Tissue Welding Surgical Device Receives Approval in Russia, Announces CSMG Technologies, Inc.
CSMG Technologies, Inc., (OTC Bulletin Board: CTUM) a technology management company, announced today the Russian Federal Service of Health Care and Social Development has approved the tissue welding electro surgery generator and eight instruments for commercial use in its hospitals and clinics. The approval is for a wide range of procedures that this universal electrosurgical generator and its instruments perform. The approval was issued to CSMG’s Ukraine partner International Association Welding “IAW” on June 21, 2007.
“This is an achievement of monumental proportions for IAW and CSMG. We expect to immediately begin implementing our plans with IAW to manufacture, market and distribute the tissue welding electrosurgery device and hand instruments in both Ukraine and Russia. Russia and Ukraine have a combined population of about 200 million people with rich industrial, natural and scientific resources. A world class team of surgeons, scientists, patent authors and engineers are working on the technology at the E.O. Paton Institute of Electric Welding in Kiev, Ukraine. We have worked closely together over the years performing R&D and clinical trials refining the technology and surgical procedures to bring tissue welding technology to its state. The Ukraine team along with our world class medical device design, manufacturing, marketing and management team in the US and the immediate filing with the US FDA brings this unique medical device technology to the forefront of the surgery industry. We believe sales in Russia and Ukraine could reach $7 to $10 million in 2008 and could grow at a rate of as much as 50% per year for the next several years in these two rapidly expanding medical markets,” says Donald S. Robbins, President and CEO.
“Getting approval in Russia opens wide opportunities for commercialization of the tissue welding technology. This is a major achievement for our international team’s hard work. Russian clinical work was performed by surgeons at Hospital #1 in Moscow and Povlov University Hospital in St. Petersburg, Russia. We were only able to bring the live tissue welding technology from an idea stage to its current level of a unique and revolutionary surgical product because of the R&D funding and support provided by our long time partner CSMG Technologies. We look forward to continuing to work with CSMG in implementing distribution throughout Russia and Ukraine,” says Dr. Alexander T. Zeluichenko, Director of the International Association Welding, Kiev, Ukraine.
LTC’s Frank D’Amelio added, “We are presently moving from prototype to preproduction with our manufacturers here in the United States. As a result of this news we, will now be working with our Ukrainian and Russian distribution partners to assess their demand requirements and will fold their requirements and the timing thereof into a worldwide production schedule. Live Tissue Connect, Inc. (LTC) will continue to evaluate preproduction samples of both our disposable RF-sealing instruments and our bipolar generator, which are based on the aforementioned technology, in July / August 2007. Adding Russian and Ukrainian volume of these products to our production plan will also occur during this same period.”
“Welding technologies are victoriously walking around the earth, underwater and in space. Nowadays welding is being successfully used in medicine for bonding damaged human tissue and restoring physiological function of human organs,” says academician B. E. Paton, E. O. Paton Institute of Electric Welding, President of National Academy of Science, Kiev, Ukraine.
CSMG owns the technology and exclusive world rights to the live tissue bonding device through Live Tissue Connect, Inc., a subsidiary corporation formed for the development and exploitation of the platform technology.
LTC expects to complete the commercial hand instruments, electro-cautery generator and other electrosurgery components for the tissue welding system and begin product distribution with IAW in the 4th quarter of 2007 for the Russian and Ukrainian markets now that all necessary approvals have been received in these countries.
About CSMG Technologies’ Tissue Welding/Bonding Technology
The LTC tissue bonding / welding device is a platform technology that bonds and reconnects living soft biological tissue through fusion without the use of foreign matter in contrast with conventional wound closing devices such as sutures, staples, sealant, or glues.
Surgeons at 27 Ukraine hospitals and clinics are using the tissue welding/bonding technology in clinical trials. They have completed more than 7,000 human surgeries using more than 80 types of open and laparoscopic surgical procedures, demonstrating the technology is universal in its ability to repair soft biological tissue. These surgeries included lung, neuro-surgery, nasal septum, intestine, stomach, skin, gall bladder, liver, spleen, blood vessels, nerves, alba linea, uterus, bladder, gynecological, fallopian tube, ovary and testicles and dura-matter. Cosmetic surgeries conducted with this technology include breast reduction, breast implants, mastopexy and abdominoplasty. The procedure involves little or no scarring, while restoring the normal function of the body organ or tissue.
The technology was invented and developed at the internationally renowned E.O. Paton Institute of Electric Welding, National Academy of Sciences of Ukraine, Kiev, Ukraine, headed by Professor B.E. Paton. U.S., Australian, Canadian and European Union patents have been issued, and additional U.S. and foreign patents are pending, all owned by LTC.
About CSMG Technologies, Inc.
CSMG Technologies is a technology management company that finances, owns, develops, licenses and markets innovative advanced technologies and business opportunities created in the Ukraine through a network of scientific institutes and private organizations. CSMG is focused on two primary subsidiaries, Live Tissue Connect, Inc. and landfill gas processing.
For further information on CSMG Technologies and its various subsidiaries, please visit our website at www.ctum.com.
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