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News - 2002

USCOM DEBUTS IN INDIA

December 6th, 2002

USCOM Pty Ltd, officially unveiled its patented Ultrasonic Cardiac Output Monitor technology in India this week, marking the company’s first international demonstration of its haemodynamic monitoring system.

USCOM, an innovative Australian medical devices manufacturer, showcased its Cardiac Output Monitor at the Cardiological Society of India conference in Kochi on 1st Dec 2002. The equipment offers the first completely safe and accurate and hands-free method of monitoring the flow of blood from the heart.

The company, visiting India as part of a NSW Government Trade Mission, also held a press conference in Chennai, the capital of Tamil Nadu state to announce its participation in an important new distribution partnership for India.

The new USCOM machine, to be released for sale early in 2003, is a significant advance on existing methods of measuring cardiac output. Until now, physicians have relied on highly invasive procedures such as cardiac catheters in order to quantify the pumping action of the heart. A non-invasive solution has been identified as medicine’s number one unmet need.

The patented USCOM technology is totally non-invasive and is operated hands-free, making it ideal for use in operating theatres, intensive care wards, ambulances, the GP’s consulting rooms, nursing homes and even for home monitoring. The machine displays precise beat-to-beat information about cardiac flow, across 11 different parameters, assisting clinicians in making critical decisions for the quality management of the patient.

The new device, which uses state-of-the-art digital technology, has already received a national award for innovation from the Australian government.

The Chairman of USCOM and inventor of the machine, Mr Rob Phillips presented a scientific paper in Kochi as a member of the International Faculty of the 4-day Cardiological Society conference. Commenting after the conference, Mr Phillips said: “The Cochin meeting presented an ideal opportunity for us to showcase our product for the first time internationally. We believe the USCOM machine has an important role to play in the Indian medical system, especially in Emergency and Intensive care environments.”

Gary Davey, Chief Executive, USCOM commented, “The initial response from the leading cardiologists at the conference has been highly encouraging especially since this technology is a big leap from the existing invasive methods prevalent in India.”

“This showcases the world-class standards of Australian health care technology and the potential it offers the Indian health care industry” added Mr. AK Tareen, Post Manager, Australian Trade Commission, Chennai.

A team of senior USCOM executives is visiting India as part of 15-member business delegation from New South Wales between 28 Nov and 6 Dec 2002.

USCOM MAKES KEY PROJECT MANAGEMENT HIRE

November 19th, 2002

USCOM Pty Ltd, the Australian medical devices maker today announced the appointment of Mr Nicholas Schicht as Technical Manager, based at the company’s Sydney operations office.

Mr Schicht has more than 9 years Engineering and Research & Development experience, ranging from design, to software, engineering management and strategic planning.

Mr Schicht has just returned to Australia after a 2-year senior line management assignment at Ericsson, the multinational mobile telephony company.

In this role, he was responsible for a team of 25 people developing an Operation Management System for the new 3G WCDMA mobile network at Ericsson’s Ireland facility. Prior to leaving Australia, Mr Schicht held several senior positions at SCITEC, the developer of voice and data switching systems.

In his new role at USCOM, Mr Schicht will report to Head of Operations, Mr Paul Butler, supervising the final stages of development and production of the company’s Ultrasonic Cardiac Output Monitor, due for commercial release in early 2003.

Announcing the appointment today, USCOM Chief Executive, Gary Davey said: “Nick brings a wide range of engineering and management skills to our company. We are delighted that he has selected USCOM as his first choice upon returning to Australia. Working with Paul Butler, Nick will be a key member of the USCOM team.”

New Board appointment for USCOM

October 30th, 2002

USCOM Pty Ltd today announced the appointment of Mr Roman Zwolenski BSc to the company‘s main Board of Directors.

Mr Zwolenski will act as an independent Director, representing the interests of the Bell Medical Innovation Trust, which has invested A$1,650,000 for 11% of the equity in USCOM (See USCOM News October 25).

Announcing the appointment today, the Chairman of USCOM, Mr Rob Phillips said: “Mr Zwolenski brings to USCOM a wealth of experience in both biotechnology and business management. We are delighted to be working closely with him as a member of our Board of Directors.”

Mr Zwolenski is a BSc graduate (Biosciences) from the University of New South Wales and has over 30 years international business experience in the Biomedical/Biotech sector.

His career includes eleven years with healthcare corporation, Hoffman La-Roche working as a senior manager in Australia, the UK and in Switzerland.

His position at Roche headquarters was as the head of a 50 person global marketing department in the Diagnostics Division. More recently he was the CEO of AGEN Limited, an Australian public company with a substantial export business of medical and veterinary diagnostic products.

Mr Zwolenski is a fellow of the Institute of Company Directors and serves on the boards of a number of Australian biotech companies.

He is a partner in Sequence Capital Ltd, an investment and corporate advisory firm specialising in the Biotech sector.

On his appointment to the USCOM board Mr Zwolenski said “I see a bright future for USCOM because of the combination of people with solid commercial experience and a technology that has high scientific backing”. He went on to say, “I am delighted to be associated with a company that has its products and international marketing strategies so clearly specified. This is so important when you have technology with such significant potential to global medical markets”.

Roman Zwolenski Profile

USCOM Attracts Equity Investment

October 25th, 2002

USCOM Pty Ltd and Bell Potter Securities Limited announced today the completion of an innovative equity investment in USCOM‘s patented medical monitoring technology.

USCOM is an Australian biotechnology start-up, which is developing a range of important new devices for the non-invasive monitoring of the heart, due for commercial release in early 2003.

In its first venture in private equity, Bell Potter has created an Investment Trust for the purpose of injecting working capital into USCOM for the worldwide launch phase of its business.

The Bell Medical Innovation Trust, funded by a number of Bell Potter’s private clients, ranging from professional biotech investors to medical professionals, has invested $1,650,000 in USCOM for 11% of the company’s equity.

Subject to market conditions, it is intended that USCOM will initiate an IPO, in association with Bell Potter, in the second half of calendar 2004.

Announcing the agreement today, the Chief Executive of USCOM, Mr Gary Davey said: “We have been working with the Bell Potter team for well over a year in fine-tuning this investment relationship. We are delighted with the outcome. USCOM is committed to setting the highest standards in science, technology and business as well as delivering a substantial return for investors.”

The chairman of Bell Potter, Mr Colin Bell said: “We are excited to be a part of the early development of USCOM. This is a unique opportunity to participate in an Australian company with great global potential. The USCOM team has already made tremendous progress in the development of its technology and we believe this could be a real Australian biotech success story.”

PRESS STATEMENT

www.bellpotter.com.au

Background – Bell Potter:

Bell Potter is an independent Australian-owned private investment adviser. With origins dating back to 1928, the company has grown to become one of the leading advisory firms in the country, with 220 advisers, 10 offices and over 40,000 private clients. The company is headquartered in Sydney and has offices in Adelaide, Cairns, Geelong, Hobart, Mornington, Melbourne, Perth and Southport. Bell Potter has the largest retail distribution network in the country. The company has a strategic alliance with global powerhouse, UBS Warburg, which gives Bell Potter direct access to a research team of 60 analysts, as well as a strong offshore capability.

For further information, contact: David Nunnerley Phone: 9255 7296

USCOM Names Advisory Board

September 25th, 2002

USCOM Pty Ltd, the Australian medical devices company, announced today the formation of its Medical and Technology Advisory Board.

The initial 5-member Board includes expertise in medicine and science from Australia, the United States and Europe. Additional members are expected to be appointed later in the year.

The Chief Executive of USCOM, Mr Gary Davey, said: “We are extremely proud to be associated with scientists of such high international calibre. They bring to the company a wide range of skills and experience in medicine and technology”.

The five founder members of the Advisory Board are:

Mr Rob Phillips (Chairman)

Chairman of USCOM

Rob Profile

Dr Fred Berry

Leading Anaesthetist

Fred Profile

Professor Stephane Carlier

Cardiologist, Biomedical Engineer

Stephane Profile

Professor Colin Sullivan

Chairman, ResMed Advisory Board

Colin Profile

Dr Greg Clark

Vice Chair, Knowledge Universe

Greg Profile

USCOM is committed to the development and marketing of unique, innovative and worthwhile solutions for worldwide health care markets. It is the company’s intention to maintain the highest professional and ethical standards in all of its activities across science and business.

The role of the Advisory Board is to provide research guidance and augment the company’s current research programmes in both the medical and technology fields. The Advisory Board will assist in the identification and development of new and promising medical technologies for the Company.

New Sydney Head Office for USCOM

August 5th, 2002

USCOM Pty Ltd today announced the opening of its new operational headquarters in the Central Business District of Sydney.

USCOM has taken office space at 199 Clarence Street to house its operations and development staff, led by Head of Operations, Mr Paul Butler. The contact information for the new office is as follows: Address: Level 7, 10 Loftus Street, Sydney 2000 Phone: 02 9247 4144 Fax: 02 9247 8157 e-mail: paul@uscom.com.au

The Chief Executive of USCOM, Mr Gary Davey said: “Although research and business matters will continue to function out of Coffs Harbour, the day-to-day operations of USCOM will be based at our new Sydney office. We believe it is essential to have a presence in the Sydney CBD in order to maintain efficient links with our customers and suppliers as well as our Sydney-based marketing team.”

USCOM (Ultrasonic Cardiac Output Monitors) measures blood flow across the heart valves using Continuous Wave (CW) Doppler ultrasound, a technique which can accurately show variations in haemodynamic patterns. The USCOM machine displays real-time data about cardiac function across 9 headings, ranging from Heart Rate to Litres-Per-Minute.

This vital information is instantly displayed in numerical and graph form, comparing current values against previous measures and averages. Until now, cardiac monitoring has needed specialised equipment and personnel and has often required an invasive procedure.

The USCOM technology is totally non-invasive and is operated hands-free yet produces data which is reliable and immediate. This makes it ideal for operating theatres, intensive care wards, ambulances, the GP’s consulting rooms, nursing homes and even for home monitoring.

USCOM was presented with an Australian Federal Government Award for Innovation in September 2001 and secured Australian regulatory clearance in December 2001, with the issue of a Listing with TGA (Therapeutic Goods Administration).

USCOM attends European Cardiology Congress

July 29th, 2002

USCOM Pty Ltd announced today it would be presenting its non-invasive cardiac monitoring technology to the European Society of Cardiology Congress in Berlin at the end of August.

The five-day ESC event is Europe‘s biggest medical congress.

USCOM will be represented by the company chairman, Mr Rob Phillips, who has been invited to publish a scientific paper at the Congress on USCOM‘s techniques for non-invasive monitoring of cardiac output.

The Chief Executive of USCOM, Mr Gary Davey said: “Following our success at the World Congress of Cardiology in May, the European event is a perfect opportunity for USCOM to further establish its science and technology among the international cardiology fraternity.”

The 24th European Congress, to be held in Berlin from August 31to September 4, is expected to attract several thousand delegates from Europe and around the world.

www.escardio.org

USCOM (Ultrasonic Cardiac Output Monitors) measures blood flow across the heart valves using Continuous Wave (CW) Doppler ultrasound, a technique which can accurately show variations in haemodynamic patterns. The USCOM machine displays real-time data about cardiac function across 9 headings, ranging from Heart Rate to Litres-Per-Minute.

This vital information is instantly displayed in numerical and graph form, comparing current values against previous measures and averages. Until now, cardiac monitoring has needed specialised equipment and personnel and has often required an invasive procedure.

The USCOM technology is totally non-invasive and is operated hands-free yet produces data which is reliable and immediate. This makes it ideal for operating theatres, intensive care wards, ambulances, the GP’s consulting rooms, nursing homes and even for home monitoring.

USCOM was presented with an Australian Federal Government Award for Innovation in September 2001 and secured Australian regulatory clearance in December 2001, with the issue of a Listing with TGA (Therapeutic Goods Administration).

USCOM joins Australia Made Campaign

July 20th, 2002

USCOM Pty Ltd, the Australian medical devices company, announced today it had been accepted as a member of the Australian Made Campaign.

The Australian Made Campaign is based around its internationally famous green and gold kangaroo logo, attached to products made predominantly in Australia.

The Campaign has been established as a not-for-profit company under the auspices of the national and State Chambers of Commerce and Industry.

Its main tasks are to:

promote manufacturing, trade, commerce and industry in Australia through the use of the logo

heighten community awareness of Australia and Australian skills, achievements and potential

encourage improvements in quality, design and marketing

USCOM‘s Chief Executive Officer, Mr Gray Davey said:“We are proudly an Australian company. We have worked hard to keep our research, development and sourcing of components and materials as much as possible within Australia. As a member of the Australia Made Campaign we are attaching ourselves to the values of quality and reliability that come with the Australian Made logo.”

www.australianmade.com.au

USCOM (Ultrasonic Cardiac Output Monitors) measures blood flow across the heart valves using Continuous Wave (CW) Doppler ultrasound, a technique which can accurately show variations in haemodynamic patterns. The USCOM machine displays real-time data about cardiac function across 9 headings, ranging from Heart Rate to Litres-Per-Minute.

This vital information is instantly displayed in numerical and graph form, comparing current values against previous measures and averages. Until now, cardiac monitoring has needed specialised equipment and personnel and has often required an invasive procedure.

The USCOM technology is totally non-invasive and is operated hands-free yet produces data which is reliable and immediate. This makes it ideal for operating theatres, intensive care wards, ambulances, the GP’s consulting rooms, nursing homes and even for home monitoring.

USCOM was presented with an Australian Federal Government Award for Innovation in September 2001 and secured Australian regulatory clearance in December 2001, with the issue of a Listing with TGA (Therapeutic Goods Administration).

USCOM Invited to US Innovation Conference

June 17th, 2002

USCOM Pty Ltd, the Australian medical devices company, announced today it had been invited to present its non-invasive cardiac monitoring technology to the Medtech Insight conference “Investment In Innovation” to be held in San Francisco, California at the end of June.

The two-day event will be attended by more than 200 senior executives of major medical device companies and investment firms with a specific interest in early stage, medical start up companies.

The USCOM presentation, to be hosted by Vice President and Head of Operations, Mr Paul Butler, will outline the company‘s progress in developing the first truly non-invasive and hand-held monitor of cardiac output.

The AHA Conference is attended by approximately 30,000 delegates and is one of the world‘s most important forums on Cardiology.

The Chief Executive of USCOM, Mr Gary Davey said: “The Medtech Insight conference is an opportunity for USCOM to showcase its patented technology and innovative applications to the US market for the first time. This is an important part of our progress towards establishing vital distribution partnerships for North America.”

USCOM (Ultrasonic Cardiac Output Monitors) measures blood flow across the heart valves using Continuous Wave (CW) Doppler ultrasound, a technique which can accurately show variations in haemodynamic patterns. The USCOM machine displays real-time data about cardiac function across 9 headings, ranging from Heart Rate to Litres-Per-Minute.

This vital information is instantly displayed in numerical and graph form, comparing current values against previous measures and averages.Until now, cardiac monitoring has needed specialised eqipment and personnel and has often required an invasive procedure

The USCOM technology is totally non-invasive and is operated hands-free yet produces data which is reliable and immediate. This makes it ideal for operating theatres, intensive care wards, ambulances, the GP’s consulting rooms, nursing homes and even for home monitoring.

USCOM was presented with an Australian Federal Government Award for Innovation in September 2001 and secured Australian regulatory clearance in December 2001, with the issue of a Listing with TGA (Therapeutic Goods Administration).

The President of Medtech Insight, Sharon O‘ Reilly, said: "Our goal is to establish the "Investment In Innovation" conference as the forum for young companies to gain access to business resources and capital for future growth."

Medtech Insight, LLC is the publisher of "medtech insight", a monthly publication designed to keep medical device executives up-to-date on the latest discoveries, trends, and innovations in the medical device industry.

For information regarding the "Investment In Innovation" conference, contact Scott Pantel at 714.969.7648 or visit "conferences" at www.medtechinsight.com.

USCOM presents at ANZCA Brisbane event

May 14th, 2002

USCOM Pty Ltd Chairman, Mr Rob Phillips, today presented the scientific research behind the company‘s non-invasive Ultrasonic Cardiac Output Monitor at the Annual Scientific Meeting of the Australian & New Zealand College of Anaesthetists in Brisbane. The theme for the 5-day conference was “The Challenge of Change”.

In a paper titled, “Transcutaneous continuous wave Doppler cardiac output monitoring; a feasibility, reliability and reproducibility study”, Mr Phillips outlined the potential applications of the USCOM technology in a clinical and intensive care environment. In the study conclusions, Mr Phillips stated: “this device may have multiple applications in the delivery of safe, improved and cost efficient medical care.”

In addition to Mr Phillips‘ presentation, USCOM was on show at the conference, with a display of the company‘s technology in the Brisbane Convention & Exhibition Centre.

USCOM‘s Chief Executive Officer, Mr Gray Davey said: “The community of Anaesthetists and Intensivists is a very important part of USCOM‘s focus for research and development. We were delighted to take part in the ANZCA Scientific Meeting and look forward to further contact with the many professionals we met there.”

USCOM Signs Top Sales & Marketing Team

May 8th, 2002

USCOM Pty Ltd today announced the appointment of Australia‘s most successful team in ultrasound sales and marketing. Coefficient Systems Pty Ltd, a new medical devices distribution company, has been appointed as USCOM‘s exclusive distribution agent for Australasia and certain specific markets in Asia.

The agreement was announced today at the World Congress of Cardiology, attended by more than 8,000 medical professionals at Sydney‘s Darling Harbour. Coefficient Systems is founded by four senior executives formerly in charge of ultrasound sales and marketing for a multinational devices manufacturer. Mr Luke Fay, Mr Das Menon, Ms Helen Sorokopud and Mr Matthew Hollier are among the most highly respected professionals in the medical devices industry and bring more than 60 years combined experience to the new company. The Chairman of USCOM, Mr Rob Phillips said, “We have known the Coefficient team for many years and have every confidence in their skills and professionalism which are so vital to a young entrepreneurial company such as USCOM. We are delighted to have them as our partners.”

The Chairman and Chief Executive of Coefficient Systems, Mr Luke Fay said, “We have been associated with the USCOM concept since its inception. We have always believed USCOM has huge potential worldwide. And this has been confirmed by the feedback we are receiving from the world‘s leading cardiac specialists at the World Congress this week.”

“We are looking forward to growing our company along with USCOM.”

www.coefficientsystems.com

USCOM on show at the World Congress of Cardiology

May 7th, 2002

USCOM presented its latest scientific research today at the World Congress of Cardiology in Sydney, Australia. The World Congress is the premier symposium on the diagnosis, treatment and monitoring of heart related disease.

In a paper titled: “Transcutaneous Continuous Wave Doppler Cardiac Output Monitoring: A Feasibility, Reliability and Reproducibility Study“, USCOM Chairman, Mr Rob Phillips outlined the findings of research supporting the company‘s non-invasive cardiac output monitor.

In the study conclusion, Mr Phillips stated: “It is desirable and feasible to develop a simple transcutaneous Continuous Wave (CW) Doppler ultrasound device that can deliver a safe, inexpensive and accurate signal reflecting beat to beat Cardiac Output. The spectral signal from such a device is suited to cardiac monitoring with the potential for remote signal telemetry. This device may have multiple applications in the delivery of safe, improved and cost effective medical care.“

The scientific abstract was presented in association with the University of Queensland and The Prince Charles Hospital, Brisbane and CSIRO, Australia. USCOM was also represented as an exhibitor at the World Congress, attended by more than 8,000 delegates at Sydney‘s Darling Harbour.

Abstract 28.04.2002 (pdf 708kb)

USCOM joins Australian Technology Showcase.

April 17th, 2002

USCOM Pty Ltd announced today the company had been accepted as a member of the prestigious Australian Technology Showcase (ATS) programme. The primary aim of the ATS is to actively promote Australian technology products and services both domestically and internationally through exhibitions, trade missions and the internet.

USCOM was accepted into the ATS programme after assessment by an expert panel, drawn from the NSW Innovation Council.

USCOM‘s Chief Executive Officer, Mr Gray Davey said: "We are proud to be part of this important initiative and look forward to participating in ATS events, both here in Australia and overseas."

Australian Technology Showcase website

NSW Premier Bob Carr announces USCOM grant.

April 11th, 2002

USCOM Pty Ltd came in for special mention in the New South Wales Parliament today as Premier, Mr Bob Carr, announced a new round of State Government grants to support world-class research and development in biotechnology.

Mr Carr said: “USCOM has an idea that stands to change the way doctors across the world treat their patients. The company has developed a device that measures heart activity using an ultrasound monitor attached to the chest – a huge improvement over the surgery doctors are currently forced top use to look inside the heart.”

The Premier made the remarks while announcing grants to 6 Australian companies as part of the State‘s $68 million Bio First programme.

The Chief Executive Officer of USCOM, Mr Gary Davey said: “We are delighted to have received this additional support from the State Government. It will help us attract the very best talent in both hardware and software development for this important project.“

The State Government grant is in additional to a $200,000 grant from the Federal Government under the Biotechnology Innovation Fund programme, announced in September 2001.

Full text of Mr Carr‘s statement to Parliament

USCOM appoints Design Team

January 29th, 2002

USCOM Pty Ltd, an Australian start-up venture in medical devices, today announced the appointment of design consultants, Tiller&Tiller Pty Ltd to assist in the development of USCOM‘s non-invasive Cardiac Output Monitor.

Tiller&Tiller, one of Australia‘s most innovative and highly respected design teams, is providing detailed designs for the development and manufacture of the USCOM machine, due for commercial launch later this year.

The Chief Executive Officer of USCOM, Mr Gary Davey, said: “We are delighted to be working with Tiller&Tiller. We have already made great progress on some of the styling issues and we look forward to drawing on Tiller&Tiller‘s experience in completing a detailed design.” Based in Sydney, Tiller&Tiller have acted as design consultants on numerous important products, ranging from EFTPOS terminals and internet kiosks to flat screens, printers and high end audio work stations. Among the reasons for the appointment of Tiller&Tiller was the company‘s extensive experience in working with the latest technology in touch screens, an important element of the USCOM machine. Tiller&Tiller was awarded five design marks from five entries in the 2000/2001 Australian Design Awards. Managing Director, Mr Robert Tiller said: “The USCOM monitor is an extremely exciting project for our company. It draws on all our skills sets, from initial sketches through to manufacturing. This is just the kind of project where we can add tremendous value.”

The first of USCOM‘s Cardiac Monitors will be available for commercial supply in Australia in late 2002, with a primary focus on clinical application, including operating theatres and emergency care wards. The machine provides a hands-free and completely non-invasive method of accurately measuring real-time output of the cardiac valves.

The USCOM solution is safer, less costly and easier to use than existing methods.

Tiller&Tiller