Healthcare Industry News: Novation
News Release - March 15, 2006
Medwave's Primo(TM) Added to Purchasing Agreement With NovationDANVERS, Mass., March 15 (HSMN NewsFeed) -- Medwave, Inc. (Nasdaq: MDWV ), an innovator in sensor-based, non-invasive blood pressure measuring solutions, announced today the addition of its new Primo(TM) spot blood pressure monitoring product to their existing purchasing agreement with Novation, the health care contracting services company of VHA Inc. and the University HealthSystem Consortium (UHC). Medwave has been providing VHA and UHC member hospitals with its Vasotrac blood pressure monitoring technology since 2003. Shortly after signing the original agreement with Novation in September 2003, Medwave also signed a similar agreement with the Mayo Foundation Hospitals, a member of VHA. The agreement with Mayo Foundation has also been amended to include the Primo device.
Primo is a handheld spot blood pressure monitoring device that is placed on the wrist. Systolic and diastolic blood pressure, as well as pulse rate are displayed on a clear digital panel on the Primo monitor. Primo uses Medwave's core sensor-based blood pressure monitoring technology to rapidly, comfortably, easily, and accurately deliver a BP reading within seconds. Additionally, Primo requires no calibration for the life of the product, and the only maintenance required for Primo is battery replacement, which amounts to very little additional cost of ownership.
Tim O'Malley, President and CEO of Medwave, Inc., stated, "We strategically placed focus on Group Purchasing Organizations (GPOs) a few years ago, while we were simultaneously conducting clinical studies and successfully selling our technology to some of the most respected hospitals in the world, many of which are members of VHA and UHC. We were hopeful that once we introduced new products, such as Primo, that we would be able to leverage those products into our existing GPO agreements. We are very pleased to be able to offer Primo, one of the most advanced blood pressure monitoring products available, to VHA and UHC members and Mayo Foundation Hospitals."
Based in Irving, Texas, Novation was established in January 1998 through a combination of the supply programs of VHA and UHC, two national health care alliances. Novation serves the purchasing needs of more than 2,500 members and affiliates of VHA and UHC. These organizations used Novation contracts to purchase more than $23 billion in supplies in 2004.
Medwave, Inc. develops, manufactures, and distributes sensor-based non- invasive blood pressure solutions. The company's suite of products are designed for use in hospitals, clinics, doctor's offices and almost anywhere else blood pressure monitoring takes place. Medwave has the required technology clearances to market its technology in the United States, Europe, and Asia, and Medwave's technology is installed in over 500 hospitals and clinics worldwide. Medwave trades on the NASDAQ small cap market under the symbol MDWV. For more information, visit http://www.medwave.com.
Statements made in this release that are stated as expectations, plans, anticipations, prospects or future estimates or which otherwise look forward in time are considered "forward-looking statements" and involve a variety of risks and uncertainties, known and unknown, which are likely to affect the actual results. The following factors, among others, as well as factors discussed in Medwave's filings with the SEC, have affected and, in the future, could affect Medwave's actual results: resistance to the acceptance of new medical products, the market acceptance of the Primo(TM) system, the Vasotrac® system and other products of Medwave, hospital budgeting cycles, the possibility of adverse or negative results or commentary from clinical researchers or other users or evaluators of Medwave's products, Medwave's success in creating effective distribution channels for its products, Medwave's ability to scale up its manufacturing process, and delays in product development or enhancement or regulatory approval. Consequently, no forward- looking statement can be guaranteed and actual results may vary materially. Medwave®, Vasotrac®, Legato(TM), and Primo(TM) are trademarks of Medwave, Inc.
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