Stereotaxis, Inc. (Nasdaq: STXS) announced that the United States Department of Veteran Affairs awarded Stereotaxis a Federal Supply Schedule Contract for its Niobe® Remote Magnetic Navigation System, related service agreement, and disposable products. This contract, effective December 15, 2010, is for five years, with a five year renewal option.
The Department of Veteran Affairs (VA) manages more than 150 hospitals nationwide. Stereotaxis' Niobe and Odyssey technologies will be included on the National Acquisition Center Contract Management Database and GSA Advantage Price List. Under the Federal Supply Schedule Contract, individual VA facilities may browse and purchase Stereotaxis' products through these online tools without additional contract negotiations. This enables the individual VA hospital to engage with Stereotaxis and acquire its technologies whenever it may be ready, easing the transaction between Stereotaxis and the individual hospital.
"The adoption of Stereotaxis technologies by the VA represents another important step towards setting a new global standard for the treatment of cardiac arrhythmias," said Michael P. Kaminski, President and Chief Executive Officer of Stereotaxis. "Our technologies have long been accepted in the top academic teaching hospitals, which are typically the first to validate the clinical utility of a new medical technology. Along with community hospitals, VA hospitals represent a substantial portion of the cardiac electrophysiology market for both research and clinical use, and adoption among the VA community is a reliable measure of more mainstream acceptance of new technology. We expect this contract to enhance our U.S. growth opportunities. Our contract with the VA should help pave the way for many more institutions to add our game-changing technologies to their interventional labs."
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