Stereotaxis, Inc. announced today that the Company and its existing strategic catheter partner have extended their exclusive worldwide agreement for the distribution of existing approved magnetic ablation catheters through the end of 2015. As part of the agreement, the strategic partner agreed to pursue an expanded indication in the U.S. for the magnetic irrigated catheter for the treatment of atrial fibrillation, which is the most prevalent cardiac arrhythmia (heart rhythm disorder) and one of the most common causes of stroke.
Additionally, both companies agreed to expand the product offering covered by the agreement to include a next generation irrigated magnetic catheter, which will integrate the latest technological advancements from both companies The agreement includes further submissions for regulatory approval into new markets, such as Asia, for mutually agreed magnetic catheters. The exclusive distribution agreement for these products will expire at various later dates.
"Stereotaxis has enjoyed a successful and long-standing strategic partnership, and this new agreement reflects the strong commitment and shared vision from both companies in leading EP innovation for years to come," said Michael P. Kaminski, Stereotaxis President and CEO. "After consideration of many potential opportunities to include the Odyssey™ portfolio of products under this agreement, we agreed to focus our collaboration on magnetic ablation catheters where the two companies' business objectives are most aligned. We look forward to continuing our collaboration enabled by this expanded agreement," concluded Kaminski.
In the upcoming 16th Annual Boston Atrial Fibrillation Symposium, both companies will showcase the latest 3D mapping technology designed specifically for Stereotaxis magnetic navigation labs.