MiTiHeart Corporation to Present at Windhover Information and Medtech Insight's ``Investment In Innovation'' Conference.
MiTiHeart(R) Corporation is dedicated to developing and marketing unique blood pumps for patients suffering from congestive heart failure. The Company's blood pump, MiTiHeart(R) LVAD, has been in development since 1995, and a total of $12 million has been invested to date to establish the efficacy of the prototype blood pump and has significantly reduced the technical risks. The performance of the prototype pump has been evaluated in the laboratory and in a 200-hour animal test in collaboration with the Hershey Medical Center. The Company is currently seeking equity capital to finalize the design and conduct further pre-clinical tests that are needed prior to filing an application with the FDA for clinical evaluations.
According to the American Heart Association, approximately 4.5 million Americans have congestive heart failure (CHF) and nearly half a million new cases are reported every year. CHF is a chronic condition in which at least one chamber of the heart is not pumping well enough to meet the body's need. While effective pharmacologic therapies have improved outcomes for mild to moderate CHF, the need for mechanical circulatory support is well defined and growing. It is estimated that at least 100,000 patients annually in the U.S. could benefit from fully implantable blood pumps, as provided by MiTiHeart(R). These mechanical devices are connected to the weak left ventricle of the heart and assist the pumping action by forcing blood from the ventricle to the aorta. As such, the term left ventricular assist device (LVAD) is used to describe these pumps. Recently the Centers for Medicare and Medicaid Services agreed to offer reimbursements for implantation of LVADs for long-term use. This decision has established an expanding market for treatment of heart failure with these devices. It is estimated by Merril Lynch that the present $150 million U.S. market will grow at 22% per year to reach the projected market opportunity of $8 billion, followed by further annual growth rates of 12% to 15%.
The MiTiHeart(R) LVAD is based on a patented magnetically suspended rotary pump design and has many advantages over competing designs, including extremely low blood damage, a low potential for blood clot formation, low power consumption, minimal heat generation inside the pump, no contacting surfaces, and long life. There are also several built-in redundancies and safety features in the MiTiHeart(R) LVAD.
About Medtech Insight
Medtech Insight's "Investment In Innovation" conferences are considered the premier forum for senior executives in the investment and medical technology community to preview emerging medtech companies in need of funding, acquisition and/or strategic partnership. Medtech Insight, which was recently acquired by Windhover Information Inc. (www.windhover.com), publisher of IN VIVO: The Business & Medicine Report, Start-UP: Windhover's Review of Emerging Technologies, and IN VIVO EuropeRx, offers a wide variety of products and services for the medical technology executive. In addition to conferences, the company publishes the "medtech insight" newsletter, a monthly publication covering the latest trends and innovations in the medical technology industry, as well as analyses of medtech markets through its Reports group, and offers custom consulting and market research. To register for the Boston conference or for more information on Medtech Insight, please call Scott Pantel at 949-219-0150 or 888-290-2225 toll-free in the U.S., e-mail firstname.lastname@example.org, or visit http://www.medtechinsight.com/in3-12.html.
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|Date:||Oct 1, 2004|
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