Medicalcv (MM) (NASDAQ:MDCV)
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MedicalCV Announces Industry Recognition Excellence in Technology
Award from Frost and Sullivan
Company Receives Industry Recognition in the Field of Surgical Ablation
Technologies
MINNEAPOLIS, April 7 /PRNewswire-FirstCall/ -- MedicalCV, Inc. (OTC Bulletin
Boad: MDCV), http://www.medcvinc.com/, a cardiovascular surgery device
manufacturer, focusing on surgical needs surrounding atrial fibrillation,
announced today that it received an excellence in technology award in the field
of surgical ablation technologies for atrial fibrillation treatment from Frost
& Sullivan, http://www.frost.com/, a leading industry market research firm.
"This important award recognizes our ATRILAZE(TM) Surgical Ablation System as
an innovative technology advancement and demonstrates the significant interest
in the surgical treatment of atrial fibrillation," commented Marc P. Flores,
President and Chief Executive Officer of MedicalCV, Inc.
He continued, "Additionally, we announced that on April 1, 2005 we closed on a
$13.6 million capital raise, and completed a conversion of $4.4 million of debt
into equity. The funding will provide MedicalCV with resources to support our
research and development efforts in evolving the treatment of atrial
fibrillation to a stand-alone, minimally invasive (closed-chest, beating heart)
procedure of the future. We believe this infusion of capital from the
investment community represents a significant belief in our evolving
AtriLaze(TM) technology."
The Frost & Sullivan's 2005 Best Practices Awards Banquet will be held on
Wednesday, April 20, 2005 in Fort Myers, Florida at the Sanibel Harbour Resort
& Spa.
About MedicalCV, Inc.
MedicalCV, Inc., a cardiovascular 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 ("AF"). Historically, MedicalCV developed and marketed
Omnicarbon(R) mechanical heart valves utilizing its proprietary pyrolytic
carbon processes. Although the Company has ceased manufacturing new heart
valves it continues to maintain the mechanical heart valve business, supporting
customers and distributors during the divestiture process. The Company is
concentrating its resources on the AF market. The Company's core technology is
the AtriLaze(TM) Surgical Ablation System, for use in cardiac tissue ablation
in surgery, which the Company acquired on August 27, 2003 and for which it
received FDA 510(k) clearance on November 30, 2004. The Company's common stock
is traded on the OTC Bulletin Board under the symbol "MDCV."
For further information on MedicalCV, Inc., please visit
http://www.medcvinc.com/ .
You may register to receive MedicalCV's future press releases and to be added
to the Company's distribution list by visiting: http://www.roiny.com/form.php .
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 and our 8-K report filed with the
Securities and Exchange Commission on January 6, 2005
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.
MedicalCV, Inc. Contact: Investor Relations Contact:
John H. Jungbauer ROI Group Associates, Inc.
Vice President, Finance and CFO Robert Giordano / Sarah Shepard
Phone 651.452.3000 President / Vice President
Phone 212.495.0200, ext. 10 / 17
http://www.medcvinc.com/ /
http://www.roiny.com/
DATASOURCE: MedicalCV, Inc.
CONTACT: John H. Jungbauer, Vice President, Finance and CFO of MedicalCV,
Inc., +1-651-452-3000, or Robert Giordano, President, +1-212-495-0200, ext.
10, , or Sarah Shepard, Vice President, +1-212-495-0200
ext. 17, , both of ROI Group Associates, Inc.
Web site: http://www.roiny.com/form.php
http://www.medcvinc.com/