ST. LOUIS, July 13, 2016 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (NASDAQ:STXS), a global leader in innovative technologies for the treatment of cardiac arrhythmias, today announced that the University of Chicago Medicine will implement the Company’s Niobe® ES remote magnetic navigation system as part of its vision to create a cutting-edge arrhythmia technology suite. The University of Chicago Medicine is one of the nation's leading academic medical institutions, consistently ranked among the best hospitals in the nation by U.S. News & World Report. The Center for Arrhythmia Care at the University of Chicago Medicine, led by renowned cardiologist Dr. Roderick Tung, director of the cardiac electrophysiology program, is one of the busiest university-based heart rhythm programs in the Chicago area.
“The Niobe system is perhaps the most revolutionary invention in the field of cardiac ablation, enabling remote anatomic mapping of electrical currents and eradication of difficult-to-reach arrhythmias with unparalleled safety and pinpoint precision,” said Tung. “Our acquisition of Stereotaxis’ latest generation remote magnetic navigation platform will enhance a highly respected electrophysiology (EP) program that is regarded as a global leader in ablation therapy, research and education, especially in the treatment of ventricular tachycardia (VT), and will greatly improve patients’ lives.”
Tung was named director of the EP program at the University of Chicago Medicine in March 2016 after transferring from the Cardiac Arrhythmia Center at Ronald Reagan UCLA Medical Center, where he successfully built the largest VT ablation program on the West Coast. He performed dozens of procedures with the Niobe system while at UCLA, 85% of which were for VT ablation (a particularly complex procedure), citing the system’s ability to access every area of the left ventricle.
Currently, Tung oversees a team of seven EPs and has plans to upgrade the lab so that it allows for optimal observation of procedures for training purposes. The new Niobe ES system is scheduled to launch on August 1.
The University of Chicago Medicine is participating in the MAGNETIC VT study, which is analyzing long-term patient outcomes using the Niobe ES system in VT compared to manual approaches. Tung is serving as the principal investigator in North America for this multi-center, prospective clinical study.
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 integration of procedural information. Stereotaxis' core Epoch® Solution includes the Niobe® magnetic navigation system, the Odyssey® portfolio of lab optimization, networking and patient information management solutions, and the Vdrive® robotic navigation system and consumables.
The core components of Stereotaxis’ systems have received regulatory clearance in the United States, European Union, Canada, China, Japan, and elsewhere. The V-Sono™ ICE catheter manipulator, V-Loop™ variable loop catheter manipulator, and V-CAS™ catheter advancement system have received clearance in the United States, Canada, and the European Union. 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 continued listing on the NASDAQ Capital Market, 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, competitive factors, changes resulting from the recently enacted healthcare reform in the United States, 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.
Martin C. Stammer
Chief Financial Officer
Todd Kehrli / Jim Byers
MKR Group, Inc.