May 20, 2009
Cleveland, OH, May 20, 2009
Arteriocyte Medical Systems announced today a strategic investment in Control Medical Technology, a medical device developer based in Park City, Utah. The investment will enable development and distribution of Control’s ASPIRE handheld disposable aspiration system for use with Arteriocyte Medical’s STEM-PREP and other Magellan®-platform technologies. The two companies will develop the ASPIRE system for surgical applications including bone marrow aspiration and disc decompression. Arteriocyte Medical Systems will serve as the exclusive U.S. orthopedic distributor for the ASPIRE bone marrow aspiration and disc decompression devices.
Arteriocyte Medical’s Magellan® device platform provides rapid bedside stem cell and platelet concentration technology for surgical applications. Arteriocyte Medical recently launched the Magellan STEM-PREP rapid marrow concentration system to allow physicians to harvest and concentrate stem cells and platelets at bedside using a patient’s own marrow for therapeutic use during a surgical procedure.
“We are excited to partner with Arteriocyte Medical Systems to develop new applications for the ASPIRE system,” said Shawn Fojtik, CEO of Control Medical. “The strategic investment by Arteriocyte Medical will allow us to accelerate the development for the ASPIRE system in important surgical arenas, while leveraging Arteriocyte Medical’s well established distribution channels in orthopedics.”
Arteriocyte’s CEO Don Brown said, “Control Medical’s FDA-cleared ASPIRE handheld disposable aspiration system represents an important innovation for surgeons needing to aspirate tissue during surgery. The ASPIRE device provides increased aspiration force, volume and improves tactile feel and feedback for the surgeon while providing single-handed control during the tissue harvesting procedure. We are thrilled to be working with Shawn and team to accelerate our cell and tissue engineering efforts in Utah.”
About Arteriocyte and Arteriocyte Medical Systems
Arteriocyte, is a commercial stage Biotechnology Company with facilities in Cleveland, Ohio, Hopkinton, Massachusetts, and Minneapolis, Minnesota, is developing proprietary stem cell therapies for human clinical application. Arteriocyte’s goal is to develop commercially available stem cell based therapies using multiple sources of adult derived stem cells (marrow, peripheral, cord blood, and cartilage).
Arteriocyte Medical Systems is a leading medical device company committed to developing and marketing novel medical products to improve surgical outcomes. Established in 2007 by Arteriocyte, Inc. and DW Healthcare Partners, Arteriocyte Medical Systems is devoted to providing innovative solutions to patients and medical professionals to address serious unmet medical needs particularly in cardiac, orthopedic and vascular surgeries. Today, the Magellan® platelet and stem cell separation platform is in use in over 400 surgical centers worldwide.
About Control Medical Technology and ASPIRE
Control Medical Technology, headquartered in Park City, Utah, designs, develops, and markets medical devices to help physicians, nurses, technicians, and other caregivers improve patient care. Its FDA-approved ASPIRE systems are used to remove fluids, tumors, bone, bone marrow, endometrial fluids, blood clots, tissue, and other pathology, targeting unmet clinical needs in oncology, orthopedics, spine, pain management and cardiovascular medicine.
Contact Information
ARTERIOCYTE: Adam Sorkin, (216) 658-3970Call: (216) 658-3970, asorkin@arteriocyte.com
Control Medical Technology: Shawn Fojtik (954) 457-2450Call: (954) 457-2450, fojtik@aspirationmedical.com
Broker-dealer services are provided through Beech Hill Securities ( http://www.beechhillsecurities.com/ ), Inc., a FINRA/SIPC member.