news
Press release
 
August 23, 2012
Philips and Corindus Announce Distribution Agreement to Sell Corindus' Robotic-Assisted Interventional Cardiology System in the United States

Philips becomes the exclusive distributor of Corindus' CorPath® 200 System, the world's first robotic-assisted system for the minimally invasive treatment of obstructed coronary arteries

Amsterdam, the Netherlands and Natick, Mass., USA – Royal Philips Electronics (NYSE: PHG, AEX: PHI) and Corindus Vascular Robotics today announced a distribution agreement for Corindus' CorPath® 200 System. The system was recently cleared by the United States Food and Drug Administration (FDA) and is the world first robotic-assisted system for the minimally invasive treatment of obstructed coronary arteries in patients with Coronary Artery Disease (CAD), a procedure that is also known as Percutaneous Coronary Intervention (PCI). The financial details of the exclusive distribution agreement were not disclosed. Philips, a leader in interventional imaging, owns a minority share in Corindus Vascular Robotics, which commercializes robotic-assisted systems for interventional cardiology procedures

The CorPath 200 System can be integrated with all major X-ray fluoroscopy systems including Philips' Allura X-ray equipment. The robotic-assisted system is a compact and cost-efficient system that can be used with standard stents, catheters and guidewires. The distribution agreement enables both companies to sell this unique robotic-assisted system in the United States, addressing an immediate need of patients, interventional cardiologists and staff. This agreement is the next step in the alliance between Philips and Corindus, which was announced in 2011.

"Robotic-assisted interventional technologies have great potential to further improve current image-guided minimally invasive procedures, which is a fast growing market with for example more than one million PCI procedures estimated to be performed in the United States in 2012," said Gene Saragnese, CEO Imaging Systems at Philips Healthcare. "By teaming up with partners with complementary and unique strengths, such as Corindus Vascular Robotics, we aim to shape the future of healthcare by delivering innovative solutions that enhance clinical capabilities, improve patient outcomes and reduce healthcare costs."

X-ray fluoroscopy is generally accepted as the most suitable imaging technology for accurately visualizing the progress of the catheter and other interventional tools during the minimally invasive treatment of cardiac conditions. However, since interventional cardiologists perform many PCI procedures, over time clinical data has demonstrated that this can lead to health and orthopedic problems. As a global leader in interventional cardiology offering a comprehensive portfolio of imaging systems and advanced interventional tools, Philips is at the forefront of helping clinicians and staff to manage X-ray exposure for their patients, and for themselves.

The CorPath 200 System has been designed for the robotic-assisted placement of the coronary guidewires and stent/balloon catheters used in PCI procedures. It is operated by the interventional cardiologist from a radiation shielded, interventional cockpit. Additionally, the seated position in front of monitors may provide enhanced measurement and view of the angiography screen, while reducing fatigue and head, neck and back strain.

"At Northeast Georgia Medical Center, our group performs more than 2,000 procedures a year," said Dr. J. Jeffrey Marshall of The Northeast Georgia Heart Center. "Some of them lasting more than 4 hours – standing hunched over a bed and wearing a heavy lead apron. Robotic-assisted PCI allows us to perform the procedure shielded from radiation while precisely controlling the coronary guidewires and stent/balloon catheters. The CorPath 200 System may enhance precision and control of stent and guidewire positioning, which ultimately can potentially enhance patient care."

The CorPath PRECISE Trial* — a prospective, single-arm, multi-center, study, which enrolled 164 patients and was submitted to FDA as part of the pre-market notification (510(k)) for the CorPath 200 — demonstrated robotic-assisted PCI is safe and feasible for patients, and can also significantly reduce radiation exposure for the interventional cardiologist.

"We are excited to have a strong partner in Philips, who has such an established reputation and presence in interventional cardiology," said David Handler, President and CEO of Corindus. "Philips' U.S. sales force has already been introduced to the CorPath 200 System, and U.S. commercialization is underway. Additionally, Corindus Vascular Robotics is also bolstering our U.S. sales force to provide clinical support to interventional cardiologists performing robotic-assisted PCI."

*http://clinicaltrials.gov/ct2/show/NCT01275092?term=PRECISE&rank=1

For pictures and graphics, please follow this link:

http://www.newscenter.philips.com/main/standard/news/press/2012/20120823-Philips-and-Corindus-announce-distribution-agreement.wpd

About Royal Philips Electronics
Royal Philips Electronics (NYSE: PHG, AEX: PHI) is a diversified health and well-being company, focused on improving people's lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2011 sales of EUR 22.6 billion and employs approximately 122,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.

 

Media Contacts:
Philips:
Steve Klink
Philips Corporate Communications
Tel: + 31 20 5977 415
E-mail: steve.klink@philips.com



Steve Kelly
Philips Healthcare
Tel: +1 425 4877479
E-mail: steve.kelly@philips.com

 
 
About Corindus Vascular Robotics, Inc.

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.

Forward Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Corindus to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that includes terms such as "believes," "belief," "expects," "estimates," "intends," "anticipates" or "plans" to be uncertain and forward-looking. Forward-looking statements may include comments as to Corindus’ beliefs and expectations as to future event

Examples of such statements include statements:

  • that the level of precision that can be attained using the CorPath GRX technology, combined with the potential for remote capabilities in the future, will both expand and improve how patients are treated;
  • that Corindus has entered a transformational period with a focus on expanding its reach to partner with hospitals to build robotic programs globally;
  • that the successful completion of these procedures at Fu Wai Hospital is the first step in Corindus' growth strategy within China; and that
  • the precise positioning enhancements to the CorPath platform that allows physicians to adjust guide catheters during PCI procedures may expand the use of the CorPath GRX System to more complex cases.

Media Contacts:

Corindus Vascular Robotics, Inc.

Kate Stanton
(508) 653-3335 ext. 200
kate.stanton@corindus.com

Investor Contact:

Lynn Pieper Lewis
(415) 937-5402
ir@corindus.com
 
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