Includes the purchase of 12 CorPath GRX Systems with an Advance Payment of $2 Million
WALTHAM, MA — FEBRUARY 15, 2017 — Corindus Vascular Robotics, Inc. [NYSE MKT: CVRS], a leading developer of precision vascular robotics, announced today the recent signing of a strategic distribution agreement with Japan Medicalnext Co., Ltd., a wholly-owned entity of MC Healthcare, Inc. (subsidiary of Mitsubishi Corporation) and prominent supplier of medical devices in Japan. Pursuant to the agreement, Japan Medicalnext became the exclusive distributor of Corindus products in Japan and within 30 days will place an initial order for 12 CorPath GRX Systems accompanied by an advance of $2 million toward the purchase price.
"We are very excited to partner with MC Healthcare Group, a leading healthcare company and distributor of medical devices in Japan," said Mark Toland, President and Chief Executive Officer of Corindus Vascular Robotics. "With our shared vision for advancing the field of vascular robotics, we look forward to introducing our CorPath GRX System to patients and physicians in one of the world’s largest PCI markets."
Japan is the third largest market for PCI (percutaneous coronary interventions) with an approximate annual volume of 250,000 procedures.1 Through this agreement, MC Healthcare aims to bring the robotic precision and control of CorPath technology to the large and growing PCI segment of the Japanese healthcare market.
"We are pleased to be partnering with Corindus as the exclusive distributor of the CorPath GRX System in Japan," said Osamu Miyashita, CEO of MC Healthcare. "We have already received a very strong demand for robotic-assisted PCI from Japanese Key Opinion Leaders and the greater clinical community knowing that robotics has the potential to transform care for patients undergoing PCI procedures."
CorPath GRX offers enhancements to the CorPath platform by adding important key upgrades that increase precision, improve workflow, and extend the capabilities and range of procedures that can be performed robotically. Active Guide Management allows interventional cardiologists to control the guide catheter, providing physicians independent and simultaneous robotic control of guide catheters, guidewires, and balloon/stent catheters, with one-millimeter advancement, from a control console in the system’s radiation-shielded workstation.
Corindus and Japan Medicalnext are working together to secure Pharmaceutical and Medical Device Agency (PMDA) approval as the first step in preparing for the commercial launch of CorPath GRX in Japan.
Corindus Vascular Robotics, Inc. is a global technology leader in robotic-assisted vascular interventions. The company's CorPath System is the first FDA-cleared medical device to bring robotic precision to interventional procedures. During the procedure, the interventional cardiologist sits at a radiation-shielded workstation to advance guide catheters, stents, and guidewires with millimeter-by-millimeter precision. The workstation allows the physician greater control and the freedom from wearing heavy lead protective equipment that causes musculoskeletal injuries. With the CorPath System, Corindus Vascular Robotics brings robotic precision to interventional procedures to help optimize clinical outcomes and minimize the costs associated with complications of improper stent placement during manual procedures. Corindus stands behind its product with its unique $1,000 hospital credit "One Stent Program."
For additional information, visit www.corindus.com, and follow @CorindusInc.
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