AtriCure and Century Medical Expand, Secure Distribution Agreement
Introduction of new products and stronger growth are anticipated in Japanese
WEST CHESTER, Ohio -- August 22, 2013
AtriCure, Inc. (Nasdaq: ATRC) and Century Medical, Inc. (CMI) of Japan
announce the extension and expansion of their multi-year agreement in which
CMI will distribute AtriCure’s surgical ablation technologies to hospitals in
Japan. AtriCure is a medical device company and leader in cardiac surgical
ablation systems for the treatment of Afib and systems for the exclusion of
the left atrial appendage.
The new agreement provides CMI with exclusive rights to market the AtriCure
product lines, including future sales of the AtriClip Left Atrial Appendage
Exclusion System once formal approval processes are completed by CMI. The
AtriClip is one of the fastest growing segments of the overall AtriCure
portfolio worldwide. This agreement marks the first time the products will be
available in Japan.
“We are very excited about solidifying and expanding a long-term relationship
with a team so talented, experienced and knowledgeable in our products,” said
Michael Carrel, President and CEO of AtriCure. “This agreement sets a strong
foundation in the Japanese market for many years to come.”
According to the agreement, CMI will be the exclusive distributor of AtriCure
devices for Japan until 2019, with minimum revenue commitments set forth over
the next three years.
“We’re pleased to continue our partnership with AtriCure, and provide the
people of Japan life-changing treatment tools for use in soft tissue ablation.
With the opportunity to use AtriCure devices increasing in Japan, our
partnership has the potential to benefit hundreds of thousands of people,”
said Akira Hoshino, president and CEO of CMI.
About Century Medical
Century Medical, Inc. (CMI) is a wholly owned subsidiary of Itochu Corporation
(“ITOCY”-OTCYMKTS) and one of the largest Japanese general trading companies
with $125 billion in annual trading transactions.CMI has more than 300
employees, offices in seven major cities in Japan and 39 years’ experience
marketing medical devices in Japan.CMI has been a pioneering force
successfully introducing many new technologies to the Japanese healthcare
community and has built a dedicated team of 40 sales and marketing people to
serve the Japanese cardiovascular surgery community.
About AtriCure, Inc.
AtriCure, Inc. is a medical device company providing innovative atrial
fibrillation (Afib) solutions designed to produce superior outcomes that
reduce the economic and social burden of atrial fibrillation. AtriCure's
Synergy Ablation System is the first and only device approved for the
treatment of Persistent and Longstanding Persistent forms of Afib in patients
undergoing certain open concomitant procedures. AtriCure's AtriClip Left
Atrial Appendage (LAA) exclusion device is the most widely implanted device
for LAA management worldwide.The company believes cardiothoracic surgeons are
adopting its ablation and LAA management devices for the treatment of Afib and
reduction of Afib related complications such as stroke. Afib affects more than
5.5 million people worldwide.
This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements that address activities, events or developments
that AtriCure expects, believes or anticipates will or may occur in the
future, such as earnings estimates, other predictions of financial
performance, launches by AtriCure of new products and market acceptance of
AtriCure’s products. Forward-looking statements are based on AtriCure’s
experience and perception of current conditions, trends, expected future
developments and other factors it believes are appropriate under the
circumstances and are subject to numerous risks and uncertainties, many of
which are beyond AtriCure’s control. These risks and uncertainties include the
rate and degree of market acceptance of AtriCure’s products, AtriCure’s
ability to develop and market new and enhanced products, the timing of and
ability to obtain and maintain regulatory clearances and approvals for its
products, the timing of and ability to obtain reimbursement of procedures
utilizing AtriCure’s products, competition from existing and new products and
procedures or AtriCure’s ability to effectively react to other risks and
uncertainties described from time to time in AtriCure’s SEC filings, such as
fluctuation of quarterly financial results, reliance on third party
manufacturers and suppliers, litigation or other proceedings, government
regulation and stock price volatility. AtriCure does not guarantee any
forward-looking statement, and actual results may differ materially from those
projected. AtriCure undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
events or otherwise.
Andy Wade, 513-755-4564
Vice President and Chief Financial Officer
AtriCure Media Contact:
Rasor Marketing Communications
Becky Fickenworth, 513-793-1234
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