NovaRay Medical, Inc. Enters Into Distribution Agreement for China and Southeast Asia With TCL Medical Systems for NovaRay's ScanCath(TM) Cardiovascular Imaging System
NovaRay Medical, Inc. of Newark, California, USA ("NovaRay"),
developer of high-performance medical x-ray fluoroscopy systems,
announced today that it has entered into a collaboration agreement
with TCL Medical Systems / Beijing Sinopharm Hundric Medline Info.
Tech. Co., Ltd of Beijing, P.R. China ("TCL Medical") for joint
product development, manufacturing and distribution in China and
Southeast Asia of NovaRay's ScanCath cardiovascular system. NovaRay
has developed a new cardiovascular catheterization imaging system
incorporating a number of unique and proprietary developments that
addresses the growing issues of radiation hazards in the cath lab
while providing the image quality capabilities not available with
current imaging systems.
NovaRay with its development partner, Triple Ring Technologies, Inc.,
and TCL Medical will collaborate on product development of the
ScanCath system for the commercialization and manufacturing for China
and the rest of world markets.
TCL Medical has paid NovaRay an undisclosed amount for an exclusive
market distribution rights for ScanCath products for the China and
Southeast Asia market.
"The completion of this transaction with such a distinguished partner
is an endorsement of NovaRay's unique and exciting ScanCath
cardiovascular imaging system," said Marc Whyte, President and Chief
Executive Officer of NovaRay. "With our partnership with TCL Medical,
NovaRay is now well positioned to bring our ScanCath system, based on
our proprietary technology, to market. We plan on rolling out
ScanCath systems starting early next year in various parts of the
Hu Hai, General Manager of TCL Medical adds: "NovaRay's ScanCath
systems positions our company at the forefront of imaging technology
in China's rapidly growing medical imaging market. ScanCath will
enable us to capture a significant share of that growing market."
The worldwide market for medical cardiovascular x-ray fluoroscopy
systems is approximately US$1.8 billion per year. The demand for
cardiovascular fluoroscopy systems remains strong due to the continued
growth of image-guided minimally invasive procedures.
Interventional cardiology procedures require sophisticated x-ray
imaging to accurately deploy small devices such as stents. These
procedures can be lengthy and are associated with high radiation
exposures to patients and cath lab staff. NovaRay's ScanCath system
is designed to offer high image quality and unique imaging
capabilities while providing up to 90% reduction in radiation exposure
to the patient and up to 80% reduction to the cath lab staff.
Heartstream Corporate Finance B.V. of Naarden, the Netherlands, acted
as advisor to NovaRay on the transaction.
NovaRay is a developer of high-performance x-ray imaging systems and
is a Delaware corporation based in Newark, California. NovaRay works
closely with Triple Ring Technologies, Inc. for development of the
products and manufacturing of the imaging chain
About TCL Medical (http://med.tcl.com/en/(http://med.tcl.com/en/)):
TCL Medical Systems / Beijing Sinopharm Hundric Medline Info. Tech.
Co., Ltd of Beijing, P.R. China ("TCL Medical") is a subsidiary of TCL
Corporation. TCL Corporation is a large public company established in
1981 and is a global leader and technology innovator in consumer
electronics, mobile communications, and home appliances. TCL
Corporation formed TCL Medicalin 2009 with the intent to build a large
medical business in Asia with cutting edge medical technology and is
based in Beijing China.
Certain statements in this release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. They include statements regarding continued growth and
existence of issues related to radiation hazards, unavailability of
image quality capabilities in imaging systems, continued collaboration
among NovaRay, Triple Ring Technologies, Inc. and TCL Medical, ability
to bring ScanCath system based on proprietary technology to market,
timing of ScanCath systems roll out, continued rapid growth of China's
medical imaging market, ability to capture significant share of
China's medical imaging market, continued strength of cardiovascular
fluoroscopy systems demand, continued growth of image-guided minimally
invasive procedures and other statements regarding NovaRay's or
management's intentions, hopes, beliefs, expectations,
representations, projections, plans or predictions of the future. Such
statements involve risks and uncertainties that may cause actual
results to differ materially from those set forth in these statements.
Factors that could cause actual results to differ materially include
risks and uncertainties, including, but not limited to, the
possibility that NovaRay may not be able to secure additional funding,
the possibility that NovaRay may not be able to produce and market
successfully any of its products, the possibility that NovaRay's
products will not be sufficiently accepted by physicians, hospitals
and other potential customers, the possibility that NovaRay will not
obtain or maintain necessary regulatory clearances or approvals
relating to NovaRay's products, and other factors, including those
factors described in the Forms 10-KSB and S-1 for NovaRay and other
filings NovaRay filed with the Securities and Exchange Commission. Any
forward-looking statements contained in this document speak only as of
the date hereof, and NovaRay does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this document, whether as a result of
new information, future events or otherwise.