Endologix Announces Exclusive Distributor Agreement with Boston Scientific for the Chinese Market
IRVINE, Calif.--(BUSINESS WIRE)-- Endologix Inc. (Nasdaq: ELGX), a developer and marketer of innovative treatments for aortic disorders, today announced an agreement naming Boston Scientific Corporation (NYSE: BSX) the exclusive distributor for Endologix products in China. The long-term agreement includes distribution rights to Endologix’s current EndoVascular Aneurysm Repair (EVAR) and Endovascular Aneurysm Sealing (EVAS) products, as well as the right of first negotiation for future product offerings by Endologix.
“We are excited to partner with Boston Scientific to bring next-generation abdominal aortic aneurysm solutions to patients in China,” said John Onopchenko, Chief Executive Officer of Endologix, Inc. “China is one of the largest and fastest-growing EVAR markets in the world, representing an exciting market opportunity for Endologix. We look forward to building our brand in this important market by leveraging the Boston Scientific team’s extensive experience introducing new products for patients suffering from vascular disease.”
As part of the agreement, Boston Scientific plans to invest in building a dedicated sales team to commercialize the Endologix products and drive adoption. Additionally, Endologix will provide commercial and clinical support and training to the Boston Scientific team, with the goal of ensuring that the best possible clinical outcomes are realized. Boston Scientific expects to begin selling these products upon local regulatory approval and subsequent commercial launch of the first product, anticipated in 2021.
The current portfolio of Endologix products includes the Ovation® iX Abdominal Stent Graft and the AFX2® Endovascular Abdominal Aortic Aneurysm System, both of which are minimally-invasive solutions to repair aortic aneurysms and have received U.S. FDA clearance and CE mark.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders. The Company's focus is endovascular stent grafts for the treatment of abdominal aortic aneurysms (AAA). AAA is a weakening of the wall of the aorta, the largest artery in the body, resulting in a balloon-like enlargement. Once an AAA develops, it continues to enlarge and, if left untreated, becomes increasingly susceptible to rupture. The overall patient mortality rate for ruptured AAA is approximately 80%, making it a leading cause of death in the U.S. For more information, visit www.endologix.com.
Cautions Regarding Forward-Looking Statements
Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” "continue," "outlook," “guidance,” "future,” other words of similar meaning and the use of future dates. Forward-looking statements used in this press release include: the expectation that Endologix will be able to build its brand in the Chinese market; Boston Scientific’s plan to invest in building a dedicated sales team to commercialize the Endologix products and drive adoption; ; and Boston Scientific’s expectation that it will begin selling Endologix products upon local regulatory approval and subsequent commercial launch of the first product in 2021, the accuracy of which are necessarily subject to risks and uncertainties that may cause Endologix’s actual results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ materially and adversely from anticipated results include, continued market acceptance, endorsement and use of Endologix's products, the success of clinical trials relating to Endologix’s products, product research and development efforts, uncertainty in the process of obtaining and maintaining regulatory approval for Endologix's products including local regulatory approval for Endologix’s products in China, the ability to develop and maintain a successful partnership between Endologix and Boston Scientific, Endologix’s ability to protect its intellectual property rights and proprietary technologies, and other economic, business, competitive and regulatory factors. The forward-looking statements contained in this press release speak only as of the date of this press release. Endologix undertakes no obligation to update any forward-looking statements contained in this press release to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Please refer to Endologix's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2018, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 for more detailed information regarding these risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied.
Vaseem Mahboob, CFO
Source: Endologix, Inc.