Healthcare Industry News: Merit Medical Systems
News Release - August 15, 2007
Merit Medical Announces Exclusive Distribution Deal for MicrocatheterSOUTH JORDAN, Utah, Aug. 15, 2007 (Healthcare Sales & Marketing Network) -- Merit Medical Systems, Inc. (NasdaqGS:MMSI ), a leading manufacturer and marketer of proprietary disposable devices used primarily in cardiology and radiology procedures, announced today that it has acquired the exclusive distribution rights for an offering of microcatheters from GMA Co., Ltd., located in Shizuoka Prefecture, Japan. The rights cover all North American, South American and European markets, as well as Middle Eastern and Asian markets. Some Pacific Rim markets are excluded.
The rights were acquired for an undisclosed sum and require certain performance requirements from both parties.
Microcatheters are used in various interventional procedures to deliver embolic materials such as coils, PVA or microspheres. Patients with aneurisms, uterine fibroids or various cancers are often treated with microcatheters.
``We are enthused with this opportunity to provide a proven, premium product that is one of the top catheters currently used in Japan,'' said Fred P. Lampropoulos, Merit's Chairman and Chief Executive Officer. ``This product is marketed to interventional radiologists and complements many of Merit's existing products, continuing our focus on radiology opportunities.''
Hidetaka Wada, President of GMA, said, ``We are pleased to partner with a world-class company such as Merit Medical. Merit has demonstrated an ability to integrate products from companies such as GMA with its broad product offering to interventional radiologists. With Merit's direct sales force in the United States and Europe, we look forward to a long and mutually rewarding relationship.''
The product line is expected to be introduced during the first half of 2008 following submission to the FDA and European regulatory bodies.
Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture and distribution of proprietary disposable medical devices used in interventional and diagnostic procedures, particularly in cardiology and radiology. Merit serves client hospitals worldwide with a domestic and international sales force totaling approximately 90 individuals. Merit employs approximately 1,650 people worldwide, with facilities in Salt Lake City and South Jordan, Utah; Angleton, Texas; Richmond, Virginia; Maastricht and Venlo, The Netherlands; and Galway, Ireland.
The Merit Medical Systems, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3282
Statements contained in this release, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Act of 1995 and are subject to risks and uncertainties such as those described in Merit's Annual Report on Form 10-K for the year ended December 31, 2006. Such risks and uncertainties include product recalls and product liability claims; infringement of Merit's technology or the assertion that Merit's technology infringes the rights of other parties; termination of relationship with suppliers, or failure of suppliers to perform; inability to successfully manage growth through acquisitions; delays in obtaining regulatory approvals, or the failure to maintain such approvals; significant portions of our revenues being derived from a few products and procedures; development of new products and technology that could render Merit's products obsolete, market acceptance of new products, introduction of products in a timely fashion, price and product competition, availability of labor and materials, cost increases, and fluctuations in and obsolescence of inventory; market price of our common stock has been and may continue to be volatile; foreign currency fluctuations; key personnel; work stoppage or transportation risks; modification or limitation of governmental or private insurance reimbursement, changes in health care markets related to health care reform initiatives; and other factors referred to in Merit's most recent 10-K and other reports filed with the Securities and Exchange Commission. All subsequent forward-looking statements attributable to Merit or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Actual results may differ materially from anticipated results. Financial estimates are subject to change and are not intended to be relied upon as predictions of future operating results, and Merit assumes no obligation to update or disclose revisions to those estimates.
Source: Merit Medical Systems
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