Healthcare Industry News: Capsule Endoscopy
News Release - April 11, 2007
Given Imaging and Fujinon Corporation Sign Global Strategic CollaborationAgreement Includes Joint R&D, Sourcing and Distribution Activities
YOQNEAM, ISRAEL and SAITAMA CITY, JAPAN--(Healthcare Sales & Marketing Network)--Apr 11, 2007 -- Given Imaging Ltd. (NasdaqGM:GIVN ), the global leader in Capsule Endoscopy, and Fujinon Corporation, a global leader in optical technologies and endoscopic equipment, today announced the signing of a strategic agreement. The goal of the agreement is to build closer collaboration between the companies in research and development, component sourcing, marketing and product distribution worldwide except in Japan.
Under the terms of the agreement, Given Imaging and Fujinon will collaborate to develop future products for the gastrointestinal endoscopy and diagnostic field.
The agreement also grants Fujinon non-exclusive rights to distribute Given Imaging's capital equipment and small bowel products including Given Imaging's RAPID workstation and data recorders, PillCam SB, and Agile Patency capsules in certain countries worldwide, which will be determined by the two companies on a case-by-case basis.
"We are pleased to be working closely with a world leader in medical imaging technology," said Homi Shamir, president and CEO of Given Imaging. "Together with Fujinon, we will work to develop the next generation of less-invasive gastrointestinal products, leveraging on the combined resources and technologies of both companies to provide more effective treatment options for patients with gastrointestinal disorders. We believe this agreement will immediately strengthen our competitive position around the world and reaffirm our technology leadership."
"We are proud to be collaborating with Given Imaging, a proven innovator in the GI field," said Takeshi Higuchi, Representative Director and President of Fujinon Corporation. "Being able to offer Given's Capsule Endoscopy products alongside our own product portfolio gives our customers a powerful set of diagnostic and therapeutic tools and solidifies our position as the leading provider of GI Imaging solutions. We are confident that the venture between our companies will result in additional innovative benefits to patients worldwide."
Financial details of the agreement were not disclosed.
About Given Imaging Ltd.
Given Imaging is redefining gastrointestinal diagnosis by developing, producing and marketing innovative, patient-friendly products for detecting gastrointestinal disorders. The company's technology platform is the PillCam(TM) Platform, featuring the PillCam video capsule, a disposable, miniature video camera contained in a capsule, which is ingested by the patient, a sensor array, data recorder and RAPIDŽ software. Given Imaging has three commercially available capsules: the PillCam SB video capsule to visualize the entire small intestine which is currently marketed in the United States and in more than 60 other countries; the PillCam ESO video capsule to visualize the esophagus; and the Agile(TM) patency capsule to determine the free passage of the PillCam capsule in the GI tract. The PillCam COLON video capsule to visualize the colon has been cleared for marketing in the European Union, and multi-center clinical trials are underway in Europe and the U.S. A capsule to visualize the stomach is under development. More than 500,000 patients worldwide have benefited from the PillCam Capsule Endoscopy procedure. Given Imaging's headquarters, manufacturing and R&D facilities are located in Yoqneam, Israel; it has direct sales and marketing operations in the United States, Germany and France, and local offices in Japan, Spain and Australia. For more information, visit http://www.givenimaging.com.
Fujinon has continually developed as an optical equipment manufacturer of Fujifilm Group. The company has developed numerous products compatible with high-performance and high-quality images using the established optical techniques and provided them to the whole world. In the broadcast fields, the company developed lens compatible with Hi-Vision early and got various lineup including the 101x lens which is the highest quality zoom lens in the world, to have more than 50% of the worldwide market share. Regarding the lens unit for a mobile phone with camera function getting popular in the market, the company leads the world with high-resolution, compact lens unit using aspherical lenses.
In the fields of endoscopes, the company has developed continuously various innovative products promoted the expansion of business by introducing the products such as Double-Balloon Endoscope System, which make the examination and treatment in whole small intestine possible, endoscopic diagnostic imaging support functions FICE, and trans-nasal gastroscope which is prevailing in Japan and Asia for the examination with less pain to be inserted through the nose.
Endoscope business of the company maintains two-digit growth every year, and aims at further expansion and growth in the fields of gastroenterological endoscopy.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, projections about our business and our future revenues, expenses and profitability. Forward-looking statements may be, but are not necessarily, identified by the use of forward-looking terminology such as "may," "anticipates," "estimates," "expects," "intends," "plans," "believes," and words and terms of similar substance. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual events, results, performance, circumstances or achievements of the Company to be materially different from any future events, results, performance, circumstances or achievements expressed or implied by such forward-looking statements. Factors that could cause actual events, results, performance, circumstances or achievements to differ from such forward-looking statements include, but are not limited to, the following: (1) satisfactory results of clinical trials with PillCam Colon (2) our ability to receive regulatory clearance or approval to market our products or changes in regulatory environment, (3) our success in implementing our sales, marketing and manufacturing plans, (4) protection and validity of patents and other intellectual property rights, (5) the impact of currency exchange rates, (6) the effect of competition by other companies, (7) the outcome of future litigation, including patent litigation with Olympus Corporation, (8) the reimbursement policies for our product from healthcare payors, (9) quarterly variations in operating results, (10) the impact of the newly adopted SFAS 123R for expensing option-based payments, (11) the possibility of armed conflict or civil or military unrest in Israel, and (12) other risks and factors disclosed in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, risks and factors identified under such headings as "Risk Factors," "Cautionary Language Regarding Forward-Looking Statements" and "Operating Results and Financial Review and Prospects" in the Company's Annual Report on Form 20-F for the year ended December 31, 2005. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except for the Company's ongoing obligations to disclose material information under the applicable securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
Source: Given Imaging
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