Healthcare Industry News: Volcano Corporation
News Release - April 3, 2007
ev3 Inc. and Volcano Corporation Announce Joint Marketing and Distribution AgreementNew Partnership Will Enable Volcano to Sell ev3's SpiderFX Embolic Protection Device for Use in Saphenous Vein Grafts
PLYMOUTH, Minn. and RANCHO CORDOVA, Calif., April 3 (HSMN NewsFeed) -- ev3 Inc. (Nasdaq: EVVV ) and the Volcano Corporation (Nasdaq: VOLC ) announced today that they have entered into a joint marketing and distribution agreement. Under the terms of the agreement, Volcano will have the opportunity to sell ev3's SpiderFX Embolic Protection Device in conjunction with their Intravascular Ultrasound (IVUS) and Functional Measurement (FM) devices for use in saphenous vein grafts (SVGs) in the U.S. The SpiderFX is FDA cleared for use during the endovascular treatment of both SVGs and carotid arteries.
SVGs are commonly used during open-heart surgery to bypass blocked coronary arteries. As many as one-third of patients experience significant blockages in the grafted vessel(s) within 12 years following bypass surgery, and as a result, may require an endovascular procedure such as balloon angioplasty or stenting. Embolic protection devices are used to contain and remove the embolic debris that may become dislodged during these and other endovascular procedures.
The Volcano Intravascular Ultrasound and Functional Measurement systems provide real time data that enable endovascular specialists to select, guide, and evaluate the appropriate treatment of vascular diseases. Volcano's IVUS device is a catheter-based system that allows physicians to acquire real time images from within a blood vessel. These images provide detailed and accurate measurements of the vessel size, as well as both the area and volume of plaque disease in the vessel. The Volcano FM device is a guidewire-based system that analyzes blood pressure and flow parameters from within a blood vessel during a diagnostic or therapeutic endovascular procedure.
The ev3 Spider product family is one of the most broadly tested of commercially available embolic protection devices on the market. The FDA clearance for use in procedures involving the SVG was supported by the successful outcome of a clinical trial involving over 700 patients. The trial, conducted in the United States and Canada, compared the safety and efficacy of the Spider product family to three other FDA-approved embolic protection products in reducing complications associated with angioplasty or stenting of lesions in the SVG. The SpiderFX is available in a rapid exchange platform, and is the only device of its type that permits physicians to use their guidewire of choice.
Scott Huennekens, President and CEO of Volcano, stated, "We are very excited about our new agreement with ev3 and the opportunity for our U.S. sales team of over 80 professionals to sell what we think is the premier embolic protection device on the market. We believe the addition of SpiderFX will be a great complement to our existing family of products."
Added Jim Corbett, President and CEO of ev3, "Volcano has been very successful in helping interventional specialists diagnose and treat vascular disease, providing them with previously unavailable images and information. We are very pleased to be affiliated with an organization that shares our commitment to the treatment of this disease state and look forward to a long and mutually beneficial relationship."
About Volcano Corporation:
Volcano Corporation (Nasdaq: VOLC ) offers a broad suite of devices designed to facilitate endovascular procedures, enhance the diagnosis of vascular and structural heart diseases and guide optimal therapies. The company's intravascular ultrasound (IVUS) 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, such as VH(TM) IVUS tissue characterization. Volcano also provides functional measurement (FM) consoles and single-use pressure and flow guide wires. Currently, more than 2,500 Volcano IVUS and FM systems are installed worldwide, with approximately half of its revenues coming from outside the United States. For more information, visit the company's website at http://www.volcanocorp.com .
About ev3 Inc.
ev3 is a global medical device company focused on catheter-based technologies for the endovascular treatment of vascular diseases and disorders. For more information, please visit http://www.ev3.net .
Statements contained in this press release that are not historical information are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Such potential risks and uncertainties relate, but are not limited to, in no particular order: product demand and market acceptance, the impact of competitive products and pricing, and success of clinical testing. More detailed information on these and additional factors which could affect each party's operating and financial results are described in each of the party's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K. The parties urge all interested parties to read these reports to gain a better understanding of the many business and other risks that the company faces. Additionally, the parties undertake no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.
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