LANGHORNE, Pa., Sept. 12, 2008 (GLOBE NEWSWIRE) -- Medical Interventions(r), Inc. (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments(tm), announced today that the Company has entered into two definitive agreements with Intuitive Surgical, Inc. The first is a License and Development agreement for the two companies to jointly develop a surgical stapling device which will attach to Intuitive's da Vinci(r) Surgical Systems and will utilize Power Medical's patented technology. Once developed, this attachment will enable Intuitive Surgical's da Vinci(r) Surgical Systems to cut and staple tissue in a broad array of surgical applications. Power Medical will receive an upfront license payment and additional payments based upon the achievement of agreed upon milestones.
The second agreement is an exclusive Reload Supply agreement whereby Power Medical will be the manufacturer and exclusive supplier of staple reload cartridges for the newly developed device. Details of the supply agreement were not disclosed.
Michael Whitman, President and Chief Executive Officer, commented, "This partnership, which includes our first licensing transaction, validates the importance of our technology in advancing minimally invasive and natural orifice surgery. Upon commercialization by Intuitive of its new instrument incorporating our technology, we expect to gain a new product distribution channel with a new source of recurring revenue. We look forward to a long and prosperous relationship with Intuitive."
About Power Medical Interventions, Inc.:
Power Medical Interventions(r), Inc. is the world's only provider of computer-assisted, power-actuated surgical stapling products. PMI's Intelligent Surgical Instruments(tm) enable less invasive surgical techniques to benefit surgeons, patients, hospitals and healthcare networks. PMI manufactures durable recyclable technology to reduce medical waste and help keep the planet clean. The company was founded in 1999, and is headquartered in Langhorne, PA with additional offices in Germany, France, and Japan. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com.
Safe Harbor Statement
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future financial performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, commercialization and technological difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the three months ended March 31, 2008.
Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release the terms "anticipate," "believe," "estimate," "expect," "may," "objective," "plan," "possible," "potential," "project," "will" and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.