MINNEAPOLIS, Sept. 28, 2017 /PRNewswire/ -- Cogentix
Medical, Inc. (NASDAQ: CGNT), a global medical device company
focused on providing the Urology, Uro/Gyn and Gynecology markets
with innovative and proprietary products, today announced a
$2 million investment in Vensica
Medical. Vensica is a privately-held Israeli-based company
developing VensiCare, an ultrasound based, needle-free drug
delivery system. The initial indication pursued for the
VensiCare device will be the delivery of botulinum toxin (such as
Botox® or Dysport®) to treat overactive bladder (OAB).
Vensica also has intellectual property for the delivery of
oncology agents to the bladder. Vensica currently anticipates
commencing human clinical trials of VensiCare for OAB during the
fourth quarter of 2018. Cogentix will receive one seat on the
Vensica Board and options to acquire the entire company for an
additional $8 million.
"We are very excited about the potential the VensiCare product
may provide for the more than 42 million patients in the US
suffering from overactive bladder and its symptoms. The
ability to offer another minimally invasive treatment option and
significantly increase the number of patients who receive a
3rd line therapy for OAB is truly an exciting
opportunity to leverage our strong urology market presence.
Our physician customers often use Botox for the treatment of
overactive bladder, and we believe Vensica's approach and product
pathway currently show promise for revolutionizing the manner in
which botulinum toxin is administered for OAB," said Darin Hammers, President and CEO. "This is
our third business development transaction in the last three months
and demonstrates our team's commitment to prudently investing the
cash on our balance sheet in a variety of transactions that now
include acquisition, licensing and development
agreements."
"We are thrilled to partner with Cogentix as we continue the
development of VensiCare," said Avner
Geva, CEO of Vensica. "We believe that Cogentix is the
most attractive partner for Vensica given their knowledge of the
OAB market and their successful track record with Urgent PC.
We are confident this partnership will result in maximizing the
potential of VensiCare."
"The structure of this investment allows Cogentix to oversee the
development of the high potential VensiCare device for a modest
initial investment," continued Mr. Hammers. "Further, the
agreement gives the Company the option to acquire all of Vensica at
a fixed price if significant value creating milestones are
achieved. And while the initial work of Vensica focuses on
the delivery of botulinum toxin to treat OAB, we believe the
VensiCare product has the potential to be a broad based drug
delivery platform that could deliver a variety of drugs for other
indications, such as cancer."
About Cogentix Medical
Cogentix Medical, Inc., headquartered in Minnetonka, Minnesota, with additional
operations in New York,
Massachusetts, The Netherlands and the United Kingdom, is a global medical device
company. We design, develop, manufacture and market products
for flexible endoscopy with our unique PrimeSight™ product lines
featuring a streamlined visualization system and proprietary
sterile disposable microbial barrier providing users with efficient
and cost effective endoscope turnover while enhancing patient
safety. We also commercialize the Urgent® PC
Neuromodulation System, an FDA-cleared device that delivers
percutaneous tibial nerve stimulation (PTNS) for the office-based
treatment of overactive bladder (OAB). OAB is a chronic condition
that affects approximately 42 million U.S. adults. The symptoms
include urinary urgency, frequency and urge incontinence. We
also offer Macroplastique®, an injectable urethral bulking agent
for the treatment of adult female stress urinary incontinence
primarily due to intrinsic sphincter deficiency. For more
information on Cogentix Medical and our products, please visit us
at www.cogentixmedical.com. 'CGNT-G'
For Further Information:
Cogentix Medical, Inc.
Brett Reynolds, SVP and CFO
952-426-6152
EVC Group
Brian Moore/Doug Sherk
310-579-6199/415-652-9100
Cautionary Statements Related to Forward-Looking
Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as "anticipate," "expect," "plan," "could," "may,"
"will," "believe," "estimate," "forecast," "goal," "project," and
other words of similar meaning. Forward-looking statements in this
press release include, but are not limited to, statements about
expected revenue growth rates; the Company's expectations regarding
operating profit and cash operating profit; and plans, objectives,
expectations and intentions with respect to future operations,
products and services. Each forward-looking statement contained in
this press release is subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statement. Applicable risks and uncertainties
include, among others, the effects of industry, economic or
political conditions outside of the Company's control; competitive
market factors; actual or contingent liabilities; the adequacy of
the Company's capital resources; and the risks identified under the
heading "Risk Factors" in the annual report on Form 10-K, for the
year ended December 31, 2016, filed
with the Securities and Exchange Commission ("SEC") on March 30, 2017. Investors are cautioned to not to
place considerable reliance on the forward-looking statements
contained in this presentation. Investors are encouraged to read
the Company's filings with the SEC, available at www.sec.gov, for a
discussion of these and other risks and uncertainties. The
forward-looking statements in this presentation speak only as of
the date of this release, and the Company undertakes no obligation
to update or revise any of these statements. The Company's
businesses are subject to substantial risks and uncertainties,
including those referenced above. Investors, potential investors,
and others should give careful consideration to these risks and
uncertainties.
View original
content:http://www.prnewswire.com/news-releases/cogentix-medical-makes-2-million-investment-in-israeli-company-developing-innovative-and-novel-device-for-delivery-of-drugs-to-the-bladder-300527647.html
SOURCE Cogentix Medical, Inc.