Medicalcv (MM) (NASDAQ:MDCV)
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MedicalCV Announces Continued Milestone Achievement
MINNEAPOLIS, Jan. 5 /PRNewswire-FirstCall/ -- MedicalCV, Inc. (OTC:MDCV)
(BULLETIN BOARD: MDCV) , a cardiovascular surgery device manufacturer,
announced today that it is continuing its transition and focusing its resources
on the ATRILAZE(TM) system for the minimally invasive treatment of atrial
fibrillation as a stand-alone procedure.
"Milestone achievement continues to stay at the forefront of new management,"
said Marc P. Flores, president and chief executive officer. "To date, fund
raising activities, AtriLaze system development and atrial fibrillation market
definition are being accomplished in an expeditious manner."
MedicalCV also acknowledges their continued maintenance of the Omnicarbon(R)
mechanical heart valve business, supporting their customers and distributors
during the divestiture process. Discussions for the sale of the cardiac valve
business are being held with several qualified parties and preliminary
proposals and letters of agreement are being evaluated.
All potential buyers expect to grow the business and build on the twenty years
of superior results of the Omnicarbon(R) mechanical heart valve. Product
shipments continue, the business has been "right sized" and the cardiac valve
business no longer represents a significant drain on company resources.
About MedicalCV, Inc.
MedicalCV, a cardiothoracic surgery device manufacturer, focuses on the design,
development and commercialization of new, improved and enhanced technologies,
products, methods and techniques to treat cardiovascular disorders and disease,
including products targeting the treatment of atrial fibrillation. MedicalCV
previously developed and marketed mechanical heart valves and its proprietary
pyrolytic carbon processes. The Company's securities are traded on the OTC
Bulletin Board under the symbol "MDCV."
This release contains certain forward-looking statements of expected future
developments, as defined in the Private Securities Litigation Reform Act of
1995. The forward-looking statements in this release refer to our expectations
regarding disposition of our heart valve business, operating improvements,
development of atrial fibrillation product and minimally invasive treatment of
atrial fibrillation. These forward-looking statements reflect management's
expectations and are based on currently available data; however, actual results
are subject to future risks and uncertainties, which could materially affect
actual performance. Risks and uncertainties that could affect such performance
include, but are not limited to, the following: the Company's ability to fund
significant capital needs; market acceptance in the U.S. of the Company's
cardiovascular products; acceptance of minimally invasive techniques for the
reduction of atrial fibrillation through ablation; potential reductions in
pricing by competitors; the costs of licensing and acquiring new products and
technologies; the time and costs involved in obtaining regulatory clearance for
cardiovascular products; competing technological and market developments;
physician acceptance of the Company's cardiovascular products; dependence upon
governmental reimbursements and third party supplies; and the strength of the
market for cardiovascular products. For more detailed information about these
risks and uncertainties, please review the Company's Annual Report on Form
10-KSB for the fiscal year ended April 30, 2004.
These events and uncertainties are difficult or impossible to predict
accurately and many are beyond the Company's control. The Company assumes no
obligation to publicly release the results of any revisions that may be made to
any forward-looking statements to reflect events or uncertainties after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events.
DATASOURCE: MedicalCV, Inc.
CONTACT: Christopher C. Hlozek, Vice President, Marketing of MedicalCV,
Inc., +1-651-452-3000
Web site: http://www.medcvinc.com/