Healthcare Industry News: Bovie
News Release - May 4, 2007
Bovie Medical Corporation Completes Acquisition of Remaining 50% Interest in J-PlasmaCompany Announces It Will Commence Marketing of Its ICON GI Electrosurgery Generator
Bovie Reports Progress on MEG and Polaris(TM) Lines
MELVILLE, N.Y.--(HSMN NewsFeed)--Bovie Medical Corporation (the "Company") (Amex: BVX ), a manufacturer and marketer of electrosurgical products, today announced that it has acquired the remaining 50% interest in its J-Plasma co-venture, resulting in Bovie having 100% ownership of the medical device technology. The technology utilizes a gas ionization process producing a stable thin focused beam of ionized gas that can be controlled in a wide range of temperatures and intensities, providing the surgeon greater precision, minimal invasiveness and an absence of conductive currents during surgery. Recent engineering improvements include increases in power and efficiency and component miniaturization, making manufacturing easier and less costly. Production prototypes have been developed for testing purposes. Intended areas of use include veterinary medicine and dermatology. Other possible uses contemplated are in gastroenterology, gynecology, urology and cosmetology. Terms of the acquisition were not disclosed.
Commenting on the J-Plasma acquisition, Andrew Makrides, president of Bovie Medical, stated, "The acquisition is a highly positive step for it confirms Bovie's strong commitment to increasing its technology base as we progress toward initial stages of marketing several proprietary products, including J-Plasma."
In other news, Bovie announced that it will commence the marketing of its ICON GI electrosurgery generator at the largest exhibit meetings for GI physicians (Digestive Disease Week) and GI nurses conference (Society of Gastrointestinal Nurses and Associates), both in late May 2007. The ICON GI incorporates many special features including digital output, touch screen interface and a physician database. The ICON "platform" provides the basis to develop, in a timely manner, customized generators for other specialty niche markets.
Resources directed to Bovie Canada operations are producing anticipated results. The aggressive integration of Bovie Canada has resulted in the further development of the MEG (Modular Ergonomic Grip) line. The advanced monopolar instruments provide ergonomic comfort with interchangeability of working cartridges, targeting both the arthroscopic and endoscopic fields of laparoscopy, gynecology and general surgery. Marketing is expected to begin in the fourth quarter of 2007.
Bovie Canada, through an expansion of the MEG line, has developed the Polaris(TM) vessel sealing line, which accepts monopolar and bipolar disposable and reusable cartridges. In conjunction with the Polaris(TM) instruments, Bovie is currently developing an advanced electrosurgical generator to support the proprietary Polaris(TM) line. The combined market opportunity for arthroscopy, laparoscopy and bipolar instruments is estimated at over $500 million, worldwide. Subject to 510K FDA clearance, the Company expects to commence marketing the Polaris(TM) line with its advanced supporting generators during the first half of 2008. Additionally, the Company is exploring possible collaborations with a larger company.
Finally, Bovie reported that Russian authorities have granted approval for the marketing and sale of Bovie products in the Russian Federation.
This document may contain some forward looking statements, particularly regarding operational prospects in 2006 and beyond, which involve a number of risks and uncertainties that could cause actual results to differ materially. These risks are listed from time to time in the Company's SEC filings.
Source: Bovie Medical
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