Healthcare Industry News: Niobe
News Release - May 16, 2006
Stereotaxis Announces First Pre-clinical Evaluation of a Magnetically Enabled Injection CatheterST. LOUIS, May 16 (HSMN NewsFeed) -- Stereotaxis, Inc. (Nasdaq: STXS ) announced today the successful completion of a proof of concept demonstration of a magnetically enabled endocardial injection catheter developed in collaboration with Biologics Delivery Systems Group, Cordis Corporation. This successful proof of concept demonstration was the first ever automated mapping and therapeutic cell injection procedure and represents a significant breakthrough in the future of adult (non-embryonic) stem cell therapy.
"Based on my previous experiences, the combination of these two advanced technologies has the potential to become the new gold standard for precise, safe and rapid injection of adult stem cells and other therapies into the heart," said Dr. Perin. "I look forward to working with Stereotaxis and Biologics Delivery Systems in the continued development of this technology."
Stereotaxis believes its magnetic navigation platform has the potential to provide dramatically faster left ventricular mapping and improved safety and delivery of biologics due to enhanced catheter tip control. In addition, the Company's magnetic platform will enable the physician to perform fully automated mapping and injection procedures from the control room.
"The precise and safe delivery of therapeutic biologic agents represents a substantial market opportunity for Stereotaxis," said Bevil Hogg, President and CEO of Stereotaxis. "The successful completion of this first-of-its-kind procedure represents a significant initial milestone for both companies in this area."
Dr. Perin will be presenting an update on this procedure and the role of the newly developed magnetically enabled remote mapping and injection system on May 18th at the upcoming EuroPCR 2006 conference in Paris.
Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Stereotaxis System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe and Canada.
This press release includes statements that may constitute "forward- looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, changes in government reimbursement procedures, dependence upon third-party vendors, and other risks discussed in the Company's periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that we will recognize revenue related to our purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of our control. In addition, these orders and commitments may be revised, modified or canceled, either by their express terms, as a result of negotiations, or by project changes or delays.
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