Healthcare Industry News: Endocare
News Release - February 7, 2007
UK Health Organization Adds Kidney Cryoablation to Treatment Choices for Patients Throughout England, Scotland, Wales, Northern Ireland
Guidance by National Institute for Health and Clinical Excellence Expands Renal Market Opportunity Throughout EuropeIRVINE, Calif., Feb. 7 (HSMN NewsFeed) -- Endocare, Inc. (OTC Bulletin Board: ENDO ), an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation, announced today that the UK's National Institute for Health and Clinical Excellence (NICE) has determined that cryoablation is a safe and effective method for destroying tumors of the kidney, thereby making the minimally invasive cancer therapy available as a standard treatment choice for patients throughout England, Scotland, Wales and Northern Ireland. NICE is the preeminent medical advisory agency that offers healthcare guidance to the UK's National Health Service (NHS) and typically determines whether the NHS will pay for a medical procedure. Cryoablation involves freezing and destroying of the cancerous tumors.
While NICE also suggests further long-term study is needed, the agency's guidance means that kidney, or renal, cryoablation will be accessible at all NHS institutions in the UK. The NICE guidance for kidney cryoablation follows similar guidance issued by NICE for prostate cancer in 2005.
Endocare President, CEO and Chairman Craig T. Davenport said that the NICE guidance opens up an international marketing opportunity in an area the Company has only begun to penetrate. Davenport noted that, unlike similar size medical device companies, Endocare has not generated significant revenue or profits from international markets but that the Company has recently identified the international markets as areas for increased sales emphasis and focus.
Davenport added that the previous NICE guidance for prostate cancer allowed Endocare the opportunity to work with physicians to introduce cryosurgery at prestigious hospitals in London such as the St. Bartholomew's and King's College hospitals as well as other leading institutions in the British Isles.
"The NICE guidance, while initially for the UK, opens up the European continent for greater market penetration," Davenport said. "Physicians and regulators throughout Europe look to NICE for guidance, and gaining both prostate and renal cancer approvals could potentially raise the profile of cryotherapy across Western Europe. The NICE guidance will also allow us to use the UK as a reference model and training ground for expansion throughout the European continent."
Davenport added, "I'd like to thank the Endocare staff, its UK distributor and physicians for providing the important assistance of and interaction with the NICE staff during the review period."
About NICE
The National Institute for Health and Clinical Excellence (NICE) is the independent organization responsible for providing national guidance on the promotion of good health and the prevention and treatment of ill health. NICE guidance is developed by a number of independent advisory groups made up of health professionals, those working in the NHS, patients, their careers and the public.
About the NHS
The National Health Service, or NHS as it is more commonly known, was set up in 1948 to provide healthcare for all citizens, based on need, not the ability to pay. The NHS is funded by the taxpayer and managed by the Department of Health, which sets overall policy on health issues. It is the responsibility of the Department of Health to provide health services to the general public through the NHS.
About Endocare
Endocare, Inc. (www.Endocare.com) is an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation. Endocare has initially concentrated on developing technologies for the treatment of prostate cancer and believes that its proprietary technologies have broad applications across a number of markets, including the ablation of tumors in the kidney, lung and liver.
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms 10-Q, and other filings with the Securities and Exchange Commission. Such risk factors include, but are not limited to: uncertainly regarding the future availability of funds under the Company's common stock purchase agreement with Fusion Capital and credit facility with Silicon Valley Bank; the risk that the Company's sale of common stock to Fusion Capital may cause dilution; the risk that sales of common stock by Fusion Capital may cause the market price of the Company's common stock to decline; the risk that, even despite the Company's financing arrangements with Fusion Capital and Silicon Valley Bank, the Company's independent auditor may issue a qualified opinion, to the effect that there is a substantial doubt about the Company's ability to continue as a going concern; uncertainty regarding the Company's ability to reach and maintain profitability; risks relating to the loss of the Company's largest customer or the reduction, delay or cancellation of orders from this customer; the risk that the Company may be required to make state and local tax payments that exceed the Company's settlement estimates; uncertainty regarding the Company's re-listing on a national stock exchange; uncertainty regarding the effects of effectuating the Company's proposed reverse stock split, in particular the possibility that the market may react negatively to the Company's effectuation of a reverse stock split; uncertainty regarding market acceptance of the Company's products; uncertainty of product development and the associated risks related to clinical trials; uncertainty relating to third party reimbursement; uncertainty regarding the ability to convince health care professionals and third party payers of the medical and economic benefits of the Company's products; the Company's limited sales, marketing and manufacturing experience; uncertainty regarding the ability to attract and retain key personnel; uncertainty regarding the ability to secure and protect intellectual property rights relating to the Company's technology; the rapid pace of technological change in the Company's industry; fluctuations in the Company's order levels; and the risk that the Company may be subject to civil or criminal liability if the Company violates the terms of its settlements with the SEC and the DOJ. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligation to revise, or update publicly, any forward-looking statements for any reason.
Source: Endocare
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