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February 23, 1998
GENERAL SURGICAL INNOVATIONS AND ETHICON ENDO-SURGERY, INC. REVISE
DISTRIBUTION AGREEMENT
Companies Sign Non-Exclusive Agreement For Hernia and Urinary
Stress Incontinence Markets
Cupertino, CA, February 23, 1998 General Surgical Innovations, Inc. (GSI) (Nasdaq: GSII) announced
today that it signed a non-exclusive distribution agreement with
Ethicon Endo-Surgery, Inc. (EES), a Johnson & Johnson company,
granting them worldwide rights to distribute GSI’s SPACEMAKER®
balloon dissector products in the laparoscopic hernia repair and
urinary stress incontinence (USI) markets.
The agreement supersedes the December 1996 contract which granted
EES exclusive worldwide sales and marketing rights to distribute
GSI’s SPACEMAKER® balloon dissector products in the laparoscopic
hernia repair and USI markets.
“This agreement will allow GSI to expand our domestic and international
distribution network, enhancing our ability to increase market
share in the hernia repair and USI markets,” stated Gregory D.
Casciaro, President and Chief Operating Officer of GSI. “Ethicon
is a strong partner and we look forward to continuing our relationship
with them under this new agreement. We believe that the hernia
repair and USI markets represent a key opportunity for GSI’s proprietary
technology and our Technology Alliance Group will continue to
focus on further growing our distribution network in these areas.”
GSI’s patented SPACEMAKER tissue dissection systems, based on
the company’s patented balloon technology, more rapidly and gently
create surgical working spaces by separating natural tissue planes
without resorting to blunt dissection used in conventional open
surgery or minimally invasive surgery conducted outside of a natural
body cavity. In procedures using SPACEMAKER dissectors, a surgeon
creates a small incision through which the balloon is inserted
and placed between naturally occurring tissue layers such as muscle,
fat and skin. Subsequently, the balloon is filled to a specific
volume with air or saline, causing the desired dissection of the
tissue planes. The balloon is then removed and the dissected space
can be insufflated to open the surgical operating space created
by the use of the SPACEMAKER system.
Headquartered in Cupertino, California, General Surgical Innovations,
Inc. develops, manufactures and sells tissue dissection systems
based on the company’s patented balloon technology for minimally
invasive surgical procedures. The company’s products are specifically
designed for endoscopic and laparoscopic techniques for use in
general, vascular, thoracoscopic, orthopedic, cosmetic and reconstructive
surgeries to create an operating space at the surgical site, which
the company believes lessens tissue damage and improves patient
recovery time. The company has developed a broad range of balloon
shapes and sizes to be used for various surgical techniques, procedures
and market segments. GSI distributes its products worldwide through
a network of distribution partners and a direct sales force. For
additional information, please visit the company’s World Wide
Web site at www.gsii.com.
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements,
the accuracy of which is necessarily subject to risks and uncertainties.
Future market development and demand for the company’s products,
among other matters discussed in this release, may differ significantly
from the discussion of such matters in the forward-looking statements.
Such differences may be based upon factors within General Surgical
Innovations’ control, such as strategic planning decisions by
management and reallocation of internal resources, or on factors
outside of General Surgical Innovations’ control, such as scientific
advances by third parties, introduction of competitive products
and delays by regulatory authorities, as well as those factors
set forth under the heading “Factors Affecting Future Results”
in General Surgical Innovations’ Annual Report on Form 10K for
the year ended June 30, 1997, Form 10Q for the quarters ended
September 30, 1997 and December 31, 1997 and other company filings
with the Securities and Exchange Commission.
For more information on General Surgical Innovations. via fax
at no cost,
dial 800-PRO-INFO (908-544-2850 outside the U.S.), ticker symbol:
GSII.
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