Healthcare Industry News: Volcano
News Release - October 20, 2006
Volcano Corporation and MediGuide Ltd. Announce Collaboration for Advanced Imaging and Navigation TechnologyRANCHO CORDOVA, Calif., Oct. 20 (HSMN NewsFeed) -- Volcano Corporation (Nasdaq: VOLC ) today announced that it is collaborating with MediGuide Ltd., a privately held company with development offices in Haifa, Israel, in the development of advanced imaging and navigational technologies for use in a broad range of cardiovascular and endovascular applications. The initial focus of the alliance will be on interventional cardiology. The parties are negotiating a definitive agreement that will include a collaboration development agreement and non-exclusive global distribution rights.
Volcano and MediGuide initially plan to develop Guided IVUS (GIVUS), a product which will integrate MediGuide's Medical Positioning System (MPS) with Volcano's intravascular ultrasound (IVUS) system. This combination of technologies will expand the two dimensional aspect of the existing IVUS image into a three dimensional image that is designed to provide more useful clinical information, allow for easier interpretation of the image by interventional cardiologists and improve the clinical utility of the image.
MediGuide's MPS system enables the real time tracking of miniature sensors integrated into therapeutic and diagnostic medical devices. These "MPS ready" devices will allow physicians to accurately track real time progression of the devices as they are manipulated through the human anatomy while continuously registering their exact location and orientation utilizing advanced diagnostic systems such as Volcano's IVUS system. This enhanced imaging capability will help physicians to assess the condition of the artery and treatment options while reducing exposure to x-radiation and usage of dye.
In addition to opportunities in interventional cardiology interventions, the alliance will explore opportunities to develop "MPS-ready" devices for imaging in the heart in conjunction with delivery of percutaneous structural heart therapies.
"Led by advances in catheter-based technology, interventional medicine is evolving to treat more complex vascular and structural heart disorders which have historically been targets for more invasive surgical techniques," said Scott Huennekens, President & CEO of Volcano. "When combined with Volcano's integrated IVUS consoles, advanced catheter designs, and software technologies such as VH(TM) IVUS, MPS is expected to both enable and enhance these less-invasive therapies by providing better information and precision."
"We are very pleased to be establishing a strong partnership with Volcano," said Gera Strommer, President & CEO of MediGuide. "This will complement our strong working relationship with both Philips and Siemens in applying leading edge navigation technology to the cath lab environment for a broad set of interventional and surgical tools."
According to Martin B. Leon, MD, Chairman of the Cardiovascular Research Foundation® and Associate Director of the Center for Interventional Vascular Therapy (CIVT) at Columbia University Medical Center, New York City, access to this newly available information should help with routine interventions in a number of ways. "Having ready access to these 3D reconstructed images should allow for more precise measures of obstructive lesion length and a better understanding of the location, shape and orientation of lesions. By adding and co-registering the grayscale and VH IVUS images, we gain important additional information about luminal integrity, size and shape, and the presence, quantity and composition of the plaque. Assuming this can be done quickly with modest training, this combination of technologies should allow state-of-the-art stent placement to be performed by a wide array of institutions. It may also allow for a reduction in the amount of radiation exposure to patients and medical personnel by reducing the number of X-ray angio views performed."
Dr. Leon continued, "With the availability of drug eluting stents, we are performing increasingly complex interventions, and with this added complexity comes the need for more and better information on the location and morphology of lesions. The products anticipated from a Volcano / MediGuide partnership have the potential to improve patient care significantly."
"Furthermore," Dr. Leon continued, "as we continue our research into the future treatment of angiographically silent or insignificant vulnerable plaques, this type of easy-to-access composite coronary imaging technology from Volcano and MediGuide will be absolutely essential. Without a rapid, reliable way to synchronize our findings on X-ray angiography with the essential information from IVUS, it is difficult to see how we would guide any therapeutic intervention in a non-obstructive plaque."
Volcano Corporation (VOLC), which completed its IPO in June 2006, offers a broad suite of devices that facilitate endovascular procedures. Volcano's products enhance the diagnosis of vascular and structural heart diseases and guide optimal therapies. The company's IVUS (intravascular ultrasound) product line includes ultrasound consoles that can be integrated directly into virtually any modern cath lab and single-use phased array and rotational IVUS imaging catheters. Volcano also has unique advanced functionality options like VH tissue characterization and IVUS and angiography co-registration. Volcano also provides functional measurement (FM) consoles and single-use pressure and flow guide wires. Currently, more than 2,000 Volcano IVUS and FM systems are installed worldwide, with nearly half of its revenues coming from outside the U.S. For more information, visit the company's website at www.Volcanocorp.com .
MediGuide is a medical-device company developing innovative tracking and imaging technologies for use in minimally-invasive surgical procedures. Located in Haifa, Israel, MediGuide has developed a highly sophisticated navigation system. Medical Positioning System ("MPS(TM)"), which enables real-time tracking of therapeutic and diagnostic medical devices such as catheters and stents equipped with miniature MPS(TM) sensors. MPS(TM) provides clinicians with 3-D information about the structure of the coronary arteries and enables clinicians to more accurately assess and locate lesions and to deploy therapeutic devices. For more information, please refer to: www.mediguide.co.il
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding Volcano's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Specifically, among others, statements regarding the company's future product development activities, collaborative relationships, ease of product use, shortened procedure time, impact on clinical cath lab procedures and workflow, treatment outcomes, physician adoption and use of new technologies and treatments, and the ability to successfully commercialize new products and/or technologies are forward-looking statements that involve risks and uncertainties. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause Volcano's results to differ materially from the statements contained herein. The potential risks and uncertainties that could cause actual results to differ from the results presented are detailed in the section, "Risks Related to Our Business and Industry," in the company's 10-Q and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Volcano undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
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