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GV MEDICAL AIMS TO DEVELOP DIAGNOSTIC SYSTEM AS STAND-ALONE PRODUCT; ANNOUNCES GRABEK RESIGNATION

 GV MEDICAL AIMS TO DEVELOP DIAGNOSTIC SYSTEM AS
 STAND-ALONE PRODUCT; ANNOUNCES GRABEK RESIGNATION
 MINNEAPOLIS, May 7 /PRNewswire/ -- GV Medical, Inc., (NASDAQ: GVMI) announced today that it plans to develop the diagnostic capabilities of its laser angiosurgery (LAS) system into a stand-alone diagnostic product that the company believes will aid in more accurate diagnosis of atherosclerosis.
 "We believe that the spectroscopic feedback provided by our system will provide doctors with an early warning system for acute vascular complications and restenosis -- the reclosure of treated vessels," Yurek said. "We also believe that the product can be commercialized more rapidly than the LAS System as a whole."
 Yurek said the company would continue its development of the LAS System in a cooperative venture with the Massachusetts Institute of Technology and the Cleveland Clinic Foundation. "We're not wavering from our commitment to the LAS System, but it has become clear during clinical trials of that system that the potential exists for a separate diagnostic product with broad applications. We intend to pursue the early commercialization of such a product."
 Based on early results from clinical trials of the LAS System at the Cleveland Clinic, Yurek said the company is working to refine the algorithms for the diagnostic system to enable better identification of various types of tissue, and to make other improvements in the system hardware including the laser. He said 16 procedures have been completed with the system so far, and the company expects to report on results of the trials once the initial series of 30 procedures is finished later in the year.
 The company also said that James R. Grabek, president and CEO, has announced his resignation as an officer and director of GV Medical, Inc., to pursue other interests. Grabek remains a significant shareholder of GV Medical and remains available as a consultant. Yurek noted that Grabek served as president and CEO since the inception of GV Medical and was instrumental in raising capital needed to permit the company to embark on the current course of development. Until a new president is named, the company has created an Office of the President and Chief Executive which consists of Daryl Yurek, chairman of the board, and K. Dieter Heidrich, a director of the company.
 GV Medical, based in Minneapolis, is currently working with the Massachusetts Institute of Technology and the Cleveland Clinic to develop a new laser system that incorporates both diagnostic and therapeutic features to remove plaque from blocked coronary arteries. The company's existing LASTAC(R) laser system is awaiting approval from the U.S. Food and Drug Administration for use in coronary arteries and already has been approved for use in peripheral arteries.
 -0- 5/7/92
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000 or Tom Ahmann or George Tully of GV Medical, 612-559-4000/
 (GVMI) CO: GV Medical, Inc. ST: Minnesota IN: MTC SU:


KH -- MN017 -- 7790 05/07/92 16:14 EDT
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Publication:PR Newswire
Date:May 7, 1992
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