Healthcare Industry News: Novation
News Release - May 18, 2006
North American Scientific Signs Agreement with Novation, LLC to Offer Prospera Brachytherapy Sources to Member HospitalsThe Agreement is Effective July 15, 2006
CHATSWORTH, Calif.--(HSMN NewsFeed)--May 18, 2006--North American Scientific, Inc. (Nasdaq:NASI ) today announced that it has been awarded a contract for its Prospera® I-125 and Pd-103 brachytherapy sources from Novation, LLC, the health care contracting services company of VHA Inc. and the University HealthSystem Consortium (UHC). The dual-source contract, which will become effective on July 15, 2006, provides that North American Scientific will be one of only two manufacturers that were awarded agreements to offer brachytherapy sources, or "seeds," to VHA and UHC member hospitals.
"We are extremely proud that Novation has selected us as one of their two suppliers of brachytherapy seeds," stated L. Michael Cutrer, President and Chief Executive Officer of North American Scientific, Inc. "The award of the contract marks another important milestone in the growing market acceptance of Prospera®, and we look forward to working together with Novation in the battle against prostate cancer."
About North American Scientific
North American Scientific is a leader in radiation therapy products and services in the fight against cancer. Its innovative products provide physicians with a set of tools for the treatment of various types of cancers. They include radioisotope-based brachytherapy seeds, used primarily in the treatment of prostate cancer, marketed under the trade name Prospera®; Intensity Modulated Radiation Therapy (IMRT); and Image Guided Radiation Therapy (IGRT). IMRT allows an escalated radiation dose to be delivered to a tumor while limiting exposure and damage to nearby healthy tissue. The Company's principal IMRT products are marketed under the trade names PEACOCK® and CORVUS. The Company's IGRT products, BAT®, BATCAM(TM) and nTRAK(TM), provide fast and accurate targeting and localization of a treatment volume on a daily basis. Over 500 hospitals and research sites worldwide are equipped with the Company's clinically proven PEACOCK, CORVUS (our proprietary treatment planning software), BAT, BATCAM, and ancillary treatment solutions. Please visit www.nasmedical.com for more information.
Based in Irving, Texas, Novation is the leading health care contracting services company, delivering unmatched savings and value to nearly 3,000 members of VHA Inc. and the University Health System Consortium (UHC), two national health care alliances. Through its public competitive bid process, Novation develops and manages contracts with more than 700 suppliers, both large and small. By combining scale and agility with clinical knowledge and product expertise, Novation offers the most extensive range of innovative contracting services, including: contract development, contract and supplier management, custom contracting, enhanced savings programs, online contract management and analytical tools, order management, and online supplier connectivity. VHA and UHC members used Novation's contracts to purchase more than $25 billion in supplies in 2005.
Statements included in this release that are not historical facts may be considered forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, the impact of competitive products and pricing, technological changes, changes in relationships with strategic partners and dependence upon strategic partners for the performance of critical activities under collaborative agreements, the ability of the Company to successfully directly market and sell its products, uncertainties relating to patent protection and regulatory approval, the stable supply of appropriate isotopes, research and development estimates, market opportunities, risks associated with strategic opportunities or acquisitions the Company may pursue, and the risk factors included in the Company's filings with the Securities and Exchange Commission. Any forward-looking statements contained in this news release speak only as of the date of this release, and the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future results or otherwise.
Source: North American Scientific
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