- Agreement targets vein practices in U.S., 20 other countries
- Patented, head-mounted vascular imaging device offers practitioners the first truly hands-free, portable system for locating veins
- A powerful tool for performing sclerotherapy and phlebectomy
MINNEAPOLIS, July 17, 2012 (GLOBE NEWSWIRE) -- Vascular Solutions, Inc. (Nasdaq:VASC) today announced that it has entered into an agreement with VueTek Scientific LLC to distribute VueTek's Veinsite vascular imaging system. Under an agreement that runs through December 31, 2015, Vascular Solutions will market and sell Veinsite to vein practices in the United States and 20 other countries, including Canada, Mexico, and the European countries that accept the CE Mark.
Veinsite is designed to make locating veins easier, which simplifies vein treatment procedures. The battery-powered headset uses near-infrared (NIR) light to identify veins below the skin surface. Proprietary technology allows Veinsite to display a high-quality image of the veins directly to the user.
"There are a variety of vein illumination technologies on the market, but only Veinsite offers completely hands-free and portable operation, making it ideally suited for physicians performing such procedures as sclerotherapy and phlebectomy," said Howard Root, Chief Executive Officer of Vascular Solutions. "We are excited to add Veinsite to our list of solutions for the vein treatment market, and we think this product will allow us to leverage our existing presence in the vein clinics with such products as our Vari-Lase endovenous therapy system and our reprocessing service for the ClosureFAST® catheter."
Veinsite was developed by VueTek Scientific LLC, a privately held company headquartered in Gray, Maine. VueTek received clearance from the FDA for Veinsite on February 18, 2011.
Bill Partridge, President of VueTek Scientific, commented: "Veinsite provides superior vein imaging in a unique, patented, head-mounted configuration, making it the only truly hands-free, portable device. This provides clinicians with valuable information to facilitate their standard clinical practice. We believe Veinsite, which has demonstrated success in the hospital IV market, will be as impactful in the vein therapy market. We are delighted to be working with Vascular Solutions to bring our innovative imaging technology to their market segment."
About VueTek Scientific
VueTek Scientific LLC, headquartered in Gray, Maine, was founded in 2007 to develop and commercialize advanced imaging systems that address unmet clinical needs relating to vascular access. VueTek's products are engineered, manufactured, and serviced in state-of-the art facilities also located in Gray. VueTek's products address a broad array of market segments including hospitals, oncology centers, dialysis centers, eldercare facilities, emergency medical service (EMS), vein disease, and other medical markets.
Additional information is available at www.vuetekscientific.com.
About Vascular Solutions
Vascular Solutions, Inc. is an innovative medical device company that focuses on developing unique clinical solutions for coronary and peripheral vascular procedures. The company's product line consists of over 60 products in three categories: catheter products, hemostat products and vein products. Vascular Solutions delivers its products to interventional cardiologists, interventional radiologists, electrophysiologists, and vein specialists through its direct U.S. sales force and international independent distributor network.
The information in this press release contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements. Important factors that may cause such differences include those discussed in our Annual Report on Form 10-K for the year ended December 31, 2011 and other recent filings with the Securities and Exchange Commission. The risks and uncertainties include, without limitation, risks associated with the need for adoption of our new products, lack of sustained profitability, exposure to intellectual property claims, significant variability in quarterly results, exposure to possible product liability claims, the development of new products by others, doing business in international markets, the availability of third party reimbursement, and actions by the FDA.
For further information, connect to www.vasc.com.