ST. LOUIS, Nov. 4, 2010 /PRNewswire/ -- Stereotaxis, Inc. (Nasdaq: STXS) announced today that it has been awarded $1.5 million in grants under the Qualifying Therapeutic Discovery Project Program that was enacted under the Patient Protection and Affordable Care Act of 2010. The program targets projects that show potential to produce new therapies or medical technology that assists in the delivery or administration of therapeutics, addresses unmet medical needs and reduces the long-term growth of health care costs. Stereotaxis was awarded the grants for 2009 and 2010 projects related to the Company's Niobe® Remote Magnetic Navigation System and Odyssey™ system, which are designed to provide a safer and more effective healthcare solution for treating heart arrhythmias using magnetic catheters within the heart.
"We are pleased that the U.S. Department of Health and Human Services recognizes the potential impact that Stereotaxis' innovative technologies can have for patients suffering from diseases of the heart," said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. "These grants will allow Stereotaxis to further enhance and expand the capabilities of our technology in an effort to treat the most common type of heart arrhythmias, atrial fibrillation, as well as ventricular tachycardia and other cardiovascular disorders."
Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Niobe® Remote Magnetic Navigation System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment s