Conceptus Announces Retention of Financial Advisor
SAN CARLOS, Calif.--(BW HealthWire)--Nov. 3, 1998--Conceptus Inc. (Nasdaq:CPTS) announced today that it has retained CIBC Oppenheimer Corporation to evaluate strategic alternatives for the company, including inquiries that have been received by Conceptus regarding possible business alliances.
The company intends to review opportunities in women's health, its traditional market focus, as well as other areas of medicine.
"We believe there may be strategic opportunities today for companies like Conceptus, with significant cash, several approved products and a low expense level, which have been created by the current depressed market for small-cap lifescience stocks. There are many excellent companies in need of cash and not able to achieve adequate financing. Some of these may prove to be sound strategic partners for Conceptus," stated Kathryn Tunstall, president and CEO of Conceptus.
"With CIBC Oppenheimer's demonstrated advisory and research expertise in the lifescience markets, it was natural to select the firm to advise Conceptus", she added. Conceptus recently reported cash and equivalents as of Sept. 30, 1998 of approximately $18.3 million.
Conceptus had previously (June 18,1998) announced the elimination of its direct U.S. sales force, and its intention to seek marketing alliances in order to market its current products.
These products include the company's STARRT(TM) (Selective Tubal Assessment to Refine Reproductive Therapy) Falloposcopy System, an endoscopic product which utilizes Conceptus's proprietary T-TAC(TM) (Transcervical Tubal Access Catheter) technology to improve the diagnosis of infertility, and the ERA(TM) Resectoscope Sleeve, a novel device which is utilized with commercially available resectoscopes to improve the safety of several minimally invasive surgical alternatives to hysterectomy, such as endometrial ablation and myomectomy, in order to remove benign uterine pathology.
Conceptus has also developed the FUTURA(TM) device, which utilizes its proprietary sleeve technology and is used in TURP (transurethral resection of the prostate) procedures, the gold standard treatment of benign prostatic hyperplasia.
Conceptus also recently (Oct., 21, 1998) reported progress in its Phase II study of the S/TOP(TM) permanent contraception system, designed to be a non-surgical alternative to surgical tubal ligation, the most commonly used method of contraception worldwide. The S/TOP system is comprised of a unique micro-coil which is designed to be permanently implanted into each fallopian tube using components of Conceptus's platform T-TAC technology.
To date, in its several clinical studies of the S/TOP system, the company has found the device placement procedure to be tolerated by patients without general anesthesia.
Conceptus has recently obtained approval of an IDE from the U.S. Food and Drug Administration (FDA) to enable the commencement of Phase II clinical studies of the S/TOP device in the United States, after having commenced a Phase II study at two sites in Australia.
"The S/TOP Permanent Contraception device system is the highest potential-value clinical application of components of our unique T-TAC technology platform, and permanent contraception, at an estimated $1-3 billion in size, may well be one of the largest medical device markets," stated Ms. Tunstall.
"We intend to seek a marketing and distribution partner for S/TOP, particularly for international markets, and would prefer to find a partner able to assist us in our pivotal clinical study of the S/TOP device as well," she added.
Conceptus Inc. designs and develops innovative interventional medical devices for use in reproductive medicine. The company has developed the STARRT Falloposcopy and T-TAC catheter systems to improve the diagnosis and treatment of fallopian tube diseases and disorders, a primary cause of infertility.
The company has also developed the ERA Resectoscope Sleeve, incorporating novel technology designed to improve the safety and ease-of-use of therapeutic hysteroscopy, a growing, less-invasive alternative to hysterectomy.
Conceptus is in Phase II clinical trials of its S/TOP permanent contraception system, a non-surgical approach to fallopian tube sterilization, which is the most commonly performed contraceptive procedure worldwide.
Note to Editors: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements, the accuracy of which is necessarily subject to risks and uncertainties. The receipt of regulatory approvals, results of product development programs, clinical efficacy of and market demand for products, among other matters discussed in this release, may differ significantly from the discussion of such matters in the forward-looking statements. Such differences may be based upon factors within Conceptus's control, such as strategic planning decisions by management and re-allocation of internal resources, or on factors outside of Conceptus's control, such as delays by regulatory authorities, scientific advances by Conceptus or third parties and introduction of competitive products, as well as those factors set forth in the company's quarterly report on Form 10-Q for the quarter ended Sept. 30, 1998, its Annual Report on Form 10-K for the year ended Dec. 31, 1997 and other filings with the Securities and Exchange Commission.
CONTACT:
Conceptus Inc.
Kathryn Tunstall, 415/802-7240 (President and CEO)
KEYWORD: CALIFORNIA
BW1096 NOV 03,1998
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