Vasomedical Reports 1997 Achievements at Annual Meeting
Business Wire - December 05, 1997 10:55
WESTBURY, N.Y.--(BUSINESS WIRE)--December 5, 1997--At its annual meeting of stockholders held yesterday, Vasomedical, Inc. (NASDAQ:VASO; vasomedical.com) announced it has achieved several significant business and scientific milestones in 1997.
"We are very pleased with Vasomedical's progress during the past 12 months. We began the year with aggressive goals, most of which we have met or exceeded," said Anthony Viscusi, president and CEO. "Most notable was the completion of our groundbreaking study, the results of which were presented at the American Heart Association's recent annual meeting." This multi-center, placebo-controlled, randomized, double-blind study (MUST-EECP) proved EECP(R) (Enhanced External
Counterpulsation) to be both safe and effective in the noninvasive treatment of coronary artery disease. In both exercise and
clinical measures, EECP(R) was shown to be superior to the sham therapy used as the study control.
Viscusi highlighted other major achievements in 1997:
- Following the AHA meeting, many cardiologists have expressed
increased interest in EECP(R). This interest has already resulted
in firm orders for EECP(R) systems.
- Columbia-Presbyterian Medical Center in New York and the University of California, San Francisco joined the University of
Pittsburgh in making EECP(R) available to their coronary artery disease patients. These three centers participated in
MUST-EECP.
- More than 30 hospitals and cardiology practices now provide
therapy with EECP(R). The number of centers offering EECP(R) is
growing steadily, and some centers are expanding their capability to
handle increasing patients loads.
- Exclusive distributors have been appointed for Japan, Latin America and Middle Eastern countries. Overseas markets are
expected to contribute significantly to the Company's top-line growth.
- More than 35 healthcare insurance carriers and other third-party
payers reimburse fees charged by providers of EECP(R). Many
treatment centers now report a better than 80% success rate in
obtaining reimbursement on a case-by-case basis.
- Two new full-length reports dealing with EECP(R) were published and seven abstracts were presented at major scientific
conferences during the past year, expanding the base of data supporting EECP(R)'s effectiveness.
- The company's in-house patient registry collected data on nearly
600 patients. Efficacy results are consistent with those published
by the SUNY University Medical Center in Stony Brook. An
independent national patient registry has been initiated at the
University of Pittsburgh School of Public Health to gather more
detailed patient information which will be published periodically.
Viscusi further stated, "We are pleased that during 1997 we have been able to amass a large body of data supporting the
efficacy and safety of EECP(R) and to establish it as an important, noninvasive option for the treatment of coronary artery
disease. Overall, 1997 has been an important year for Vasomedical, one in which we have enhanced shareholder value."
Viscusi also outlined key points of Vasomedical's 1998 strategic
plan:
- Publication of MUST-EECP in a leading peer-reviewed medical journal.
- The company plans to triple the number of EECP(R) units placed in
hospitals and cardiology practices.
- To step up the company's aggressive marketing program by doubling its sales force.
- The company is developing a more compact and mobile version of
the current model, which should make possible the use of EECP(R) in
emergency rooms and coronary care units.
- Additional claim expansion possibilities, including congestive heart failure and peripheral vascular disease, have been identified
for EECP(R). Studies are scheduled to evaluate its safety and efficacy for these indications.
- Vasomedical expects to receive both CE Mark and ISO
Certifications, which will allow the company to enhance its global
presence.
EECP(R) is a noninvasive, outpatient procedure to relieve angina pectoris by improving perfusion of insufficiently supplied areas
of the heart. Angina pectoris, affecting about seven million people in the United States, strikes when obstructed coronary
arteries deprive the heart muscle of oxygen adequate to its needs.
Vasomedical is a medical technology company devoted to the
development, manufacture and commercialization of innovative and
cost-effective cardiovascular products and processes.
(Except for historical information contained in this news release, the matters discussed are forward looking statements that
involve risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: the effect
of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or
difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; and the
risk factors reported from time to time in the company's SEC reports.)
CONTACT: Vasomedical Inc.
Natalie Karp
Investor Relations
(516) 997-4600, ext. 776 |
