Raleigh, NC – June 30, 2014 (GLOBE NEWSWIRE) — CMEA Capital portfolio company Baxano Surgical, Inc. (Nasdaq:BAXS), a medical device company focused on designing, developing and marketing minimally invasive products to treat degenerative conditions of the lumbar spine, today announced that the first case utilizing the AvanceT MIS Pedicle Screw System was recently performed by Dr. Sameer Mathur in Cary, NC. The innovative design of Avance provides for an easy-to-use, percutaneous pedicle screw system that addresses single, complex and multi-level spinal pathologies with minimal tissue disruption and trauma. The Avance system will be in limited market release through the end of third quarter of 2014 and is planned for full launch in the fourth quarter of 2014.
“The first clinical use of the Avance pedicle screw system represents a major milestone in the evolution of Baxano Surgical,” stated Ken Reali, President and CEO of Baxano Surgical. “Avance will significantly enhance our ability to service our surgeon customers’ lower lumbar fusion needs where we can now offer a complete fusion solution coupled with our AxiaLIF and VEO interbody fusion implants. This is an important strategic initiative that increases our presence in the rapidly growing MIS spine arena.”
“The Avance system provides a step forward with a true MIS approach to spinal fixation by minimizing tissue trauma and eliminating additional rod insertion incisions,” stated spine surgeon Sameer Mathur, M.D. “The system’s low-profile design, combined with Avance’s intraoperative flexibility and range of options to meet surgeon preferences makes for a durable, versatile, easy-to-use solution.”
About the Avance MIS Pedicle Screw System The Avance MIS Pedicle Screw System is intended for posterior, non-cervical pedicle fixation of the spine to provide immobilization and stabilization of spinal segments in skeletally-mature patients as an adjunct to fusion for the following indications: degenerative disc disease, spondylolisthesis, trauma, spinal stenosis, curvatures, tumor, pseudoarthrosis and failed previous fusion. The Avance system accommodates single level degenerative procedures as well as multi-level, complex pathologies from T1 to S1.
About Baxano Surgical, Inc.
Baxano Surgical, Inc. is a medical device company focused on designing, developing, and marketing minimally invasive products to treat degenerative conditions of the spine affecting the lumbar region. Baxano Surgical currently markets the AxiaLIF® family of products for single and two level lower lumbar fusion, the VEO® lateral access and interbody fusion system, the iO-Flex® system, a proprietary set of flexible instruments used by surgeons during spinal decompression procedures, the iO-Tome® instrument, which rapidly and precisely removes bone, specifically the facet joints, which is commonly performed in spinal fusion procedures and Avance, an MIS pedicle screw system used in lumbar fusion procedures. Baxano Surgical was founded in May 2000 and is headquartered in Raleigh, North Carolina. For more information, visit www.baxanosurgical.com.
AxiaLIF, VEO, iO-Tome and iO-Flex are all registered trademarks of Baxano Surgical.
Forward Looking Statements
This press release includes statements that are based on our current beliefs and assumptions. These statements constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, the pace of adoption of our product technology by spine surgeons, the outcome of coverage and reimbursement decisions by the government and third party payors, the success of our continuing product development efforts, the effect on our business of existing and new regulatory requirements, our ability to raise additional capital, our ability to comply with our settlement agreement and Corporate Integrity Agreement with certain entities of the U.S. government, stockholder class action lawsuits, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with Baxano Surgical’s business, please review the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports. You are cautioned not to place undue reliance on these forward looking statements, which are based on Baxano Surgical’s expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
About CMEA Capital
CMEACapital is a San Francisco-based venture capital firm with a clear focus on life sciences, high technology, and energy and materials investments. They believe that the most successful venture backed companies are those that are science based, with experienced teams that have a vision. As a result, CMEA Capital typically invests in companies that have cutting edge and highly differentiated technology at their core and founding teams of the highest caliber still in place. These are companies that have the potential to transform their industries.