AUSTIN, Texas, Feb 15, 2011 (BUSINESS WIRE) --
ArthroCare Corp. (NASDAQ: ARTC), a leader in developing
state-of-the-art, minimally invasive surgical products, announced today
that it has received clearance from the U.S. Food and Drug
Administration (FDA) for its Spartan 5.5 Needled Anchor (Spartan(TM)).
Spartan is a preloaded threaded anchor indicated for use in fixation of
soft tissue to bone, such as during a rotator cuff repair. The needled
version is utilized for open repairs, whereas the non-needled version,
for which FDA clearance has previously been received, is for
arthroscopic repairs.
Spartan complements ArthroCare's line of anchors which can be used with
ArthroCare's suture passing technology, such as FirstPass(R).
It has a unique 5.5mm, screw-in design and can be used to perform single
and double row repairs. Spartan is manufactured from PEEK,
(polyether-etherketone), a material widely used in orthopedic implants.
More than 400,000 patients undergo rotator cuff surgery annually in the
U.S.
ABOUT ARTHROCARE
ArthroCare develops and manufactures surgical devices, instruments, and
implants that strive to enhance surgical techniques as well as improve
patient outcomes. Its devices improve many existing surgical procedures
and enable new minimally invasive procedures. Many of ArthroCare's
devices use its internationally patented Coblation(R)
technology. This technology precisely dissolves target tissue and limits
damage to surrounding healthy tissue. ArthroCare also develops surgical
devices utilizing other patented technology including its OPUS(R)
line of fixation products as well as re-usable surgical instruments.
ArthroCare is leveraging these technologies in order to offer a
comprehensive line of surgical devices to capitalize on a multi-billion
dollar market opportunity across several surgical specialties, including
its two core product areas consisting of Sports Medicine and Ear, Nose,
and Throat as well as other areas such as spine, wound care, urology and
gynecology.
FORWARD-LOOKING STATEMENTS
The information provided herein includes forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. Statements that are not historical facts are
forward-looking statements. Forward-looking statements are based on
beliefs and assumptions by management and on information currently
available to management. Forward-looking statements speak only as of the
date they are made, and the Company undertakes no obligation to update
any of them publicly in light of new information or future events.
Additional factors that could cause actual results to differ materially
from those contained in any forward-looking statement include, without
limitation: the ability of the Company to fulfill its obligations with
respect to the rights of the holders of the Series A Convertible
Preferred Stock, including but not limited to the redemption rights and
registration rights of the holders of the Series A Convertible Preferred
Stock; the resolution of litigation pending against the Company; the
Company's ability to design or improve internal controls to address
issues detected in its reviews of internal controls and insurance
reimbursement practices or by management in its reassessment of the
Company's internal controls; the impact upon the Company's operations of
legal compliance matters or internal controls review, improvement and
remediation; the ability of the Company to control expenses relating to
legal compliance matters or internal controls review, improvement and
remediation; the Company's ability to remain current in its periodic
reporting requirements under the Exchange Act and to file required
reports with the Securities and Exchange Commission on a timely basis;
the results of the investigation being conducted by the United States
Department of Justice; the impact on the Company of additional civil and
criminal investigations by state and federal agencies and civil suits by
private third parties involving the Company's financial reporting and
its previously announced restatement and its insurance billing and
healthcare fraud-and-abuse compliance practices; the ability of the
Company to attract and retain qualified senior management and to prepare
and implement appropriate succession planning for its Chief Executive
Officer; general business, economic and political conditions;
competitive developments in the medical devices market; changes in
applicable legislative or regulatory requirements; the Company's ability
to effectively and successfully implement its financial and strategic
alternatives, as well as business strategies, and manage the risks in
its business; and the reactions of the marketplace to the foregoing.
SOURCE: ArthroCare Corp.
ArthroCare Corp.
Corinne Ervin, 512-391-3907
or
The Ruth Group
Nick Laudico / Zack Kubow, 646-536-7030 / 7020
Investor Information
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