MINNEAPOLIS, June 27 /PRNewswire-FirstCall/ -- ATS Medical, Inc. has entered into an exclusive partnership with privately held Genesee BioMedical, Inc. based in Denver, Colorado to develop and manufacture a line of heart valve annuloplasty rings for use by surgeons for repair of damaged heart valves. Depending on the type and severity of someone’s heart valve disease, it is sometimes preferable to repair their damaged valve as opposed to complete removal and replacement with either a mechanical or a tissue heart valve. According to independent estimates, the repair segment of heart valve therapy totals $115 million and is growing at a rate of five to ten percent per year.
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The partnership with Genesee BioMedical provides ATS Medical access to a unique portfolio of patents, intellectual property, and important manufacturing and product development experience specific to heart valve repair and the related tools and accessories necessary for entry into this segment of the worldwide heart valve therapy market.
Michael D. Dale, President and CEO of ATS Medical, stated, “This partnership represents another important step in our mission to establish ATS Medical as a leader in cardiac surgery through the supply of innovative products and services. Genesee BioMedical’s dedicated and talented staff provides ATS the ability to accelerate our entry into this important and growing market segment. We expect that this agreement will start to generate revenues for us in the first half of 2006.”
John T. M. Wright Ph.D., Chairman and CEO of Genesee BioMedical Inc., a Denver, CO based corporation, added, “ATS Medical represents an outstanding partnership opportunity. I believe the combination of our proven skills and accumulated experience in design and manufacturing, with ATS’s proven sales and marketing prowess, will make for true synergy. I am very excited about the prospects for both companies.”
ATS Medical manufactures and markets products and services focused on cardiac surgery. It is headquartered in Minneapolis and is global in scope with sales in more than 61 countries. More than 100,000 ATS Open Pivot Heart Valves have been implanted in patients worldwide utilizing the unique pivot design which results in exceptional clinical performance and a low risk profile. The ATS Medical web site is http://www.atsmedical.com .
Genesee BioMedical is a privately held innovator and manufacturer of devices and instruments that is recognized for its efforts in advancing the standard of performance for cardiac surgeons and improving patient outcomes. The Genesee BioMedical website is http://www.geneseebiomedical.com .
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This Press Release contains forward-looking statements that may include statements regarding intent, belief or current expectations of the Company and its management. Actual results could differ materially from those projected in the forward looking statements as a result of a number of important factors, including regulatory actions, competition, pricing pressures, supplier actions and management of growth. For a discussion of these and other risks and uncertainties that could affect the Company’s activities and results, please refer to the Company’s filings with the Securities and Exchange Commission to its Form 10-K for the year ended December 31, 2004.
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CONTACT: Michael Dale, President-CEO, or Jack Judd, Chief FinancialOfficer, both of ATS Medical, Inc., +1-763-553-7736, or Doug Sherk orJennifer Beugelmans, both of EVC Group, Inc., +1-415-896-6820