Vycor Medical Inc. Issued Hong Kong Patent for Its VBAS Minimally Invasive Brain Access System
Published: Mar 25, 2013
BOCA RATON, FL--(Marketwire - March 25, 2013) - Vycor Medical, Inc. ("Vycor") (OTCBB: VYCO), a provider of innovative and superior surgical and therapeutic solutions, announced it has been issued patent number 10106385.8 for its ViewSite™ Brain Access System ("VBAS") for the Hong Kong market. Vycor has a distribution agreement in place with Devon Medical which covers Hong Kong and China.
The addition of this patent brings the Vycor's total patent portfolio to 32 issued and 23 pending. Management views its significant patent portfolio to be of strategic importance and believes it will help drive future revenue and underpins the Company's valuation.
VBAS is a suite of clear cylindrical disposable devices which provide neurosurgeons a stable, minimally invasive working channel to access targeted sites within the brain, such as tumors. The "blade retractor" has been the standard of care device for brain access and retraction with little change for more than 50 years. VBAS is now approved in over 100 hospitals in the U.S. and the number continues to grow. To date, more than 4,000 surgeries have been performed utilizing VBAS.
The Company is targeting international markets of size where it has patent protection and has or is in the process of obtaining regulatory approvals. In Europe, Vycor's growth focus will be on the UK, France, Germany, Austria and Switzerland. Elsewhere, the focus will be on Japan and Russia, where it already has regulatory approvals. The Company also plans to enter the large Indian market and is currently in discussions with various distributors.
VBAS is ISO 13485:2003 compliant, has U.S. FDA 510(k) Clearance for brain and spine surgeries, and regulatory approvals for brain surgeries in Australia, Canada, China, Europe, Japan, Korea and Russia.
David Cantor, Vycor's President, stated, "The addition of the Hong Kong patent builds upon our significant IP portfolio surrounding our VBAS device. Outside the U.S., there are approximately 800,000 neurosurgical procedures annually which can be addressed by our existing VBAS product line which equates to a market potential of approximately $285 million. We currently have distribution agreements in place for VBAS in Australia, China, Germany, Greece, Holland, Hong Kong, Italy, Japan, Korea, Spain, Sweden and the UK. We expect to be entering into a number of additional international distribution agreements this year."
About Vycor Medical, Inc.
With corporate headquarters in Boca Raton, FL, Vycor Medical, Inc. ("Vycor") is a publicly traded company (OTCBB: VYCO) dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and has a growing portfolio of FDA-approved medical solutions that are changing and improving lives every day. The Company operates two business units: Vycor Medical and NovaVision, both of which adopt a minimally or non-invasive approach. Both technologies have exceptional sales growth potential, address large potential markets, have the requisite regulatory approvals and are commercialized and generating revenue. The Company has a strong patent portfolio with 32 granted patents and a further 23 patents pending.
Vycor Medical's flagship, ViewSite™ Surgical Access Systems (VBAS) is a suite of clear cylindrical minimally invasive disposable devices that hold the potential for speedier, safer and more economical brain surgeries and a quicker patient discharge. VBAS is designed to optimize neurosurgical site access, reduce patient risk, accelerate recovery and add tangible value to the professional medical community. Vycor Medical is ISO 13485:2003 compliant, has FDA 510(K) clearance for VBAS for brain and spine surgeries and regulatory approvals for brain surgeries in Australia, Canada, China, Europe, Japan, Korea and Russia. For an overview of Vycor Medical's VBAS see http://player.vimeo.com/video/39766887
NovaVision develops and provides science-driven neurostimulation therapy and other medical technologies that help improve and partially restore sight in patients with neurological vision impairments. The company's proprietary Visual Restoration Therapy® (VRT) platform is clinically supported to improve lost vision resulting from stroke, traumatic brain injury ("TBI"), or other acquired brain injuries. VRT is the only FDA 510K cleared medical device in the U.S. aimed at the restoration of vision for neurologically induced vision loss and can be prescribed by any ophthalmologist, optometrist, neurologist or physiatrist. VRT also has CE Marking for the EU. NovaVision also provides Neuro-Eye Therapy (NeET) in the EU, aimed at increasing visual sensitivity deep within the field defect. NovaVision also provides a fully portable and ADA-compliant Head Mounted Perimeter (HMP™) which aids in the detection and measurement of visual field deficits. For an overview of NovaVision see http://player.vimeo.com/video/39765566
Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Vycor Medical's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Vycor Medical's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Vycor Medical herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Vycor Medical disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
Vycor Medical, Inc. Investor Contacts:
The Del Mar Consulting Group, Inc.
Robert B. Prag
Alex Partners, LLC