, Micrus Endovascular president and CEO. "We expect to benefit from the continued growth in conversions from the highly invasive craniotomy and clipping procedure, which is currently performed on greater than 75% of aneurysms treated in Japan, to the minimally invasive coiling procedure. Additionally, as previously stated, we are confident that our respected and experienced distribution and service partner Goodman Co., Ltd. will do an exceptional job for us in the Japanese market. Expansion into this market is another example of our ability to execute on our strategic plan.
"Our growth strategy includes further expansion into the Asian market. We are working with Goodman to obtain approval in Japan for the balance of our product portfolio, including our bioactive Cerecyte® products, as well as our UltiPaq® coils, catheters and guidewires. We also are seeking approval in the first half of this year to enter the fast-growing Chinese market with a majority of our entire product line," added Mr. Kilcoyne.
About Micrus Endovascular Corporation
Micrus Endovascular develops, manufactures and markets both implantable and disposable medical devices used in the treatment of cerebral vascular diseases. Micrus products are used by interventional neuroradiologists and neurosurgeons primarily to treat cerebral aneurysms responsible for hemorrhagic stroke, a significant cause of death in the United States. The Micrus product line enables physicians to gain access to the brain in a minimally invasive manner through the vessels of the circulatory system. Micrus' proprietary, three-dimensional microcoils are unique in that they automatically deploy within the aneurysm, forming a scaffold that conforms to a wide diversity of aneurysm shapes and sizes. Micrus also sells accessory devices and products used in conjunction with its microcoils.
Micrus, from time to time, may discuss forward-looking information. Except for the historical information contained in this release, all forward-looking statements are predictions by the Company's management and are subject to various risks and uncertainties that may cause results to differ from management's current expectations. Such factors include the Company's dependence upon the increased adoption of embolic coiling as a procedure to treat cerebral aneurysms, the Company's limited operating history and history of significant operating losses, the Company's involvement in patent litigation with Boston Scientific Corporation, fluctuations in quarterly operating results, which are difficult to predict, the Company's dependence on developing new products or product enhancements, challenges associated with rapid growth, challenges associated with complying with applicable state, federal and international regulations related to sales of medical devices and governing our relationships with physicians and other consultants, the Company's ability to compete with large, well-established medical device manufacturers with significant resources, the Company's dependence on obtaining timely U.S. Food and Drug Administration (FDA) as well as applicable international regulatory clearances and approvals for our future products or product enhancements, and other risks as detailed from time to time in the Company's final prospectus dated June 16, 2005 and reports and filings with the Securities and Exchange Commission under the Securities and Exchange Act of 1934. All forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update forward-looking statements.
Source: Micrus Endovascular
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