Stereotaxis Signs Distribution Agreement for Niobe(R) Technology in Japan
February 25 2014 - 4:06PM
Stereotaxis, Inc. (Nasdaq:STXS) announced today that it has entered
into a definitive agreement with Medix Japan, Inc. and Hokushin
Medical Co. Ltd. to distribute its Niobe® Magnetic Navigation
System for cardiac ablations in Japan. The agreement ensures sales
and marketing coverage for Stereotaxis in an electrophysiology (EP)
market performing approximately 47,000 procedures each year and
expected to grow at an annual rate of 10% through 2018. Japan also
represents one of the largest medical device markets globally,
second to the U.S.
"We are very pleased to have the assistance of Medix Japan and
Hokushin Medical in bringing our expertise with automated, remote
navigation solutions to the Japanese EP community," said William C.
Mills, Stereotaxis Chief Executive Officer. "With an aging
population and increasing rate of arrhythmias and other cardiac
conditions, we can offer EP physicians in Japan greater
possibilities in the treatment of their complex cases and make a
difference in patient quality of life. We are confident that these
two companies, both experts in product promotion with deep
understanding of the Japanese medical device industry and strong
entrepreneurial spirit, will enthusiastically support our vision in
a vital new market."
Founded in 1987, Hokushin Medical Co. Ltd. is based in Kobe,
Japan. The Company's core business is in marketing, distributing
and servicing cardiovascular products. Hokushin Medical is one of
the largest distributors of EP products in Japan, with extensive
hospital relationships. Since 1975, Medix Japan, Inc., based in
Fukuoka, Japan, has been importing and selling medical devices and
pharmaceuticals in Japan. The Company has significant regulatory
and quality management expertise required to handle highly
regulated medical products. Medix Japan's parent company, Kamachi
Group, is a diversified conglomerate with approximately $100
billion in annual sales, which also owns and operates 17
hospitals.
Under the agreement, Hokushin Medical will market, sell and
distribute the Niobe system and disposable devices to Japanese
customers, as well as provide customer training and clinical
support. Medix Japan will lead the completion of the post marketing
surveillance project as required by Japan's Pharmaceuticals and
Medical Devices Agency. Furthermore, Medix Japan will be charged
with securing market authorization of Stereotaxis' Vdrive™ Robotic
Navigation System and Odyssey® Information Management Solution in
the coming months, in order to offer the advantages of the full
Epoch™ Solution to the Japanese market.
"Hospitals and physicians in Japan are eager for new
technologies that deliver safer, simpler and less invasive patient
therapies," said Mitsunori Furukawa, Chief Executive Officer of
Hokushin Medical. "We are passionate about the Stereotaxis product
suite and excited to collaborate with Medix Japan in representing
the Stereotaxis brand to elevate the level of arrhythmia care in
Japan."
About Stereotaxis
Stereotaxis is a healthcare technology and innovation leader in
the development of robotic cardiology instrument navigation systems
designed to enhance the treatment of arrhythmias and coronary
disease, as well as information management solutions for the
interventional lab. Over 100 issued patents support the Stereotaxis
platform, which helps physicians around the world provide
unsurpassed patient care with robotic precision and safety,
improved lab efficiency and productivity, and enhanced
collaboration of life-saving information. Stereotaxis' core Epoch™
Solution includes the Niobe® ES Remote Magnetic Navigation system,
the Odyssey® portfolio of lab optimization, networking and patient
information management systems and the Vdrive™ Robotic Mechanical
Navigation system and consumables.
The core components of Stereotaxis systems have received
regulatory clearance in the U.S., European Union, Canada, China and
elsewhere. The V-Sono™ ICE catheter manipulator has received U.S.
clearance, and the V-Loop™ circular catheter manipulator will soon
be submitted for review by the U.S. Food and Drug Administration.
For more information, please visit www.stereotaxis.com.
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe," "estimate," "project," "expect" or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to, the
Company's ability to raise additional capital on a timely basis and
on terms that are acceptable, its ability to continue to manage
expenses and cash burn rate at sustainable levels, its ability to
continue to work with lenders to extend, repay or refinance
indebtedness on acceptable terms, continued acceptance of the
Company's products in the marketplace, the effect of global
economic conditions on the ability and willingness of customers to
purchase its systems and the timing of such purchases, the outcome
of various shareholder litigation filed against Stereotaxis,
competitive factors, changes resulting from the recently enacted
healthcare reform in the U.S., including changes in government
reimbursement procedures, dependence upon third-party vendors,
timing of regulatory approvals, and other risks discussed in the
Company's periodic and other filings with the Securities and
Exchange Commission. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for
revisions or changes after the date of this release. There can be
no assurance that the Company will recognize revenue related to its
purchase orders and other commitments in any particular period or
at all because some of these purchase orders and other commitments
are subject to contingencies that are outside of the Company's
control. In addition, these orders and commitments may be revised,
modified, delayed or canceled, either by their express terms, as a
result of negotiations, or by overall project changes or
delays.
CONTACT: Company Contact:
Marty Stammer
Chief Financial Officer
314-678-6155
Investor Contact:
Todd Kehrli / Jim Byers
MKR Group, Inc.
323-468-2300
stxs@mkr-group.com