SUNNYVALE, Calif., Jan. 25 /PRNewswire/ -- CardioGenesis Corporation
(Nasdaq: CGCP), a leader in transmyocardial revascularization (TMR)
technology, today reported that the Blue Cross & Blue Shield Association
Technology Evaluation Center (TEC) has found transmyocardial revascularization
(TMR) meets its criteria. The TEC reviewed TMR for the treatment of patients
with severe coronary artery disease who are not candidates for bypass surgery
or PTCA and concluded that TMR improves Net Health Outcomes. The TEC Report
also noted that reimbursement codes for TMR were in place, having been set by
HCFA on October 1, 1998.
The TEC program is one of the nation's preeminent medical technology
assessment services, and provides evaluation services to individual Blue Cross
Blue Shield plans, Kaiser Permanente (one of the nation's largest managed care
programs) and other subscribers. Technology evaluation decisions by the TEC,
while not mandatory, are considered instrumental for the establishment of
coverage policies by many of the large private health insurance companies and
HMOs in the United States.
"We are very pleased with the Technology Evaluation Center's finding that
TMR improves health outcomes of individuals with severe diffuse coronary
artery disease," said Allen W. Hill, CardioGenesis President and CEO. "This
is a further validation of this therapy and a positive result for the
reimbursement efforts undertaken by CardioGenesis and other companies
participating in the exciting and emerging field of TMR," said Hill.
On October 22, 1998, CardioGenesis and Eclipse Surgical Technologies Inc.
reported that they signed a definitive agreement in which the two companies
would combine in a reverse triangular merger. Under the terms of the
agreement, each share of CardioGenesis Common stock will be converted into the
right to receive 0.8 shares of Eclipse Common Stock.
CardioGenesis Corporation, based in Sunnyvale, Calif., develops,
manufactures and markets proprietary systems including disposable products, to
perform intraoperative transmyocardial revascularization (ITMR),
catheter-based percutaneous myocardial revascularization (PMR), and
thoracoscopic transmyocardial revascularization (TTMR), to treat patients
afflicted with debilitating angina. CardioGenesis catheter systems and probes
deliver laser energy to create channels in oxygen-deprived (ischemic) regions
of the heart muscle (myocardium). CardioGenesis holds patents for
percutaneous myocardial revascularization, U.S. Patent Number 5,389,096, and
for intraoperative transmyocardial revascularization, U.S. Patent Numbers
5,380,316 5,554,152, along with other patents in the field of transmyocardial
revascularization, and number of U.S. and international patent applications
pending. For more information on the company and its products, visit the
CardioGenesis website at http://www.cardiogenesis.com.
Please note: Except for the historical information contained herein, the
matters discussed in this release contain forward-looking statements that
involve risk and uncertainties, including: approval for and final results of
clinical studies; timing of regulatory approvals; reliance on Boston
Scientific Corporation as the exclusive distributor outside of the U.S. for
the company's products and pricing; potential third-party patent infringement
claims; the management of growth; and the effectiveness of the company's ITMR,
TTMR and PMR Systems, and of related procedures. For further information,
refer to risk factors under the caption "Management's Discussion and Analysis
of Financial Condition and Results of Operations - Risk Factors" and elsewhere
in the company's 1997 Form 10-K and the company's first quarter 1998 Form 10-Q
as filed with the Securities and Exchange Commission.
SOURCE CardioGenesis Corporation
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Related links:
http://www.cardiogenesis.com
CONTACT:
Allen W. Hill, President and CEO, Richard P.
Powers, Executive Vice President and CFO of CardioGenesis
Corporation, 408-328-8500; or general information, Ann Trunko,
analyst contact, Kate Rajeck, or media relations, Scott Marx, all
of the Financial Relations Board, 415-986-1591
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