Healthcare Industry News: Orthofix
News Release - September 27, 2006
Orthofix Announces Partnership with Texas Scottish Rite Hospital for ChildrenHUNTERSVILLE, N.C.--(HSMN NewsFeed)--Orthofix International N.V. (NASDAQ: OFIX ) and Texas Scottish Rite Hospital for Children (TSRHC) announced today a partnership to develop and distribute innovative medical devices designed to advance the treatment of bone fractures and deformities in children.
The initial phase of the partnership will focus on expanding the availability of the True/Lok(TM) Circular Fixation System, which was developed by surgeons at TSRHC. The device, which has already been used to treat thousands of children, was designed to correct pediatric leg, foot and ankle deformities and also treat pediatric bone traumas.
Orthofix's CEO, Alan Milinazzo, stated, "We are very pleased to be working in partnership with TSRHC. As one of the nation's leading pediatric orthopedic hospitals, their reputation for expanding the availability of health care services for children is renowned. We are hopeful that with Orthofix's history of providing trauma and reconstruction products around the world, and with TSRHC's Center for Excellence in Limb Lengthening and Reconstruction, our combined expertise will create new opportunities for children to receive advanced medical care."
The second phase of the partnership involves a joint effort between Orthofix, TSRHC and other surgeons around the country to develop a new external fixation device intended to improve further on the treatment of children's bone conditions. Development of this new device is currently scheduled to be completed in 2008.
"We are excited about the opportunity to benefit from Orthofix's experience in developing and distributing reconstruction and trauma products around the world," said Dr. John Birch, co-director of the Center for Excellence in Limb Lengthening and Reconstruction at TSRHC.
"We appreciate Orthofix's commitment to expanding the availability of products designed to treat children," said Dr. Mikhail Samchucov, co-director of the Center for Excellence in Limb Lengthening and Reconstruction at TSRHC.
Orthofix expects to begin distributing the True/Lok(TM) System in about six weeks. TSRHC will provide surgeon education and training facilities for the True/Lok(TM) System as well as the new external fixation device planned for 2008.
About Orthofix International, N.V.
Orthofix International N.V., a global diversified orthopedic products company, offers a broad line of minimally invasive surgical, as well as non-surgical, products for the spine, reconstruction, and trauma market sectors that address the lifelong bone-and-joint health needs of patients of all ages, helping them achieve a more active and mobile lifestyle. Orthofix's products are widely distributed around the world to orthopedic surgeons and patients via Orthofix's sales representatives and its subsidiaries, including Breg, Inc. and Blackstone Medical, Inc., and via partnerships with other leading orthopedic product companies, including Kendall Healthcare. In addition, Orthofix is collaborating in R&D partnerships with leading medical institutions such as the Orthopedic Research and Education Foundation, Rutgers University, the Cleveland Clinic Foundation, and National Osteoporosis Institute. For more information about Orthofix, please visit www.Orthofix.com.
About Texas Scottish Rite Hospital for Children
Texas Scottish Rite Hospital for Children is one of the nation's leading pediatric centers for the treatment of orthopedic conditions, certain related neurological disorders and learning disorders, such as dyslexia. There is no charge to patient families for treatment at the hospital, and admission is open to Texas children from birth to 18 years of age. For more information, to volunteer or to make a donation, please call (214) 559-5000 or (800) 421-1121 or visit www.tsrhc.org.
This news release contains certain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements concerning expectations associated with the development and distribution of products involving Orthofix and its subsidiaries, and are based on management's current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences may include, but are not limited to, unanticipated expenditures, changing relationships with customers, suppliers and strategic partners, risks relating to the protection of intellectual property, changes to the reimbursement policies of third parties, changes to governmental regulation of medical devices, the impact of competitive products, changes to the competitive environment, the acceptance of new products in the market, conditions of the orthopedic industry and the economy and other factors described in the most recent report on Form 10-K and other periodic reports filed by Orthofix with the Securities and Exchange Commission.
Source: Orthofix International
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