For immediate release | 1 February 2012 |
Surgical Innovations Group plc
("SI" or "the Group")
FDA Approval for Logic™ reusable instrument range
US contract with Premier healthcare alliance
Surgical Innovations Group plc (AIM:SUN), the designer and manufacturer of creative solutions for minimally invasive surgery, is pleased to announce that it is has received 510(k) clearance from the US Food and Drug Administration ("FDA") for its Logic™ range of reusable instruments and permits the use of the range in the US market.
The instruments are compatible with the Group's Logic™ Handles, which already have approval in the US, and are currently used with SI's Resposable™ Logi™Range.
Graham Bowland, Chief Executive Officer of the Group, said: "We are delighted to announce the FDA approval of our reusable instruments in the US. The economic drivers away from single use instruments in the US are clear, and our modular instruments are ideally positioned to satisfy current surgical procedure budgets."
The Group is also pleased to announce that its US master dealer, SI USA Inc., has been awarded a contract by the Premier healthcare alliance for the sale of the Group's Resposable™ Logi™Range, and Logic™ range of reusable instruments. The contract will run from 1 April 2012 for three years, with the option to extend a further two years upon the agreement of both parties.
The contract will provide SI with additional access to hospitals and hospital networks across the US, and replaces previous, but more limited, contracts already held with Premier.
Graham Bowland continued: "This latest contract with Premier provides us with much more flexibility in the products we can offer whilst giving us access to hospitals that we were previously unable to approach. This is a very exciting development for the Group and strengthens our position in our largest target market."
For further enquiries:
Surgical Innovations Group plc
Doug Liversidge, Chairman
Graham Bowland, Chief Executive Officer +44 (0)113 230 7597
Seymour Pierce Limited
Freddy Crossley/ Sarah Jacobs Tel: +44 (0) 20 7107 8000
Corporate Broking
David Banks / Jacqui Briscoe www.seymourpierce.com
The Communications Portfolio
Ariane Comstive / Caolan Mahon +44 (0) 20 7536 2028 / 2029
Notes to Editors:
About Surgical Innovations Group plc
Surgical Innovations Group plc specialises in the design and manufacture of innovative devices for use in minimally invasive surgery (MIS) and industrial markets.
As well as manufacturing single-use and reusable instruments for the laparoscopic market, the Group has pioneered its flagship Resposable® instrumentation combining both single use and reusable components, ensuring ongoing revenue streams and delivering the optimum procedure performance to cost ratio.
Over 140 people are employed at the Group's 32,000 square feet facility in Leeds, with in-house design, plastic injection moulding and manufacturing equipment, producing products to the highest quality standards.
The Group's patented products are sold through three main channels:
SI brand | Through an established network of 45 distribution partners, Surgical Innovations branded products are sold in all major medical markets including North America, Europe, South Africa, the Middle East, South-east Asia and Australia. |
OEM and IP | The Group supplies large medical device companies on an OEM basis, collecting both sales and IP royalty fees. Clients include Teleflex Medical, Olympus, Gyrus and CareFusion. |
Industrial | SI's patented segment technology has been applied to the industrial market enabling customers to undertake inspection and maintenance of large-scale equipment, in situ with minimum disassembly and downtime. |
For more information, see www.sigroupplc.com
About the Premier healthcare alliance,
Premier is a performance improvement alliance of more than 2,500 U.S. hospitals and 80,000-plus other healthcare sites using the power of collaboration to lead the transformation to high quality, cost-effective care. Owned by hospitals, health systems and other providers, Premier maintains the nation's most comprehensive repository of clinical, financial and outcomes information and operates a leading healthcare purchasing network. A world leader in helping deliver measurable improvements in care, Premier has worked with the Centers for Medicare & Medicaid Services and the United Kingdom's National Health Service North West to improve hospital performance. Headquartered in Charlotte, N.C., Premier also has an office in Washington.
For more information, see http://www.premierinc.com
