Vycor Medical Reports Sales Momentum for Its VBAS Neurosurgical Device
November 20 2013 - 7:38AM
Marketwired
Vycor Medical Reports Sales Momentum for Its VBAS Neurosurgical
Device
BOCA RATON, FL--(Marketwired - Nov 20, 2013) - Vycor Medical,
Inc. ("Vycor") (OTCQB: VYCO), a medical device company with a suite
of FDA cleared products, announced today a substantial increase in
3rd quarter sales for its Vycor Medical division's patented
ViewSite™ Brain Access System ("VBAS") on both a year-over-year and
sequential basis.
For the third quarter ended September 30, 2013, revenue in the
Vycor Medical division resulting from sales of its VBAS rose 91% to
$225,823 as compared to sales of $118,384 in Q3 2012 and rose 54%
on a sequential basis as compared to $146,358 in Q2
2013. Management believes that the progress currently being
made with its strategy, both in the U.S. and internationally
clearly appears to be yielding positive results.
VBAS is a suite of clear cylindrical disposable devices which
provide neurosurgeons with 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 for more than 50 years. To
date, the Company estimates more than 5,000 surgeries have been
performed utilizing VBAS. A video explaining the attributes of
Vycor Medical's VBAS can be seen at
http://player.vimeo.com/video/39766887.
Management articulated earlier in the year its plan to continue
to drive VBAS adoption with a goal of having the VBAS device become
the new "Standard of Care" for brain access and
retraction. Part of its strategy was to increase U.S. market
penetration through broader hospital acceptance and greater direct
physician marketing. To this end, the Company has added 4 new
distributors in the last few months and VBAS is now approved in
over 150 hospitals in the U.S. and the number continues to
grow.
Internationally, the Company has also added a distributor for
Canada a region previously not covered, and is in advanced
evaluation discussions with new distributors regarding new regional
coverage possibilities including India.
Advantages of the innovative Vycor VBAS over the
long-established standard of care device, the "blade retractor,"
include:
- Provision of a minimally invasive approach into the brain which
results in reduced "white matter" damage to the surrounding tissue
and is likely to lead to improved surgical outcomes for
patients.
- Improved visibility for the surgeon due to the VBAS transparent
tubular form.
- Reported to result in reduced surgical time which results in
lower costs of procedures.
- The ability to be used with IGS (Image Guided Systems).
The Company continues its efforts in relation to new product
development targeted at both driving the use of its existing VBAS
product range through ancillaries that will facilitate its use and
through new product extensions to broaden VBAS applicability to
procedures currently not addressed by its existing product line.
Management has estimated, based on AANS statistics by cranial
procedure, that there are in the U.S. alone approximately 200,000
annual applicable procedures for its current VBAS device range and
an additional 130,000 procedures that could be addressed through
product extensions. The Company has two new cranial products in the
pipeline and in addition, the Company is evaluating a spinal
product that is in early prototyping.
The Minimally Invasive Cranial Surgery Program at the Ohio State
University (Columbus, OH) is currently conducting an animal study
to evaluate a comparison of tissue damage when using Vycor's
patented ViewSite™ Brain Access System ("VBAS") as compared to an
open resection technique (using standard "blade retractors").
About Vycor Medical, Inc. Vycor Medical, Inc. ("Vycor") is
dedicated to providing the medical community with innovative and
superior surgical and therapeutic solutions and has a growing
portfolio of FDA-cleared medical solutions that are changing and
improving lives every day. The Company operates two wholly-owned
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.
Vycor Medical's 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. An overview of Vycor
Medical's VBAS can be seen at
http://player.vimeo.com/video/39766887.
Vycor's wholly-owned NovaVision unit 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.
For the latest information on the company, including media and
other coverage, and to learn more, please go online at
www.vycormedical.com or www.novavision.com.
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 President 858-794-9500 Email Contact or
Alex Partners, LLC Scott Wilfong President 425-242-0891 Email
Contact
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