BSD Medical Corporation (NASDAQ:BSDM) (Company or BSD) (www.BSDMedical.com), a leading provider of medical systems that utilize heat therapy to treat cancer, announced today that the Company has obtained approval to market its hyperthermia systems in the Russian Federation. The Company's hyperthermia products will be marketed in Russia by MSM-Medimpex (Medimpex), a premier distributor of sophisticated oncology medical devices in Russia. Medimpex also distributes radiation therapy devices from Electa, which dominate the oncology market in Russia. The marketing approval covers all BSD-2000 Hyperthermia System configurations and the BSD-500 Hyperthermia System.
Russia has a population of 149 million and is a potentially lucrative market for medical device companies. In 2007, the Russian market for medical devices and related supplies totaled $1.8 billion, which puts the Russia market among the top 20 in the world. Around 80% of the medical equipment market in Russia is supplied by non-Russian manufacturers. The United States, Germany, and Japan account for more than half of all imports.
Devices can only be imported into the Russian Federation after a Company passes testing conducted by a local testing body that demonstrates product safety and effectiveness. The registration of medical devices and medical equipment in Russia is very challenging. Thus, obtaining approval in Russia is a significant milestone for BSD.
“We are excited to establish a business relationship with one of the leading oncology product distributors in the Russian Federation,” stated Harold R. Wolcott, President of BSD Medical. “Even though hyperthermia has been utilized in Russia for many years, there is a lack of commercially available sophisticated systems. Cancer treatments in Russia are usually delivered in large, centralized, sophisticated, cancer treatment centers. These centers provide a unique marketing opportunity for BSD. The Company believes that Russia represents a significant marketing opportunity for the Company's hyperthermia products.”
About BSD Medical Corporation
BSD Medical Corporation develops, manufactures, markets and services systems to treat cancer and benign diseases using heat therapy, which is delivered using focused radiofrequency (RF) and microwave energy. BSD’s product lines include both hyperthermia and ablation treatment systems. BSD’s hyperthermia cancer treatment systems, which have been in use for several years in the United States, Europe and Asia, are used to treat certain tumors with heat (hyperthermia) while increasing the effectiveness of other therapies such as radiation therapy. BSD’s microwave ablation system has been developed as a stand-alone therapy to employ precision-guided microwave energy to ablate (destroy) soft tissue. The Company has developed extensive intellectual property, multiple products in the market and established distribution in the United States, Europe and Asia. Certain of the Company’s products have received regulatory approvals and clearances in the United States, Europe and China. For further information visit BSD Medical's website at www.BSDMedical.com.
Statements contained in this press release that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date.