BRANFORD, Conn., Nov. 25, 2013 (GLOBE NEWSWIRE) -- CAS Medical Systems, Inc. (Nasdaq:CASM) (CASMED), a leader in medical devices for non-invasive patient monitoring, today announced that its FORE-SIGHT Cerebral Oximeter has been approved by the China Food and Drug Administration (CFDA) for sale in that country. FORE-SIGHT is the only cerebral oximeter manufactured outside China to have approval from the CDFA.
"The CFDA approval is the culmination of a three-year testing and approval process and reflects the strength of our technology and recognition of the importance of cerebral oximetry to the Chinese medical community," said Thomas M. Patton, President and Chief Executive Officer of CASMED. "With this approval, our distribution partner, Beijing Gloryway Medical, will immediately begin selling FORE-SIGHT to its Chinese customers. Our target market is the approximately 800 Level 3A hospitals that are the premier medical institutions in the country. Although we do not foresee significant sales in China in the near term, the CFDA approval is an important part of our strategy to expand into large markets outside of the United States where we do not currently have FORE-SIGHT distribution."
Beijing Gloryway Medical Co., Ltd. has approximately 30 sales representatives in branch offices across China. The company has been distributing high-quality, imported medical products to anesthesiologists in China since 2000.
Mr. Patton added, "According to a report by iData Research, a number of factors are contributing to increased cardiovascular surgery in China, including the growth of the overall economy, greater public access to medical professionals and hospitals, and a rise in Western diets; the latter is leading to a specific increase in coronary artery bypass graft (CABG) procedures. The demand for cardiac surgery equipment in China is expected to grow by 13% per year from 2011 to 2018."
About CASMED® – Monitoring What's Vital
CASMED is a leading developer and manufacturer of medical devices for non-invasive patient monitoring. The Company's FORE-SIGHT® Absolute Cerebral Oximeter provides a highly accurate, non-invasive, continuous measurement of absolute cerebral tissue oxygen saturation. Direct monitoring of tissue oxygenation provides a superior and powerful tool to alert clinicians to otherwise unrecognized and dangerously low levels of oxygenation of the brain and other tissues, thereby allowing them to intervene appropriately in the care of their patients. In addition to FORE-SIGHT Oximeters and accessories, the Company provides a line of bedside patient vital signs monitoring products, proprietary non-invasive blood pressure monitoring solutions for OEM use, neonatal intensive care supplies, and service. CASMED products are designed to provide unique monitoring solutions that are vital to patient care. For more information regarding CASMED, visit the Company's website at www.casmed.com.
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, the impact of any product liability or other adverse litigation, working capital and availability of capital, commercialization and technological difficulties, the impact of actions and events involving key customers, vendors, lenders, competitors, and other risks detailed in the Company's Form 10-K for the year ended December 31, 2012, and other subsequent Securities and Exchange Commission filings.
Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release, the terms "anticipate", "believe", "estimate", "expect", "may", "objective", "plan", "possible", "potential", "project", "will", and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information, or otherwise.
CAS Medical Systems, Inc.
Jeffery A. Baird
Chief Financial Officer