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BioSphere Medical Highlights the Health and Practice Economic Benefits of Patient Loyalty and Retention Fostered When Discussing Treatment Options for Symptomatic Uterine Fibroids

Posted on: Monday, 5 May 2008, 09:01 CDT

BioSphere Medical, Inc. (NASDAQ: BSMD) today announced that more than 40,000 Ob/Gyns and other health care professionals are expected to receive a supplement in the May 2008 issue of OBG Management, which concludes that Ob/Gyns can expect a higher degree of patient loyalty and patient retention by openly and fully discussing all treatment options for symptomatic uterine fibroids, including uterus-sparing, minimally invasive uterine fibroid embolization (UFE). Patient loyalty and retention are proposed to contribute to the long-term growth and profitability of the practice.

The supplement, entitled "Loyalty and informed patients contribute to a healthy bottom line: Can we talk," is coauthored by Linda D. Bradley, M.D., FACOG, Vice Chairman of Obstetrics, Gynecology and Women's Health Institute and Director, Center for Menstrual Disorders, Fibroids & Hysteroscopic Services at the Cleveland Clinic and Leah Amir, MS, MHA, CEO and President of Vantage View and VantageLinks LLC and Executive Director of the Institute for Quality Resource Management, and was supported by a grant from BioSphere Medical.

In an era of ever-growing healthcare consumerism, marked by unprecedented access to information and higher out-of-pocket expenses, patients are becoming increasingly better informed about medical procedures and their consequences, outcomes, and costs. Consequently, it is believed that health care choices are being driven by knowledge about these factors, work demands, childcare considerations, and other family and lifestyle preferences. In January 2008, the Committee on Ethics of the American College of Obstetricians and Gynecologists (ACOG) advised their members to carefully explain to patients all applicable treatment options and their potential risks and benefits. According to the ACOG Committee Opinion, doing so is expected to provide an opportunity for the Ob/Gyn to align patient expectations with the most appropriate therapy in order to achieve the outcomes valued by the patient.

Dr. Bradley and Ms. Amir state that ACOG's Committee Opinion applies particularly to Ob/Gyns who are explaining to their patients the treatment options for symptomatic fibroids. By providing access to a full range of potential therapeutic options, Ob/Gyns can nurture patient loyalty, enhance patient care, and foster collaborative relationships with other specialist physicians, which can result in a more active and more successful practice. This is especially important if one considers that studies have shown that 60 percent of even satisfied patients switch providers, and that patients have been reported to change providers if their Ob/Gyn is reluctant or unwilling to discuss UFE.

The supplement cites the following:

Numerous peer-reviewed published studies, which demonstrate that UFE offers effective symptom relief when compared to surgery, without extensive recovery or the risk of surgical complications.

Patient loyalty or retention is a reward to a practice that thoroughly discloses and discusses all treatment options.

Loyal patients freely refer family, friends, and co-workers by word of mouth - a relatively inexpensive form of advertising. Conversely, the acquisition cost of a new patient can be as high as $2,600. Thus, obtaining new referrals and retaining these patients can contribute to practice growth and profitability.

Sixty percent of even satisfied patients switch providers. Women have been shown to switch from Gyns who were opposed to discussing UFE. In one survey, two-thirds of patients were not informed about UFE by their Ob/Gyn; these patients may be at risk of leaving the practice.

An average Ob/Gyn performs approximately 52 hysterectomies per year for all causes; approximately 17 of these are fibroid related. Sixty to seventy percent of the 17, or approximately 11 patients, are at risk to switch providers each year.

By not discussing UFE with their patients, the authors estimate that over seven years Ob/Gyns risk losing patients and approximately $480,000 of potential practice revenue (visits and procedures), in exchange for approximately $77,000 of practice revenue generated by performing hysterectomies.

Richard Faleschini, BioSphere Medical's president and chief executive officer, said, "This special article in OBG Management begins to quantify the value of well informed and loyal patients. It encourages physicians to adopt behaviors that provide a balanced approach to uterine fibroid treatment. We are confident UFE is a safe and highly effective treatment for qualified women with symptomatic fibroids, and believe it will become more mainstream as a result of publications such as this one, as well as our other market development activities. We thank Dr. Bradley and Ms. Amir for researching and writing this article."

About BioSphere Medical, Inc.

BioSphere Medical, Inc., a medical device company based in Rockland, Massachusetts, seeks to develop and commercialize products used in minimally invasive diagnostic and therapeutic applications based upon its pioneering proprietary bioengineered microsphere technology. The Company's core technologies, patented bioengineered polymers and manufacturing methods, are used to produce microscopic spherical materials with unique beneficial properties that are designed for a variety of medical applications. BioSphere's principal focus is the treatment of symptomatic uterine fibroids using a procedure called uterine fibroid embolization, or UFE. The Company's products continue to gain acceptance in this rapidly emerging procedure, as well as in a number of other new and established medical treatments.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, the Company's expectations regarding the expected benefits of UFE when compared to other therapies utilized to treat uterine fibroids, the expected Ob/Gyn practice benefits of discussing alternative treatment options and the potential increase in market acceptance of UFE resulting from the Company's market development activities. The Company may use words such as "plans,""seeks,""projects,""believes,""may,""anticipates,""estimates,""should,""intends," and similar expressions to identify these forward-looking statements. These statements are subject to risks and uncertainties and are based upon the Company's beliefs and assumptions. There are a number of important factors that may affect the Company's actual performance and results and the accuracy of its forward-looking statements, many of which are beyond the Company's control and are difficult to predict. These important factors include, without limitation, risks relating to:

the failure of the Company's products to demonstrate adequate safety, efficacy and cost-effectiveness in clinical trials, post-clearance studies and commercial use;

the failure of the Company to successfully execute its sales and marketing strategies and/or to achieve widespread market acceptance of its products, including, without limitation, widespread market acceptance of its lead product, Embosphere® Microspheres, for the treatment of UFE, and its delivery system product line;

the failure of the Company to achieve or maintain necessary regulatory approvals, either in the United States or internationally, with respect to the manufacture and sale of its products and product candidates;

the failure of the Company to develop and commercialize new applications for its technologies;

the Company's ability to obtain and maintain patent and other proprietary protection for its products and product candidates;

the absence of, or delays and cancellations of, product orders;

delays, difficulties or unanticipated costs in the introduction of new products;

competitive pressures and the risk of product liability claims, either of which may impact market acceptance of products and adversely affect the Company's operating results;

the inability of the Company to raise additional funds in the near term to finance the development, marketing, and sales of its products;

general economic and market conditions; and

statements set forth in the section titled "Risk Factors" in BioSphere's Quarterly Report on Form 10-K for the year ended December 31, 2007, as filed by the Company with the Securities and Exchange Commission, and described in other filings made by the Company from time to time with the Securities and Exchange Commission.

In addition, the forward-looking statements included in this press release represent the Company's estimates as of the date of this release. The Company anticipates that subsequent events and developments may cause its forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances after the date of this press release.

Source: Business Wire

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