BTI'S MAGNES(R) SYSTEM APPROVED FOR SALE IN JAPAN
BTI'S MAGNES(R) SYSTEM APPROVED FOR SALE IN JAPAN SAN DIEGO, Feb. 4 /PRNewswire/ -- Biomagnetic Technologies Inc.
(BTi) (NASDAQ: BTIX), headquartered in San Diego, today announced that its Japanese distributor, Sumitomo Metal Industries Ltd. (SMI), has received clearance from the Japanese Ministry of Health and Welfare (Koseisho) to import and sell BTi's Magnes magnetic source imaging (MSI) system as a medical device in Japan.
BTi's Magnes biomagnetometer system is the world's most advanced functional brain scanner which noninvasively measures the magnetic fields created by the human body in order to assist in the detection of functional brain disorders. Magnes is the only biomagnetometer to have received Koseisho approval or U.S. Food and Drug Administration (FDA) 510(k) clearance. Clinical trials were carried out on the Magnes system in Japan under the direction of Professor Kintomo Takakura, M.D., at the University of Tokyo and Dr. Motohide Ogashiwa at the National Center of Neurology and Psychiatry. BTi said that it intends to begin exporting the Magnes system to Japan -- one of the world's largest markets for medical devices -- where SMI will market it to leading medical centers for brain disorder diagnosis. The prevalence and economic impact of functional brain disorders is significant in Japan, as it is in the United States. While comparable data is not available for Japan, the National Institutes for Health and the American Psychiatric Association report that the treatment of more than 89 million cases of neurological and mental health disorders in the United States results in estimated annual health care costs of $286 billion. The Magnes system has been designed to support applications development programs to determine if MSI can play an important role in the treatment of all of these disorders. Unlike other computerized scanning techniques, such as computerized tomography (CT) and magnetic resonance imaging (MRI), MSI produces images of organ function, not organ anatomy. Therefore, it may help in the diagnosis of disorders that cannot be detected through anatomical analysis alone. Commenting on the Koseisho clearance, Stephen O. James, president and chief executive officer of BTi, said, "We are proud to introduce this advanced technology to Japan with the hope that it will benefit patients in Japan affected by neurological disorders. We are also immensely gratified by the rapid approval of our Magnes system for importation and sale in Japan." Sumitomo Metal Industries Ltd., is one of the largest steel making companies in the world. The importing and marketing of BTi's Magnes system is SMI's first business effort in the medical equipment industry, an area into which SMI recently diversified. BTi is the world leader in magnetic source imaging. Magnes is a registered trademark of Biomagnetic Technologies. BTi common stock is traded in the NASDAQ National Market under the symbol BTIX. The company is headquartered at 9727 Pacific Heights Blvd., San Diego, CA 92121-3719; 619-453-6300. -0- 2/4/92 /CONTACT: Bill Stephan of Biomagnetic Technologies, 619-453-6300/ (BTIX) CO: Biomagnetic Technologies Inc. ST: California IN: MTC SU:
JL-EH -- SD004 -- 6477 02/04/92 07:35 EST
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|Date:||Feb 4, 1992|
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