Companies provide update on Development and Distribution Agreement
BOTHELL, Wash. & TEWKSBURY, Mass.--(BUSINESS WIRE)--Nov. 12, 2009--
Cardiac
Science Corporation [NASDAQ: CSCX], a global leader in automated
external defibrillator (AED)
and diagnostic cardiac monitoring devices, and Cambridge
Heart, Inc., [OTCBB-CAMH], a developer of noninvasive diagnostic
tests for cardiac disease, with a focus on identifying those at risk for
sudden cardiac arrest, today announced a partnership pursuant to a
Development, Supply and Distribution Agreement Cambridge Heart
previously announced on June 23, 2009. Under the Agreement, the
Companies are collaborating to develop a Microvolt T-Wave Alternans
(MTWA) module, which will be integrated with Cardiac Science’s cardiac
stress test systems.
“We’re continually looking for ways to extend our leadership of the
stress market. The development of MTWA as an add-on module for our
stress systems allows us to bring new technology to our customers
without asking them for a large capital outlay,” said Dave Marver,
Cardiac Science president and chief executive officer. “This is
consistent with our strategy to help our physician customers by offering
simple, cost-effective, and efficient devices.”
“Our partnership with Cardiac Science allows us to have our MTWA
technology distributed to cardiologists and primary care physicians
through a large, world-class and well-established distribution
organization,” said Ali Haghighi-Mood, president and chief executive
officer of Cambridge Heart. “Our module strategy is intended to make our
MTWA technology more accessible to the physicians who treat the 10- to
12-million higher-risk cardiac patients we believe can benefit from an
annual MTWA test. Reaching even a modest percentage of those patients
will create a great deal of value for Cambridge Heart, Cardiac Science
and their physician customers and, ultimately, for their patients.”
Cambridge Heart has completed the prototype development of the module,
which is now subject to industry standard validation and verification
processes, and regulatory approval.
About Cardiac Science:
Cardiac Science develops, manufactures, and markets a family of advanced
diagnostic and therapeutic cardiology devices and systems, including
automated external defibrillators (AED),
electrocardiograph devices (ECG/EKG),
cardiac stress
test treadmills and systems, Holter
monitoring systems, hospital defibrillators, cardiac
rehabilitation telemetry systems, vital
signs monitors, and cardiology
data management systems (informatics) that connect
with hospital information (HIS), electronic medical record (EMR),
and other information systems. The company sells a variety of related
products and consumables and provides a portfolio of training,
maintenance, and support services. Cardiac Science, the successor to the
cardiac businesses that established the trusted Burdick®,
HeartCentrix®,
Powerheart®,
and Quinton®
brands, is headquartered in Bothell, Washington. With customers in more
than 100 countries worldwide, the company has operations in North
America, Europe, and Asia. For information, call 425.402.2000 or visit http://www.cardiacscience.com.
For updates and information on worldwide defibrillation and cardiac
monitoring, find us on the Cardiac Science blog at http://www.cardiacscience.com/blog,
Twitter at http://twitter.com/cardiacscience,
Facebook at http://budurl.com/CSonFB,
YouTube at http://www.youtube.com/user/CardiacScience.
About Cambridge Heart, Inc.
Cambridge Heart develops and commercializes noninvasive diagnostic tests
for cardiac disease, with a focus on identifying those at risk for
sudden cardiac arrest (SCA). The Company’s products incorporate
proprietary Microvolt T-Wave Alternans™ measurement technologies,
including the patented Analytic Spectral Method® and
ultrasensitive disposable electrode sensors. The Company’s MTWA test,
originally based on research conducted at the Massachusetts Institute of
Technology, is reimbursed by Medicare under its National Coverage Policy.
Forward-Looking Statements
This press release contains forward-looking statements. The words
"believe," "expect," "intend," "anticipate," variations of such words,
and similar expressions identify forward-looking statements.
Forward-looking statements in this press release include, but are not
limited to, those relating to the plans of Cardiac Science and Cambridge
Heart to offer a MTWA module as an upgrade to the existing installed
base of Q-Stress system customers and as an option on new Q-Stress
systems. These are forward-looking statements for purposes of the safe
harbor provisions under the Private Securities Litigation Reform Act of
1995. Actual results may vary significantly from the results expressed
or implied in such statements. Factors that could cause or contribute to
such varying results include the failure to achieve broad market
acceptance of MTWA technology, failure to achieve regulatory approval
for any new MTWA module configuration, Cambridge Heart’s failure to
raise new capital resources necessary to support its operations and to
develop or enhance technology, failure to obtain or maintain adequate
levels of first-party reimbursement for use of the MTWA test, adverse
results in future clinical studies of MTWA technology, and delays in
getting the new module configuration to market and other risks that are
more fully described in Cambridge Heart’s and Cardiac Science
Corporation's Annual Reports on Form 10-K for the year ended December
31, 2008, as updated by subsequent quarterly reports on Form 10-Q.
Neither company undertakes the duty or obligation to update the
information provided herein.
CSCX-G
Source: Cambridge Heart, Inc. and Cardiac Science Corporation
Company Contacts:
Cambridge Heart
Vincenzo LiCausi,
978-654-7600 x 6645
Chief Financial Officer
or
Cardiac
Science Corporation
Mike Matysik, 425-402-2009
Senior Vice
President and CFO
or
Investor Contact:
Allen &
Caron
Matt Clawson, 949-474-4300
matt@allencaron.com
or
Media
Contacts:
KOGS Communications
Edna Kaplan, 781-639-1910
kaplan@kogspr.com
or
EVC
Group Inc.
Christopher Gale, 646-201-5431
cgale@evcgroup.com