Healthcare Industry News: focused ultrasound
News Release - October 24, 2006
Misonix Brings Visually Directed HIFU for Prostate Cancer Treatment to Spain
European Utilization of the Sonablate(R) 500 Continues to IncreaseFARMINGDALE, N.Y.--(HSMN NewsFeed)--Misonix, Inc. (Nasdaq: MSON ), a developer of ultrasonic medical device technology for the treatment of cancer and other chronic health conditions, today announced that it has expanded its European High Intensity focused ultrasound ("HIFU") business with its entry into Spain. The Company's endeavors in Spain are supported by a partnership agreement formed with IMEX Clinic Group. The Sonablate® 500 ("SB500") is a medical device developed by Focus Surgery, Inc. and manufactured and distributed in Europe by Misonix. In addition to applying HIFU to prostate cancer, Misonix has the right to utilize the same technology for treatment of tissue in the kidney, liver and breast. Misonix is an investor in Focus Surgery. According to the Comprehensive Cancer Monitoring Program in Europe, there are over 11,000 new cases of prostate cancer in Spain annually.
The IMEX Clinic, a division of the IMEX Group, was founded in 1995 and had substantial medical device distribution revenues in its most recent fiscal year. The IMEX Clinic is divided into three major divisions: surgical, instrument, and capital equipment. The IMEX Group has distribution agreements with leading companies, including Carl Zeiss (Ioltech), Intralase and Allegiance (Cardinal Healthcare). IMEX has partnered with Misonix, Ltd., Misonix's wholly-owned European subsidiary, and will serve Misonix as the commercial arm within Spain offering both fee-for-use and capital sales.
The partnership is intended to increase the SB500 share of an important continental European market in Spain as Misonix has done with other partners and through UKHIFU in other European countries. Integral to the success to date for Misonix and the SB500 in Europe is the results of a previously announced study on Misonix's Visually Directed HIFU. This study reported that 84% of patients were able to achieve success as measured by PSA nadir levels dropping to 0.2ng/ml or less after treatment. This measurement for success using the SB500 has not been achieved by previous published HIFU techniques; these PSA nadirs are typically associated with a surgical approach.
Commenting on the HIFU entry into Spain, Michael A. McManus, Jr., President and Chief Executive Officer of Misonix, said, "We are excited about the agreement with the IMEX Group and look forward to seeing our share in Spain replicate our current and growing share across Europe. IMEX, with its extensive network of contacts in Spanish healthcare facilities, is well positioned to assist Misonix in achieving its goal of offering the market a different kind of HIFU that is visually directed. Visually Directed HIFU involves a surgeon controlled operation so that each patient is treated individually for their specific condition."
"We are proud to work with Misonix in bringing Visually Directed HIFU using the Sonablate 500 to the Spanish market. We intend to aggressively present the Misonix's Visually Directed HIFU to our customer and medical community constituencies," said Jose-Maria Reiz, Managing Director of IMEX Clinic Group.
About Misonix:
Misonix designs, develops, manufactures, and markets medical, scientific, and industrial ultrasonic equipment, laboratory safety equipment, and air pollution control products. Misonix's ultrasonic platform is the basis for several innovative medical technologies. Misonix has a minority equity position in Focus Surgery, Inc. which uses high intensity focused ultrasound technology to destroy deep-seated cancerous tissues without affecting surrounding healthy tissue. Addressing a combined market estimated to be in excess of $3 billion annually, Misonix's proprietary ultrasonic medical devices are used for wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications. Additional information is available on the Company's Web site at www.misonix.com.
With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include general economic conditions, delays and risks associated with the performance of contracts, uncertainties as a result of research and development, potential acquisitions, consumer and industry acceptance, litigation and/or court proceedings, including the timing and monetary requirements of such activities, regulatory risks including approval of pending and/or contemplated 510(k) filings, the ability to achieve and maintain profitability in the Company's business lines, and other factors discussed in the Company's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Source: Misonix
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