MedicalCV Announces Industry Recognition Excellence in Technology Award from Frost and Sullivan
MINNEAPOLIS, April 7 /PRNewswire-FirstCall/ -- MedicalCV, Inc. (OTC Bulletin Boad: MDCV), http://www.medcvinc.com/, a cardiovascular surgery device manufacturer, focusing on surgical needs surrounding atrial fibrillation, announced today that it received an excellence in technology award in the field of surgical ablation technologies for atrial fibrillation treatment from Frost & Sullivan, http://www.frost.com/, a leading industry market research firm.
"This important award recognizes our ATRILAZE(TM) Surgical Ablation System as an innovative technology advancement and demonstrates the significant interest in the surgical treatment of atrial fibrillation," commented Marc P. Flores, President and Chief Executive Officer of MedicalCV, Inc.
He continued, "Additionally, we announced that on April 1, 2005 we closed on a $13.6 million capital raise, and completed a conversion of $4.4 million of debt into equity. The funding will provide MedicalCV with resources to support our research and development efforts in evolving the treatment of atrial fibrillation to a stand-alone, minimally invasive (closed-chest, beating heart) procedure of the future. We believe this infusion of capital from the investment community represents a significant belief in our evolving AtriLaze(TM) technology."
The Frost & Sullivan's 2005 Best Practices Awards Banquet will be held on Wednesday, April 20, 2005 in Fort Myers, Florida at the Sanibel Harbour Resort & Spa.
About MedicalCV, Inc.
MedicalCV, Inc., a cardiovascular surgery device manufacturer, focuses on the design, development and commercialization of new, improved and enhanced technologies, products, methods and techniques to treat cardiovascular disorders and disease, including products targeting the treatment of atrial fibrillation ("AF"). Historically, MedicalCV developed and marketed Omnicarbon(R) mechanical heart valves utilizing its proprietary pyrolytic carbon processes. Although the Company has ceased manufacturing new heart valves it continues to maintain the mechanical heart valve business, supporting customers and distributors during the divestiture process. The Company is concentrating its resources on the AF market. The Company's core technology is the AtriLaze(TM) Surgical Ablation System, for use in cardiac tissue ablation in surgery, which the Company acquired on August 27, 2003 and for which it received FDA 510(k) clearance on November 30, 2004. The Company's common stock is traded on the OTC Bulletin Board under the symbol "MDCV."
For further information on MedicalCV, Inc., please visit http://www.medcvinc.com/ .
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This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this release refer to our expectations regarding disposition of our heart valve business, operating improvements, development of atrial fibrillation product and minimally invasive treatment of atrial fibrillation. These forward-looking statements reflect management's expectations and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: the Company's ability to fund significant capital needs; market acceptance in the U.S. of the Company's cardiovascular products; acceptance of minimally invasive techniques for the reduction of atrial fibrillation through ablation; potential reductions in pricing by competitors; the costs of licensing and acquiring new products and technologies; the time and costs involved in obtaining regulatory clearance for cardiovascular products; competing technological and market developments; physician acceptance of the Company's cardiovascular products; dependence upon governmental reimbursements and third party supplies; and the strength of the market for cardiovascular products. For more detailed information about these risks and uncertainties, please review the Company's Annual Report on Form 10- KSB for the fiscal year ended April 30, 2004 and our 8-K report filed with the Securities and Exchange Commission on January 6, 2005
These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or uncertainties after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
MedicalCV, Inc. Contact: Investor Relations Contact: John H. Jungbauer ROI Group Associates, Inc. Vice President, Finance and CFO Robert Giordano / Sarah Shepard Phone 651.452.3000 President / Vice President jjungbauer@medcvinc.com Phone 212.495.0200, ext. 10 / 17 http://www.medcvinc.com/rgiordano@roiny.com / sshepard@roiny.comhttp://www.roiny.com/
MedicalCV, Inc.CONTACT: John H. Jungbauer, Vice President, Finance and CFO of MedicalCV,Inc., +1-651-452-3000, or Robert Giordano, President, +1-212-495-0200, ext.10, rgiordano@roiny.com , or Sarah Shepard, Vice President, +1-212-495-0200ext. 17, sshepard@roiny.com , both of ROI Group Associates, Inc.