Healthcare Industry News: OXINIUM
News Release - September 3, 2008
Smith & Nephew Receives C1 Category Reimbursement Approval for OXINIUM(TM) in JapanGENESIS II(TM) Knee System with OXINIUM to be marketed immediately
TOKYO and MEMPHIS, Tenn., Sept. 3 (HSMN NewsFeed) -- Smith & Nephew, Inc. (NYSE: SNN, LSE: SN) Orthopaedic Reconstruction & Trauma business and Smith & Nephew Orthopaedics KK Japan today announced that it has received Japanese regulatory C1 Category Reimbursement approval for it's award winning OXINIUM(TM) oxidized zirconium technology. Smith & Nephew's Genesis II OXINIUM(TM) Total Knee System is the first orthopaedic product to gain the C1 Category reimbursement in Japan, the world's second largest orthopaedic market after the US. The C1 classification rewards innovative products with a higher reimbursement price and is reserved for those products where the advantages are recognized by the MHLW over other available products.
Smith & Nephew's Orthopaedics KK Japan first received regulatory approval for the Genesis II OXINIUM(TM) Total Knee System in Japan on February 18, 2008. Smith & Nephew is the only orthopaedic company to offer OXINIUM(TM), the revolutionary and award winning joint replacement material.
OXINIUM(TM) is a proprietary transformed metal alloy with a ceramic bearing surface that combines low friction and wear resistance technology with the strength of a metal implant. It is this ceramic surface that gives OXINIUM its advantages over CoCr implants. Because only the surface is changed, the rest of the component is still metal and therefore the implant retains its overall strength. Currently OXINIUM material is used for total hip and total knee joint replacements. This material is the only orthopaedic implant material to receive the ASM International Engineering Materials Award for outstanding achievement of a material used in the design and manufacture of products.
"Getting the GENESIS II Knee System with the OXINIUM Technology approved in Japan is a great opportunity for Smith & Nephew Orthopaedics KK Japan to offer a new state-of-the-art material to the Japanese patients and the surgeons who perform these procedures," said Joseph M. DeVivo, president, Smith &Nephew Orthopaedic Reconstruction and Trauma. "We are pleased that the MHLW understood the benefits of OXINIUM and we are also pleased by the MHLW's C1 Category reimbursement, which recognizes the importance in making these types of new products available to the Japanese patient."
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Smith & Nephew is a global medical technology business, specializing in Orthopaedic Reconstruction, Orthopaedic Trauma & Clinical Therapies, Endoscopy and Advanced Wound Management products. Smith & Nephew is a global leader in arthroscopy and advanced wound management and is one of the leading global orthopaedics companies.
Smith & Nephew is dedicated to helping improve people's lives. The Company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust. The company operates in 32 countries around the world generating annual sales of nearly $3.4 billion.
This press release contains certain "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. In particular, statements regarding planned growth in our business and in our trading margins discussed under "Outlook" are forward-looking statements as are discussions of our product pipeline. These statements, as well as the phrases "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions, are generally intended to identify forward-looking statements. Such forward- looking statements involve known and unknown risks, uncertainties and other important factors (including, but not limited to, the outcome of litigation and regulatory approvals) that could cause the actual results, performance or achievements of Smith & Nephew, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Smith & Nephew as of the date hereof. All written or oral forward-looking statements attributable to Smith & Nephew or any person acting on behalf of Smith & Nephew are expressly qualified in their entirety by the foregoing. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement contained herein to reflect any change in Smith & Nephew's expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Source: Smith & Nephew
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