COLORADO SPRINGS, Colo., May 18 /PRNewswire-FirstCall/ -- Spectranetics Corporation announced today that it has entered into a research collaboration with BioScan Technologies Ltd., a privately held Israeli company. The initial phase of the contract will focus on the feasibility of combining Spectranetics' fiber-optic laser catheters with the optical imaging technology of BioScan. If feasibility is proven, the project will move to a product development phase.
John G. Schulte, Spectranetics' President and Chief Executive Officer, stated, "The incorporation of visualization capability into our devices would represent a significant technology advancement and have potential application with our atherectomy products, particularly for the treatment of chronic total occlusions, and our lead removal products. We believe the work already done by BioScan has proven their imaging technology to be viable and we look forward to working with them to incorporate their technology into our products."
Avram Matcovitch, BioScan's Chief Executive Officer, commented, "We believe the combination of our imaging technology into Spectranetics' catheters will improve the level of accuracy achieved by the physician and provide an easier to use, safer system for both patient and physician. We are excited to work with Spectranetics and believe this cooperation will bring major benefits to patients."
Spectranetics is a medical device company that develops, manufactures and markets single-use medical devices used in minimally invasive surgical procedures within the cardiovascular system in conjunction with its proprietary excimer laser system. Excimer laser technology delivers relatively cool ultraviolet energy to ablate or remove arterial blockages including plaque, calcium and thrombus. We believe our CVX-300(R) excimer laser is the only system approved in the United States, Europe, Japan, and Canada for use in multiple, minimally invasive cardiovascular procedures. These procedures include atherectomy, which is a procedure to remove arterial blockages in the peripheral or coronary vasculature, and the removal of infected, defective or abandoned cardiac lead wires from patients with pacemakers or implantable cardiac defibrillators, or ICDs, which are electronic devices that regulate the heartbeat.
BioScan Technologies Ltd. is a privately held company. The main shareholders include Funds represented by BioMedical Innovations Ltd. and private investors mainly from the Medical Technology industry. BioScan is developing SonarLight an optical ultrasonic technology for the use in minimally invasive diagnosis and treatment of cardiovascular and other diseases. BioScan first product, LightWire, an imaging coronary guidewire performs guiding and monitoring online during the angioplasty procedure. Animal trials confirmed the safety and the performance of the product and the company is gearing up towards human trials. (www.bioscantech.com)
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties may include increasing price and product competition, increased pressure on expense levels resulting from expanded marketing and clinical activities, uncertain success of the Company's strategic direction, dependence on new product development, intellectual property claims of third parties, availability of inventory from suppliers, the receipt of FDA approval to market new products or applications and the timeliness of any approvals, the potential size of market opportunities associated with new products, market acceptance of new products or applications, product defects, price volatility due to the initiation or cessation of coverage, or changes in ratings, by securities analysts. For a further list and description of such risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from any anticipated results, performance or achievements, please see the Company's previously filed SEC reports. Spectranetics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether as a result of new information, future events or otherwise.
Spectranetics is a registered trademark of The Spectranetics Corporation.
COMPANY CONTACT: INVESTOR & MEDIA CONTACTS:
Spectranetics Corporation Lippert/Heilshorn & Associates, Inc.
Guy Childs, Chief Financial Officer Bruce Voss
(719) 633-8333 Don Markley
www.spectranetics.com (310) 691-7100