Healthcare Industry News: Aspect Medical Systems
News Release - December 5, 2006
Aspect Medical Systems Announces License Agreement for BIS Technology with MindrayAgreement Expands Presence of BIS Technology in Far East Markets
NEWTON, Mass.--(HSMN NewsFeed)--Aspect Medical Systems, Inc. (NASDAQ: ASPM ) has entered into a multi-year licensing agreement with Shenzhen Mindray Bio-Medical Electronics Co., Ltd., a subsidiary of Mindray Medical International Limited (NYSE:MR ) to integrate Aspect's BIS(TM) technology into Mindray's patient monitoring systems sold globally, the companies announced today.
Mindray is a leading provider of patient monitoring systems in China and has a growing presence throughout Asia and Europe. BIS technology is available on Mindray's Beneview T8 high end modular systems that were recently introduced to the market.
"We believe that this agreement with Mindray will be valuable as the market in China and other countries in the Far East continue to develop," said Nassib Chamoun, president and CEO of Aspect Medical Systems. "This is an important step in strengthening our leadership position in brain monitoring and supports our commitment to expand the reach of the safety and quality benefits of BIS monitoring through alliances with leading original equipment manufacturers across the globe."
According to Mr. Minghe Cheng, executive vice president of Mindray, the need to incorporate BIS technology into patient monitors was driven by demand from customers. "We believe that BIS is becoming widely recognized around the world as a standard component of anesthesia practice. We will be pleased to offer BIS to our customers though an integrated BISx solution with our BeneView T8 monitoring system," said Mr. Cheng.
Mindray Medical International Limited is a leading developer, manufacturer and marketer of medical devices in China with a significant and growing presence outside of China. Established in 1991, Mindray offers a broad range of products across three primary business segments: patient monitoring devices, diagnostic laboratory instruments, and ultrasound imaging systems. Mindray is headquartered in Shenzhen, China, and has 29 local sales and services offices in China, as well as sales and services offices in Boston, Istanbul, London and Vancouver.
About Aspect Medical Systems, Inc.
Aspect Medical Systems, Inc. (NASDAQ: ASPM ) is a global market leader in brain monitoring technology. To date, the Company's Bispectral Index (BIS) technology has been used to assess more than 17.4 million patients and has been the subject of approximately 2,570 published articles and abstracts. BIS technology is installed in approximately 70 percent of hospitals listed in the July 2006 U.S News and World Report ranking of America's Best Hospitals and in approximately 51 percent of all domestic operating rooms. In the last twelve months BIS technology was used in approximately 16 percent of all U.S. surgical procedures requiring general anesthesia or deep sedation. BIS technology is available in more than 160 countries. Aspect Medical Systems has OEM agreements with seven leading manufacturers of patient monitoring systems.
Safe Harbor Statement
Certain statements in this release are forward-looking and may involve risks and uncertainties, including statements regarding the role of brain function monitoring and its effect on the safety and quality of patient care, the Company's belief that global interest in BIS is increasing, the Company's belief that the agreement with Mindray will be valuable in achieving the Company's global goals and the Company's expectations as to the growth of markets in China and other countries in the Far East. There are a number of important factors that could cause actual results to differ materially from those indicated by these forward-looking statements. For example, the use of BIS may not prove in further clinical studies to be clinically useful to improving patient care. Moreover, the Company may not achieve widespread market acceptance of its BIS monitoring technology among anesthesiologists, both within the United States and globally. The Company also faces other barriers to market penetration and acceptance. The Company may not be able to compete with new products or alternative techniques that may be developed by others, including third-party anesthesia monitoring products approved by the FDA, and also faces competitive and regulatory risks relating to its ability to successfully develop and introduce enhancements and new products, including products to aid in the treatment of neurological disorder. Cases of awareness with recall during monitoring with the BIS system and significant product liability claims are among the factors that could limit market acceptance. There are additional factors that could cause the Company's actual results to vary from its forward-looking statements, including without limitation those set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005 and the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September30, 2006, each as filed with the Securities and Exchange Commission. In addition, any forward-looking statements represent the Company's views only as of the date of this press release and should not be relied upon as representing the Company's views as of any subsequent date. While the Company may elect to update forward-looking statements in the future, it specifically disclaims any obligation to do so, even if its expectations change. Therefore, you should not rely on these forward-looking statements as representing the Company's views as of any date subsequent to the date of this press release.
Aspect and BIS are trademarks of Aspect Medical Systems, Inc. and are registered in the USA, EU and other countries. All other trademarks, service marks and company names are the property of their respective owners.
Source: Aspect Medical Systems
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