MENLO PARK, CA--(Marketwire - April 27, 2012) - CardioKinetix Inc., a pioneer in catheter-based treatments for heart failure, today announced that the first-of-its-kind Parachute™ Ventricular Partitioning Device has received an Edison Award in the Surgical Aid (Medical Device) category, one of the fifteen categories honored annually by the Edison Awards. The distinguished award symbolizes the persistence and excellence personified by Thomas Alva Edison, inspiring America's drive to remain in the forefront on innovation, creativity and ingenuity in the global economy.
"It's an honor to be recognized with such a prestigious award recognizing our innovative approach to treating heart failure patients," said Serjan D. Nikolic, Parachute inventor, co-founder, and chief technology officer of CardioKinetix. "It has been very fulfilling to see the Parachute technology move from initial concept more than 10 years ago to availability today as a new treatment option to patients with heart failure."
The ballot of nominees for the Edison Awards was judged by more than 3,000 senior business executives and academics from across the nation whose votes acknowledge the winner's success in meeting the award criteria of Concept, Value, Delivery and Impact. The members of the Edison Awards Steering Committee are senior executives with diverse marketing, scientific, and business backgrounds who monitor the development and successful launch of innovative products each year.
"More than any year, this year's winners demonstrate the enormous value of teamwork, experimentation, consumer focus and market awareness," said Tom Stat, chairman of the Edison Awards' Steering Committee. "It's exciting to see companies like CardioKinetix continuing Thomas Edison's legacy of challenging conventional thinking."
The 2012 Edison Awards are sponsored by Nielson, Discovery Communications, Science Channel, USA Today, CSRware, and applepeak. For more information about the Edison Awards and a list of past winners, visit www.edisonawards.com.
About Heart Failure
Approximately 23 million people in the world suffer mild to severe heart failure and 2.4 million new cases of heart failure are diagnosed each year. In the United States, heart failure is responsible for 11 million physician visits annually, and more hospitalizations than all forms of cancer combined.(1) Heart failure is one of the most resource-intensive conditions with direct and indirect costs in the United States estimated at $39.2 billion in 2010.(2) Symptoms of heart failure negatively impact quality of life and include shortness of breath, persistent coughing or wheezing, buildup of excess fluid in body tissues (edema), fatigue, lack of appetite or nausea, impaired thinking, and increased heart rate. An estimated 20 to 30 percent of heart failure patients could benefit from percutaneous ventricular restoration therapy with the Parachute.
About the Parachute™ Ventricular Partitioning Device
The first-of-its-kind Parachute Ventricular Partitioning Device is a minimally invasive treatment for patients with heart failure caused by damage to the heart muscle following a heart attack. Delivered through a catheter inserted in the femoral artery, the small parachute-shaped implant partitions off the damaged portion of the heart, decreasing overall volume and restoring the geometry and function of the heart's left ventricle. Clinical data demonstrates improved overall cardiac function and quality of life for patients treated with the Parachute device.
The Parachute Ventricular Partitioning Device received CE Mark in 2011. In the U.S., the Parachute system is an investigational device limited by federal law to investigational use only and is not available for sale.
About CardioKinetix Inc.
CardioKinetix, based in Menlo Park, Calif., is a pioneer in catheter-based treatments for heart failure. Privately held, the company is backed by SV Life Sciences, New Leaf Venture Partners, U.S. Venture Partners, Panorama Capital, and H&Q Healthcare Investors. For more information please visit www.cardiokinetix.com.
(2) Lloyd-Jones D, Adams RJ, Brown TM, et al. Heart Disease and Stroke Statistics-2010 Update. A Report from the American Heart Association Statistics Committee and Stroke Statistics Subcommittee.* Circulation. 2010;121:e1-e170.