Micron Medical Issues a Letter to Shareholders - Jan 07, 2021
BOCA RATON, Fla., Jan. 07, 2021 (GLOBE NEWSWIRE) -- Micron Medical (“Micron”), a privately-held medical device company engaged in the development, manufacture and early stage commercialization of innovative wireless, minimally invasive, electroceutical solutions for urological conditions, focused on OAB, today published a letter to shareholders.
2020 will be written in the history books as the year the world stood still to tackle Covid-19. It will be remembered as the year human will and spirit triumphed over adversity. It was a year like no other. The stock market rebounded to new highs. The economy struggled. Small businesses closed. While these realities have been the focus for us all, 2020 also marked the formation of Micron Medical Corp.
Overactive Bladder, the market we are targeting, presents a significant commercial opportunity in need of better treatment options. The lifestyle modifications and drugs prescribed to treat an overactive bladder are ineffective and have terrible side effects. Within one year of seeking medical treatment for their bladder control problems, most patients seek out alternative or advanced therapies to manage their symptoms. In the United States alone, over 35 million people suffer from an overactive bladder and the growth in sales of adult diapers now exceeds the growth in sales of baby diapers. Your Company’s minimally invasive micro-stimulator implant, Protect PNS, has the opportunity to revolutionize how these patients are treated and become the standard of care.
Despite the numerous challenges 2020 presented, we made significant progress putting in place many of the essential building blocks your Company’s future success requires: We developed a five-year strategic plan, forecast and budget; we hired key executives; we filed a De Novo application with the FDA for Protect PNS as a treatment for Overactive Bladder; and we received a favorable recommendation from CMS pointing our T-Code to a neurostimulation code for reimbursement and not to an injection code as they had previously done.
Your Company enters 2021 stronger and more resilient. In 2021, we will continue to add exceptional talent to compliment the strong team we already have in place. Importantly, we remain on track to launch Protect PNS in the summer, we are expanding our commercial capabilities, and our manufacturing plans are in place to optimize inventory levels to meet demand at launch. We are ramping up clinical trial enrollment and finalizing plans to launch a new clinical trial named Guardian. We will expand our infrastructure and commercial readiness and will continue to strengthen our procedures, policies and controls.
To attract the very best board members, executives, advisors and investors, your Company needs to have in place best-in-class governance and oversight. In 2021, we will continue to build on the strong progress made in 2020 in evolving our governance, Board of Directors and Advisory Boards.
Commitment. Courage. Transparency. Humility. Equality. Family. Individually, each word is powerful, but open to interpretation. However, when used collectively, as guiding principles, these words deliver a powerful message of strength, unity and trust. This is the culture we have at Micron Medical and the principles we are committed to upholding. In 2021, we look forward to continued excellence in execution, solidifying our culture, strengthening your Company’s balance sheet, improving the lives of patients with bladder control problems, exploring an IPO, and creating value for all Micron Medical shareholders.
Wishing you and your family a healthy and prosperous 2021.
Micron Medical Corp.
Chairman and CEO
Micron Medical Corporation
Statements made in this press release that look forward in time or that express beliefs, expectations or hopes regarding future occurrences or anticipated outcomes are forward-looking statements. A number of risks and uncertainties such as risks associated with product development and commercialization efforts, expected timing or results of any clinical trials, ultimate clinical outcome and perceived or actual advantages of the Company’s products, market and physician acceptance of the products, intellectual property protection, and competitive offerings could cause actual events to adversely differ from the expectations indicated in these forward looking statements.