Stereotaxis and Siemens to Extend Collaboration and Launch Program to Accelerate Technology
May 17 2006 - 9:00AM
PR Newswire (US)
ST. LOUIS, May 17 /PRNewswire-FirstCall/ -- Stereotaxis, Inc.
(NASDAQ:STXS) announced today that it has signed a three-year
extension to a joint development agreement with Siemens Medical
Solutions (of Siemens AG, NYSE: SI). This continuation of their
strategic alliance will lead to product line expansion of both
companies' integrated systems to meet the growing needs of the
market, increased integration in technology to improve clinical
work flows for physicians and hospital staff, and will strengthen
the coordination of the sales, marketing and service organizations
globally. Additionally, the two companies will collaborate to
explore potential clinical applications beyond the cardiology
market. An important new aspect of the collaboration is a
technology trade-in program intended to assist U.S. hospitals that
have older generation cardiac catheterization laboratories. This
innovative program would make it easier for hospitals to accelerate
their normal replacement cycle, thereby gaining access to important
advantages provided by the integrated Siemens-Stereotaxis
technologies. Additionally, this would improve patient and
physician access to precise magnetic navigation technology,
combined with the most advanced imaging equipment able to visualize
complex structures within the heart and blood vessels. "Our
alliance with Stereotaxis has been an important piece of our
overall program to bring innovative solutions to the interventional
and electrophysiology cath lab. The extension of this agreement
will support Siemens' position as a market leader in cardiology,"
says Norbert Gaus, president of the Angiography, Fluoroscopic and
Radiographic Systems division of Siemens Medical Solutions.
"Stereotaxis looks forward to its expanded collaboration with
Siemens as an affirmation of our partnership and as an important
opportunity to bring new integrated solutions to interventional
medicine. We are also very excited about launching the trade-in
program which will enable a broader population of patients
suffering from heart disease to have access to potentially life-
saving technology. This will also greatly expand Stereotaxis'
market opportunity to encompass the installed base of older
interventional catheterization laboratories," said Bevil Hogg,
President and CEO of Stereotaxis. About Stereotaxis Stereotaxis
designs, manufactures and markets an advanced cardiology instrument
control system for use in a hospital's interventional surgical
suite to enhance the treatment of coronary artery disease and
arrhythmias. The Stereotaxis System is designed to enable
physicians to complete more complex interventional procedures by
providing image guided delivery of catheters and guidewires through
the blood vessels and chambers of the heart to treatment sites.
This is achieved using computer-controlled, externally applied
magnetic fields that govern the motion of the working tip of the
catheter or guidewire, resulting in improved navigation, shorter
procedure time and reduced x-ray exposure. The core components of
the Stereotaxis system have received regulatory clearance in the
U.S., Europe and Canada. 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, continued acceptance of the Company's products in the
marketplace, competitive factors, changes in government
reimbursement procedures, dependence upon third-party vendors, 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 we will recognize
revenue related to our 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 our control. In addition, these orders and commitments may be
revised, modified or canceled, either by their express terms, as a
result of negotiations, or by project changes or delays. Contacts:
Stereotaxis, Inc. Noonan Russo 314-678-6105 212-845-4269 Jim
Stolze, Chief Financial Officer Brian Ritchie (investors)
DATASOURCE: Stereotaxis, Inc. CONTACT: Jim Stolze, Chief Financial
Officer, Stereotaxis, Inc., +1-314-678-6105, ; Investors: Brian
Ritchie, of Noonan Russo, +1-212-845-4269, , for Stereotaxis, Inc.
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