Healthcare Industry News: Edwards Lifesciences
News Release - December 8, 2006
LeMaitre Vascular to Distribute the Endologix Powerlink System in Select European CountriesBURLINGTON, Mass. & IRVINE, Calif.--(HSMN NewsFeed)--LeMaitre Vascular, Inc. (Nasdaq:LMAT ) and Endologix, Inc. (Nasdaq:ELGX ) today announced the signing of a three-year agreement naming LeMaitre Vascular as the exclusive distributor of the Endologix PowerlinkŪ System in ten European countries, including Austria, Belgium, the Czech Republic, France, Germany, Luxembourg, the Netherlands, Sweden, Switzerland and the United Kingdom. The Powerlink System is an endoluminal stent graft (ELG) for the minimally invasive treatment of abdominal aortic aneurysms. Terms of the distribution agreement, which becomes effective January 1, 2007, were not disclosed.
"Our business strategy is to continuously pursue opportunities to expand our innovative product portfolio of devices to assist vascular surgeons in the diagnosis and treatment of vascular disease," stated LeMaitre Vascular President and CEO George W. LeMaitre. "We are pleased to add Endologix's Powerlink System to this portfolio as it complements our EndoFitŪ Thoracic Stent Graft and EndoFit Aorto-uni-iliac Stent Graft systems, and allows our growing European sales force to offer a complete range of stent grafts for the entire aorta."
Endologix President and CEO Paul McCormick said, "We believe our collaboration with LeMaitre Vascular represents a well conceived strategy to improve sales in major European markets where we see good long-term opportunity for the Powerlink System. LeMaitre Vascular's sales force has established relationships with vascular surgeons in major European countries, which we believe will help to generate sales in these markets while we focus our direct sales force on growing acceptance of the Powerlink in the domestic market." The Powerlink System had previously been distributed in selected European markets through an agreement with Edwards Lifesciences Corporation.
The Powerlink System is a one-piece self-expandable ELG device. It features a fully supported stent cage that eliminates many of the problems associated with multi-piece systems by reducing much of the guidewire manipulation required to assemble a modular system in vivo, thereby simplifying the procedure and eliminating the risk of limb detachment during the follow-up period. The main body and limbs of the Powerlink are fully supported by a cobalt-chromium stent, reducing the risk of kinking even in tortuous anatomy. The Powerlink System's unique delivery mechanism requires only a small surgical incision in one leg, whereas other ELGs typically need surgical exposure of the femoral artery in both legs to introduce their multiple components.
About LeMaitre Vascular
LeMaitre Vascular develops, manufactures and markets medical devices for the treatment of peripheral vascular disease. The company's principal executive offices are located at 63 Second Avenue, Burlington, Massachusetts 01803. Additional information can be found at www.lemaitre.com.
Endologix, Inc. develops and manufactures minimally invasive treatments for vascular diseases. Endologix's Powerlink System is an endoluminal stent graft (ELG) for treating abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 75%, making it the thirteenth leading cause of death in the U.S. Additional information can be found on Endologix's Web site at www.endologix.com.
LeMaitre Vascular Safe Harbor: Certain statements set forth above that are not clearly historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to the suggestion that LeMaitre Vascular's European sales force will be successful selling the Powerlink System or that the Powerlink System will be complementary to LeMaitre Vascular's EndoFit line of stent grafts. Although LeMaitre Vascular believes that such statements are based on reasonable assumptions within the bounds of its knowledge of its business and operations, these forward-looking statements are neither promises nor guarantees. LeMaitre Vascular's business is subject to significant risks and uncertainties and there can be no assurance that its actual results will not differ materially from its expectations. These risks and uncertainties include, among others: the risk of competition from larger companies with greater resources; the risk that the distribution relationship between LeMaitre Vascular and Endologix is terminated in an untimely manner; the risk that distribution of the Powerlink System disproportionately absorbs company resources that would otherwise be dedicated to other projects; the risk that the European market does not rapidly adopt the Powerlink System; and other risk factors that are discussed in LeMaitre Vascular's Final Prospectus filed with the Securities and Exchange Commission. The forward-looking statements made in this release are made only as of the date hereof and LeMaitre Vascular disclaims any intention or responsibility for updating predictions or expectations contained in this release.
Endologix Safe Harbor: This press release contains forward-looking statements, such as the anticipated sales of the Powerlink System in European countries, the accuracy of which are necessarily subject to risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Endologix, all as more fully described in the risk factors and other matters set forth in Endologix Annual Report on Form 10-K for the year ended December 31, 2005, and Endologix other filings with the Securities and Exchange Commission. Endologix undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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