SOURCE: Vycor Medical, Inc.

Vycor Medical, Inc.

November 20, 2013 08:38 ET

Vycor Medical Reports Sales Momentum for Its VBAS Neurosurgical Device

BOCA RATON, FL--(Marketwired - Nov 20, 2013) - Vycor Medical, Inc. ("Vycor") (OTCQB: VYCO), a medical device company with a suite of FDA cleared products, announced today a substantial increase in 3rd quarter sales for its Vycor Medical division's patented ViewSite™ Brain Access System ("VBAS") on both a year-over-year and sequential basis.

For the third quarter ended September 30, 2013, revenue in the Vycor Medical division resulting from sales of its VBAS rose 91% to $225,823 as compared to sales of $118,384 in Q3 2012 and rose 54% on a sequential basis as compared to $146,358 in Q2 2013. Management believes that the progress currently being made with its strategy, both in the U.S. and internationally clearly appears to be yielding positive results.

VBAS is a suite of clear cylindrical disposable devices which provide neurosurgeons with a stable, minimally invasive working channel to access targeted sites within the brain, such as tumors. The "blade retractor" has been the standard of care device for brain access and retraction for more than 50 years. To date, the Company estimates more than 5,000 surgeries have been performed utilizing VBAS. A video explaining the attributes of Vycor Medical's VBAS can be seen at http://player.vimeo.com/video/39766887.

Management articulated earlier in the year its plan to continue to drive VBAS adoption with a goal of having the VBAS device become the new "Standard of Care" for brain access and retraction. Part of its strategy was to increase U.S. market penetration through broader hospital acceptance and greater direct physician marketing. To this end, the Company has added 4 new distributors in the last few months and VBAS is now approved in over 150 hospitals in the U.S. and the number continues to grow.

Internationally, the Company has also added a distributor for Canada a region previously not covered, and is in advanced evaluation discussions with new distributors regarding new regional coverage possibilities including India.

Advantages of the innovative Vycor VBAS over the long-established standard of care device, the "blade retractor," include:

  • Provision of a minimally invasive approach into the brain which results in reduced "white matter" damage to the surrounding tissue and is likely to lead to improved surgical outcomes for patients.

  • Improved visibility for the surgeon due to the VBAS transparent tubular form.

  • Reported to result in reduced surgical time which results in lower costs of procedures.

  • The ability to be used with IGS (Image Guided Systems).

The Company continues its efforts in relation to new product development targeted at both driving the use of its existing VBAS product range through ancillaries that will facilitate its use and through new product extensions to broaden VBAS applicability to procedures currently not addressed by its existing product line. Management has estimated, based on AANS statistics by cranial procedure, that there are in the U.S. alone approximately 200,000 annual applicable procedures for its current VBAS device range and an additional 130,000 procedures that could be addressed through product extensions. The Company has two new cranial products in the pipeline and in addition, the Company is evaluating a spinal product that is in early prototyping.

The Minimally Invasive Cranial Surgery Program at the Ohio State University (Columbus, OH) is currently conducting an animal study to evaluate a comparison of tissue damage when using Vycor's patented ViewSite™ Brain Access System ("VBAS") as compared to an open resection technique (using standard "blade retractors").

About Vycor Medical, Inc.
Vycor Medical, Inc. ("Vycor") is dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and has a growing portfolio of FDA-cleared medical solutions that are changing and improving lives every day. The Company operates two wholly-owned business units: Vycor Medical and NovaVision, both of which adopt a minimally or non-invasive approach. Both technologies have exceptional sales growth potential, address large potential markets, have the requisite regulatory approvals and are commercialized and generating revenue.

Vycor Medical's ViewSite™ Surgical Access Systems ("VBAS") is a suite of clear cylindrical minimally invasive disposable devices that hold the potential for speedier, safer and more economical brain surgeries and a quicker patient discharge. VBAS is designed to optimize neurosurgical site access, reduce patient risk, accelerate recovery and add tangible value to the professional medical community. Vycor Medical is ISO 13485:2003 compliant, has FDA 510(K) clearance for VBAS for brain and spine surgeries and regulatory approvals for brain surgeries in Australia, Canada, China, Europe, Japan, Korea and Russia. An overview of Vycor Medical's VBAS can be seen at http://player.vimeo.com/video/39766887.

Vycor's wholly-owned NovaVision unit develops and provides science-driven neurostimulation therapy and other medical technologies that help improve and partially restore sight in patients with neurological vision impairments. The company's proprietary Visual Restoration Therapy® (VRT) platform is clinically supported to improve lost vision resulting from stroke, traumatic brain injury ("TBI"), or other acquired brain injuries. VRT is the only FDA 510K cleared medical device in the U.S. aimed at the restoration of vision for neurologically induced vision loss and can be prescribed by any ophthalmologist, optometrist, neurologist or physiatrist. VRT also has CE Marking for the EU. NovaVision also provides Neuro-Eye Therapy (NeET) in the EU, aimed at increasing visual sensitivity deep within the field defect. NovaVision also provides a fully portable and ADA-compliant Head Mounted Perimeter (HMP™) which aids in the detection and measurement of visual field deficits. For an overview of NovaVision see http://player.vimeo.com/video/39765566.

For the latest information on the company, including media and other coverage, and to learn more, please go online at www.vycormedical.com or www.novavision.com.

Safe Harbor Statement

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 above-mentioned cautionary statement. Vycor Medical disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.

Contact Information

  • Vycor Medical, Inc Investor Contacts:

    The Del Mar Consulting Group, Inc.
    Robert B. Prag
    President
    858-794-9500
    Email Contact

    or

    Alex Partners, LLC
    Scott Wilfong
    President
    425-242-0891
    Email Contact