|
December 3, 1997 GENERAL SURGICAL INNOVATIONS SIGNS WORLDWIDE DISTRIBUTION AGREEMENT
WITH GENZYME SURGICAL PRODUCTS CORPORATION Cupertino, CA, December 3, 1997 --General Surgical Innovations,
Inc. (GSI) (Nasdaq NM: GSII today announced that it has entered into an exclusive four-year
agreement with the Genzyme Surgical Products Corporation (Nasdaq
NM: GENZ). Under the agreement, Genzyme, a biotechnology and health
care products company, has exclusive rights to market and distribute
GSI?s surgical balloon dissectors worldwide for use in plastic
surgery (reconstructive and aesthetic) procedures. While the first
product to be distributed is GSI?s SPACEMAKER® Breast Balloon
Dissector for use in breast reconstruction and augmentation surgeries,
the agreement also provides for GSI and Genzyme to jointly pursue
additional plastic surgery procedures such as abdominoplasty or
face lift procedures. Further terms of the agreement have not
been disclosed. GSI?s SPACEMAKER Breast Balloon Dissector systems provide an alternative
to the type of blunt dissection used in conventional open surgery
or minimally invasive surgery conducted outside of a natural body
cavity. Common to all procedures using GSI?s SPACEMAKER balloon
dissectors, the balloon is inserted uninflated between tissue
layers through a small incision. The balloon is then filled to
a specific volume with air or saline, causing the desired dissection
of the tissue planes. The balloon is then deflated, removed and
the dissected space can be held open with a mechanical retraction
device or inflated with gas to enable a minimally invasive procedure.
Because the SPACEMAKER Breast Balloon Dissector is inserted through
a small incision where it gently and quickly creates a predictable
pocket for insertion of a breast implant, patient discomfort and
scarring can be reduced. Worldwide, over 200,000 breast reconstruction
and augmentation surgeries are performed annually. "We are excited about signing this agreement with Genzyme and
the growth potential it brings to GSI as we continue to strengthen
our distribution network and expand our presence in the plastic
surgery market," stated Gregory D. Casciaro, President and Chief
Operating Officer of GSI. "The Company recently formed a Technology
Alliance Group to consider strategic partnering opportunities.
This agreement is a direct result of the group?s efforts and our
commitment to establishing partners to distribute our technology
in the U.S. and abroad." Headquartered in Cupertino, California, General Surgical Innovations,
Inc. develops, manufactures, and sells balloon dissection systems
for minimally invasive surgery. The Company?s products are specifically
designed for use with endoscopic and laparoscopic techniques in
general, cardiovascular, cosmetic and reconstructive surgeries
to create a working space at the surgical site, minimize tissue
damage and improve patient recovery. The Company has developed
a broad range of balloon shapes and sizes to be used for various
surgical techniques, procedures, and market segments. In addition
to selling products through distributors, GSI also sells products
directly into the cardiovascular surgery market.
|
||||||||||||||||||||||||||||||||||
