Bovie Medical Corporation (NYSE AMEX: BVX) (the "Company") a manufacturer and marketer of electrosurgical products, is pleased to report that it continues to receive increasing numbers of highly favorable responses and praise for its J-Plasma technology from leading surgeons and medical professionals.
J-Plasma utilizes a gas ionization process producing a stable thin beam of ionized gas emitted from the J-Plasma handpiece that can be controlled in a wide range of temperatures and intensities, providing the surgeon great precision, minimal invasiveness and an absence of conductive currents during surgery. Currently, there are five patents issued on J-Plasma and another six pending.
To date, over 100 surgeries have been performed on procedures such as Myomectomy, Ovarian Cyst, Endometriosis, Bowel Resection, Adhesiolysis, Robotic Assisted Hysterectomy, Hernia, LAVH, Ectopic, Abdominoplasty, Anterior/Posterior Repair and Breast Augmentation by Gynecologist, General Surgeons, and Plastic Surgeons on patients during surgeries in hospital settings, as well as, Urologists in laboratory settings, with excellent results.
J-Plasma continues to receive great support from influential surgeons across the country, further bolstering the positive results already achieved. While the Company is energetically pursuing the field of gynecological surgery, it anticipates entries into specialties such as oncology, dermatology, ENT and others, prompted by positive surgeon reactions in those specialties.
As indicated, leading surgeons have been generous in their praise of J-Plasma and the Company is pleased to list some noteworthy comments by surgeons:
-A well known surgeon in the Western U.S. suggested that, "J-Plasma will be a household name by next year."
-A Tennessee gynecology surgeon commented, "You saved me 45 minutes and I honestly don't think there is a product on the market that would do what I just did."
-A gynecology surgeon in Nevada stated, "J-Plasma saved me at least an hour on this myomectomy. It was much faster than what we usually use."
-A gynecology surgeon in Tampa: "You guys finally came up with something that all of us (surgeons) have been looking for it solves a lot of problems in a safe affordable manner."
-A general surgeon in Nashville commented that, "I usually have a lot of fear when I activate an instrument near the bowel, but after using J-Plasma for twenty minutes, that fear is gone."
-A gynecology surgeon in Pennsylvania offered, "This thing is great. It went through muscle, the uterus and ligaments without effort and with no charring."
There are 20 hospitals permitting J-Plasma usage on patients with 11 of those hospitals already giving approval for the purchase of J-Plasma. The remaining 9 hospitals are in the evaluation process and purchasing approvals are expected to be granted in the coming months. In addition, there are another 30 in the committee process and we continue to add to this number weekly.
In order to affect a sale, hospitals require a two-committee approach of first giving consent to use the product on patients, followed by approval from a purchasing committee. Although the process can be lengthy, the Company fully expects additional approvals to be forthcoming. The Company estimates that the potential for increasing sales is evidenced by the number of surgeons who perform multiple procedures monthly.
Currently, 54 Bovie Medical sales reps blanket a substantial part of the U.S. and report strong interest in the J-Plasma. The Company continues to add and train representatives on a weekly basis and it is anticipated that the Company will eventually have 120 representatives throughout the U.S.
Company management believes that although sales to date are in their early stages, due to the lengthy committee approval and evaluation process, J-Plasma's benefits, coupled with hospital purchasing committee approvals and continued surgeon exposure, should result in a medical success for Bovie Medical with a goal of potential sales in the tens of millions.
Additionally, leading surgeons in the West and Southeast are currently conducting teaching labs and courses for varied uses of J-Plasma for both surgeons and sales representatives. Bovie will also be attending multiple conferences that specifically target minimally invasive surgeons, including conferences ACOG, SLS, and AAGL commencing in May and continuing for the rest of the year.
Jeff Rencher , Vice President of Sales and Marketing, stated, "We are pleased and enthused with the overwhelming positive feedback we have received from well recognized and established surgeons who are now committed J-Plasma users." He also stated, "We are very confident that our state-of-the-art technology has the capability to become a commonplace fixture in hospitals and outpatient surgery centers."
About Bovie Medical Corp.
Bovie Medical Corporation is actively engaged in the business of manufacturing and marketing a variety of electrosurgical medical products as well as developing related technologies and products. Recently, greater effort and resources have been directed towards manufacturing electrosurgical generators which are primarily used for outpatient surgical procedures. Bovie continues the ongoing development of battery operated cauteries, vessel sealing instruments and high-powered generators for operating room use.
For further information about the Company's current and new products, please refer to the Investor Relations section of Bovie's website www.boviemed.com.
Cautionary Note on Forward-Looking Statements
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission including the Company's Report on Form 10‑K for the year ended December 31, 2010. For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
For further information contact:
Bovie Medical Investor Relations and Shareholder InformationJoseph M. Vazquez III Phone: (800) 448-7097Email: email@example.com
SOURCE Bovie Medical Corporation