Cryomedical Sciences, Inc. Announces Filing of Complaint by Endocare, Inc.ROCKVILLE, Md.--(BUSINESS WIRE)--March 26, 1999-- Complaint Alleges Libel, Slander, False Advertising, and Unfair Business Practices as They Relate to Cryomedical Press Releases Regarding Dangers of Using High Pressure Cryosurgery cryosurgery (krī`ōsr'jərē), bloodless surgical technique using a supercooled probe to destroy diseased or superfluous tissue. Systems Cryomedical Sciences, Inc., (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) )(CMSI) announced today that one of its competitors, Endocare, Inc. had filed a complaint alleging that CMSI, its CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Senior Vice President are liable for statements made in press releases that the Company issued in the past in which the dangers of using high pressure cryosurgical devices were delineated. The complaint alleges that the Company had engaged in a pattern of representing that Endocare's devices are unsafe and that Endocare's devices have a history of putting patients in danger. The Company and its officers deny any culpability culpability (See: culpable) in regard to the charges and intend to vigorously pursue and defend the case. Richard J. Reinhart, Ph.D., President and CEO of CMSI stated, "In each of May, 1997 and January, 1999, without mentioning the name of the company involved, CMSI the leading manufacturer of low-pressure cryosurgical systems in the United States, and to a lesser extent a manufacturer of high-pressure cryosurgical systems, put out a press release relating to a clinical incident in which a cryosurgical device utilizing a high-pressure cryogen cry·o·gen n. A liquid, such as liquid nitrogen, that boils at a temperature below about 110 Kelvin (-160°C) and is used to obtain very low temperatures; a refrigerant. source resulted in harm to a patient. Having the largest installed customer base of cryosurgical instrumentation in the United States, the Company felt the need to advise physicians of the need for caution when using the type of instrumentation that utilizes high pressure gases as cryogens, and to reassure its customers and potential customers of the safety attributes of low pressure cryosurgical systems. The press release reported that CMSI was making available safety refresher courses to users of all cryosurgical instrumentation and that it was available for consultations regarding safety matters that should be considered when using high-pressure systems. The Company makes no apologies for its actions, which it deems to be in the best interest of the industry as a whole and it medical community at large. We encourage other companies which sell cryosurgical instrumentation to assist and promote patient safety in the education and training of the medical community regarding attributes and potential problems associated with the use of various types of cryosurgical instrumentation. Based upon the recent Health Care Finance Administration (HCFA HCFA abbr. Health Care Financing Administration HCFA, n.pr See Health Care Financing Administration. ) announcement to cover cryosurgery of the prostate for patients with localized prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. , CMSI wants to work with competitors, physicians, patient advocacy groups, etc. to pursue the long-term goal of making cryosurgery, which is patient friendly, the treatment of choice for patients with localized prostate cancer." Cryomedical Sciences, Inc. is the leader in the field of cryosurgical devices that ablate ab·late v. To remove or destroy the function of. ablate to remove, especially by cutting. ablate verb To remove; excise unwanted tissue in minimally invasive procedures. The Company's CMSI AccuProbe(R) System has been cleared for marketing in the U.S. in the fields of urology urology Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. , oncology, general surgery, gynecology and neurology, among others. BioLife Technologies, Inc. is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CMSI formed in March 1998 for the purpose of commercializing the CMSI preservative solutions. This release contains forward-looking statements, including but not limited to technological competitive advantages. The actual results that the Company achieves may differ materially from any forward-looking statements due to many factors, including acceptance of the Company's products, the impact of competitive products and pricing, market conditions, government regulations, and the risks and uncertainties discussed in the Company's Annual Report on Form 10-KSB and other reports filed with the Securities and Exchange Commission. Such risk factors include, but are not limited to, operating history of the Company with a history of losses; fluctuations in the Company's order levels; uncertainty of product development and the risks related to clinical trials; the rapid pace of technological change in the Company's industry; and uncertainty relating to third party reimbursement and regulatory matters. |
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