At the end of December 2009 Vycor Medical, Inc. (OTCBB: VYCO)completed a recapitalization of its balance sheet and secured a commitment for funding its growth strategy. As a part of the recapitalization, approximately $1.1 million of the Company’s debt was converted to equity, freeing up management to focus on an expansion of its ViewSite Brain Access System (VBAS).
The following are some of the highlights of our recent operations and goals for fiscal year 2010
-- Vycor is a revenue-generating innovative medical device company with approximately 800 surgeries having been carried out utilizing its VBAS (ViewSite Brain Access System) brain retractor. Over 50 US hospitals have approved VBAS for use and purchased product. The Company estimates that over 100 other hospitals are either going through the approvals process or evaluating the product. In addition approximately 50 international hospitals have either ordered or are evaluating Vycor's product. -- The company has appointed exclusive distributors in selected countries outside the US for marketing in Spain, Italy, Greece, China and South Korea. In Europe, the company is using three exclusive stocking distributors who are also focused in neurosurgery. In China, a market Vycor estimates is on its own 70% the size of the US in terms of addressable procedures, Vycor has entered into a distribution agreement with a distributor, subject to receiving SFDA approval. -- The Company's innovative brain retractor system challenges the current standard of care in brain surgery. Prior to the introduction of Vycor's products, the state of the art had not seen significant change since the 1920s, with much of that fundamental technology still in use today. -- Vycor's first white paper was published in 2009, titled "New Transparent Plastic Tube Retractor for Deep Brain Lesions" by the Department of Neurosurgery, University of Illinois at Chicago. Other white papers will be published. -- The VBAS was designed to produce less tissue trauma, is easy to use and less invasive than traditional retraction and allows the surgeon an excellent field of vision. The VBAS provides the potential for speedier, safer surgeries and a faster patient discharge -- all of which points to significant cost savings from the hospital's perspective and efficiency for the professionals with a shorter operating time. Vycor intends to collect data which supports and quantifies these benefits and cost savings. -- Vycor plans to exhibit its products at the major trade shows this year including but not limited to the American Association of Neurological Surgeons (AANS) and the Congress of Neurological Surgeons (CNS). -- Patents for both Vycor's brain and spinal product are filed and pending in the United States Patent Office as well as other countries. -- Vycor's present product line consists of 12 devices which are disposable to allow for access and visualization of various regions in the brain. Vycor has product development plans for additional devices that allow the surgeon further access to the brain.
-- Vycor is ISO 13485:2003 certified, has FDA 510(K) clearance for its current VBAS product line CE marking and Canadian HPB licensing. -- Substantial market -- Vycor estimates an annual market worldwide of approximately $200 million for VBAS. -- Vycor's VCAS (ViewSite Cervical Access System) has also received FDA clearance and has patent applications pending. -- Vycor has hired Market Media Connect to act as a media relations consultant to assist in the dissemination of information regarding the Company's products. -- Vycor, in conjunction with its principal shareholder, is seeking to further broaden its product portfolio both organically and through acquisitions.
Please visit the Vycor website www.vycormedical.com for more information including testimonials by leading neurosurgeons that have used the Vycor device.
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast”, “anticipate”, “estimate”, “project”, “intend”, “expect”, “should”, “believe”, and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Vycor Medical’s actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Vycor Medical’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Vycor Medical herein are expressly qualified in their entirety by the abovementioned cautionary statement. Vycor Medical disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
Contact: Kenneth T. Coviello 1-631-244-1435