Medifocus Inc. Announces Update on The Prolieve® Acquisition & the Hiring of The Prolieve® Management Team
September 27, 2012, 8:30 AM Eastern Daylight Time.
COLUMBIA, MD and TORONTO–(Marketwire – Sep 27, 2012) – Medifocus Inc. (OTCQX: MDFZF) (TSX VENTURE: MFS) is pleased to announce the following update on the recently announced purchase of all the Prolieve® business assets from Boston Scientific Corporation (BSX).
Prolieve® is approved by the FDA for the treatment of Benign Prostatic Hyperplasia (BPH). Medifocus has successfully begun the transition from a research and development company to a revenue generating business. Medifocus has already begun selling and shipping Prolieve® from its Columbia, MD facility; thus will be reporting revenue in the current quarter for the first time in its history.
To fully capitalize on the Prolieve® business opportunity, Medifocus has hired key personnel to expedite the transition and future revenue growth. Mr. Kurt B. ONeill, CPA was formerly the Business Development Manager for the Prolieve® system at BSX and was hired by Medifocus as V.P. of Sales and Finance. Mr. Timothy P. Heyer, formerly the Prolieve® Business Manager and Rocky Mountain Mobile Services (RMMS) Manager at BSX, was hired by Medifocus as Director of Sales. Ms. Stacey Kjeldgaard, formerly Manager of the RMMS business unit at BSX was hired by Medifocus as the Administrative Manager for the Prolieve® System. Together they bring over 50 years of experience in the industry.
Prolieve® is a patent protected device that utilizes intra-cavitary catheters to deliver a combination of microwave heating and balloon dilatation of the prostatic urethra which leads to the relief of BPH symptoms. Treatment with Prolieve® is a minimally invasive non-surgical in-office procedure which offers patients clinically documented immediate reduction of BPH symptom scores. Prolieve® is the only microwave device to be randomized to drug therapy during its pivotal trial. The BPH drug market is an $8 billion market and growing. BPH patients can be treated using Prolieve® in urologic offices throughout the United States. In addition, the Prolieve® treatment is also made available to physicians using a nationwide mobile service provider, Rocky Mountain Mobile Services, which was part of the asset purchase.
Prolieve® was originally developed and commercialized by the current Medifocus management, product development, clinical and regulatory teams. The assets acquired by Medifocus include all Prolieve® hardware inventories, Rocky Mountain Mobile Services and its mobile distribution assets, as well as the intellectual property portfolio associated with the Prolieve® technology. The Prolieve® design is based on a platform technology from which other disposable microwave heating catheters for various deep seated anatomical sites can also be developed.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the proposed transactions and neither of the foregoing entities has approved or disapproved of the contents of this press release.
Medifocus owns a patented microwave focusing technology platform (the Adaptive Phased Array (“APA”) technology), which can precisely target and control microwave energy to cause heating in cancerous tumors anywhere in the body reliably and repeatedly. The ability to target tumors with a precision controlled dose of heat can be used to destroy tumors at higher temperatures, to treat tumors in combination with chemotherapy and/or radiation at moderate temperatures for increased effectiveness and reduced toxicity and to trigger the targeted release of therapeutic drugs and genes at tumor sites at lower temperatures. While the core technology has been licensed from the Massachusetts Institute of Technology, Medifocus has further refined the precision of the microwave focusing and control ability and developed a commercial system dedicated exclusively for the treatment of Breast Cancer. With the acquisition of Prolieve®, Medifocus now owns in addition, a revenue generating commercial BPH heat treatment product generating cash flow to support the development and commercialization of other catheter based or APA based external focused heat systems for targeted thermotherapy of deep seated tumors anywhere in the body. Please visit www.medifocusinc.com for more details.
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
Forward-Looking Statements and Information
This news release contains forward-looking statements, which may not be based on historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
For further information about the Company:
Chief Operating Officer
Tel: (410) 290-5734
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