SACRAMENTO, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Integrated Surgical Systems, Inc. , a pioneer in medical robotics and a world leader in medical robotics and image-directed semi-autonomous robotic products surgical applications, announced that it has entered into an agreement with Novatrix Biomedical, Inc. (Novatrix), pursuant to which Novatrix has agreed to purchase substantially all of ISS’s assets. Novatrix is a private company located in Southern California. The principal terms of the transaction were disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on August 8, 2006.
As a result of the funding, ISS has reached a settlement with the majority of its creditors to repay most of its outstanding debt. ISS has notified the SEC that it intends to bring all of its quarterly and annual filings current from the date of its last 10-KSB filing of December 31, 2004.
ISS has recently entered into a four-year lease to relocate its operations to 1443 N. Market Drive in Sacramento, California. ISS expects to move into the new facility on or before December 1, 2006. Further detail will be posted on the Company’s web site (http://www.robodoc.com).
The primary focus for ISS is to reinitiate and complete multi-center U.S. Clinical studies for the ROBODOC surgical system. ISS has secured authorization from the FDA for an additional clinical site in the U.S.A. and has received permission to restart the clinical studies. To expedite the ongoing studies even further, ISS is negotiating with an overseas hospital to conduct clinical studies following the U.S. protocol. To accomplish this goal, ISS has secured the necessary infrastructure, recruited two of its previous officers, hired a limited number of former employees and appointed Michael Tomczak, a former chief financial officer of ISS, and Peter Mills as directors of the Company. Dr. Ramesh Trivedi continues to serve as ISS’s Chief Executive Officer.
Integrated Surgical Systems, Inc. designs, manufactures, sells and services image-directed computer-controlled robotics products for use in orthopedic and neurosurgical procedures. The ROBODOC Surgical System is the world’s leading robotic system for hip and knee replacement surgery.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including the timely development and market acceptance of new products and upgrades to existing products, the impact of competitive products and pricing, and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission (SEC).
ROBODOC(R) is a registered trademark of Integrated Surgical Systems, Inc. http://www.robodoc.com Contact: Integrated Surgical Systems Ramesh C. Trivedi, Ph.D. President and CEO 916 391 0450
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Integrated Surgical Systems
CONTACT: Ramesh C. Trivedi, Ph.D., President and CEO, Integrated SurgicalSystems, +1-916-391-0450
Web site: http://www.robodoc.com/
