Vascular Solutions announces re-launch of Venture catheter
MINNEAPOLIS, April 29, 2013 (GLOBE NEWSWIRE) -- Vascular Solutions, Inc. (Nasdaq:VASC) today announced that it has re-launched the Venture catheter, a deflectable-tip catheter used to provide guidewire directional control in challenging coronary and peripheral interventional procedures. The device is available immediately in the United States and expected to become available in select international markets over the next few months.
The Venture catheter's deflectable atraumatic distal tip can be angled up to 90 degrees, providing physicians with control and precision while navigating complex turns in the vessel and lending back-up support when crossing tight lesions. The Venture catheter is available in three
versions: rapid-exchange (RX) and over-the-wire (OTW) models for difficult coronary and peripheral cases and a specialized coronary sinus version for directing wires in left-ventricular lead placement in bi-ventricular implantable defibrillator procedures. All three versions are 6 French guide-compatible and are used with standard 0.014-inch guidewires.
As previously announced, Vascular Solutions acquired the Venture catheter from St. Jude Medical, Inc. in August of 2012. Since the acquisition, Vascular Solutions sold the remaining limited inventory and completed the installation and validation of the Venture production equipment and processes in its manufacturing facility. While the catheter was in full commercialization under St. Jude Medical, the Venture catheter was generating $3 million in annual worldwide sales, including approximately $2 million in U.S. sales. Vascular Solutions intends to rebuild sales gradually to those levels, with the expected sales ramp already incorporated into the company's financial guidance for 2013.
"During more than seven years on the market, the Venture catheter has amassed a very impressive record of clinical utility in some of the most challenging interventional cases," said Howard Root, Chief Executive Officer of Vascular Solutions. "The Venture catheter is an indispensible tool for physicians who perform complex interventions, and we are very pleased to once again make this catheter available. We believe the clinical community will welcome the return of the Venture catheter to the market as we see a significant amount of initial pent-up demand for this one-of-a-kind device."
"The acquisition of the Venture catheter is consistent with our strategy of pursuing tuck-in acquisitions that leverage our existing distribution network and established call points," Mr. Root added. "The addition of the Venture catheter also is part of our commitment to offering clinical solutions in complex interventions, such as we have done with our internally-developed GuideLiner(R) guide extension device and SuperCross(TM) microcatheters."
The Venture catheter is indicated for directing, steering, controlling, and supporting a guidewire to access discrete regions of the coronary and peripheral vasculature. The over-the-wire versions may also be used for manual delivery of saline solution or diagnostic contrast agents.
About Vascular Solutions
Vascular Solutions, Inc. is an innovative medical device company that focuses on developing unique clinical solutions for coronary and peripheral vascular procedures. The company's product line consists of over 70 products in three categories: catheter products, hemostat products and vein products. Vascular Solutions delivers its products to interventional cardiologists, interventional radiologists, electrophysiologists, and vein specialists through its direct U.S. sales force and international independent distributor network.
The information in this press release contains forward-looking statements, including statements regarding the international availability of the Venture catheter and expectations about the product's sales, that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements. Important factors that may cause such differences include those discussed in our Annual Report on Form 10-K for the year ended December 31, 2012 and other recent filings with the Securities and Exchange Commission. The risks and uncertainties include, without limitation, risks associated with the need for adoption of our new products, lack of sustained profitability, exposure to intellectual property claims, significant variability in quarterly results, exposure to possible product liability claims, the development of new products by others, doing business in international markets, the availability of third party reimbursement, and actions by the FDA.
For further information, connect to www.vasc.com.