News - 2004
USCOM PROVEN IN ROUTINE SURGERY
December 29th, 2004
USCOM Ltd (ASX Code: UCM) today released a study proving the feasibility of using the USCOM technology during general surgery.
The presentation was made by Dr Anthony Parakkal from the Broken Hill Base Hospital to the National Conference of Anaesthetics being held this week in India.
In his presentation, titled “Routine Cardiac Output Monitoring During General Surgery – A Feasibility Study”, Dr Parakkal described the limitations of existing methods for anaesthetists in the operating room stating, “Physicians have been forced to make do with indirect indices such as blood pressure, pulse rate, urine output and skin temperature to make an educated guess as to the Cardiac Output (CO) when managing patients.”
Dr Parakkal said,“The advent of an entirely non-invasive method of measuring CO (USCOM) suggested that routine CO monitoring during general surgery could be a feasible proposition.”
In their study, the Broken Hill anaesthetics team used the USCOM monitor during 25 cases in General Surgery, Orthopaedics and Gynaecology, with CO measurements taken pre-operatively, after induction and then at regular intervals during the procedures. The ease of capturing an adequate measurement was recorded on a 5-point scale. The degree of variability between operators was also recorded.
The Results of the Study state, “we found that CO measurement using the USCOM was easy and informative during routine surgery.”
The Study concludes, “The use of the USCOM to measure cardiac output during routine surgery proved to be entirely feasible and practical with no significant increase in the demands made on the anaesthesiologist. There was minimal and clinically insignificant inter-observer variability on paired estimations.”
“We commend the use of the USCOM to anaesthesiologists as a new and welcome tool.”
The Broken Hill Base Hospital acquired an USCOM monitor in May 2004. Area Clinical Director of Anaesthetics, Dr Brendan Smith said at the time of the installation: ” We have been using this device at the Broken Hill Base Hospital and it has significantly improved the management of a number of our patients. I believe that use of the USCOM device in our clinical environment has the potential to save lives and reduce costs.”
Key India site installs USCOM
December 13th, 2004
USCOM Ltd (ASX Code: UCM) today announced the sale of its non-invasive cardiac output system to one of the most prestigious cardiac centres in India, a strategic milestone in USCOM’s marketing plan for South Asia.
The USCOM system has been purchased by the Anaesthesiology Department of the Escorts Heart Institute & Research Centre in Delhi, a centre of excellence in both patient care and state-of-the-art medical technology.
The order for the USCOM device was placed by the Head of the Department, Dr Yatin Mehta, who had been assessing the system through clinical trials since mid 2004. The hospital’s research was first presented in August this year by Dr Rajesh Chand to a meeting of 150 leading Indian clincians in Delhi and Mumbai. In a study of 50 cardiac patients, the hospital compared the accuracy of USCOM to the “gold standard” Pulmonary Artery Catheter method and found excellent correlations between the two methods. Dr Mehta said, “We have tried USCOM in many of our patients against the Thermodilution method of cardiac output measurement at our Post Operative cardiac ICU and found excellent correlation between both the measurements.“
The order for the USCOM device was placed by the Head of the Department, Dr Yatin Mehta, who had been assessing the system through clinical trials since mid 2004.
The hospital’s research was first presented in August this year by Dr Rajesh Chand to a meeting of 150 leading Indian clincians in Delhi and Mumbai.
In a study of 50 cardiac patients, the hospital compared the accuracy of USCOM to the “gold standard” Pulmonary Artery Catheter method and found excellent correlations between the two methods. Dr Mehta said, “We have tried USCOM in many of our patients against the Thermodilution method of cardiac output measurement at our Post Operative cardiac ICU and found excellent correlation between both the measurements.“
The Delhi sale was the end result of a collaborative effort between USCOM’s local staff and marketing and distribution partners. The India distribution network is managed by Coefficient Systems’ Director of South Asia, Mr Das Menon in conjunction with USCOM’s India country manager, Mr K. Vaikunth. In Delhi, sales are managed by USCOM local distribution and marketing partner, Instromedix, which covers the territory of Northern India.
Commenting on the sale today, the Chief Executive of USCOM, Mr Gary Davey said, “India is an important market for the company. And to have a prestigious site such as the Escorts Heart Institute as one of our first major customers is an important milestone for the company. We could not have hoped for a more prestigious and sophisticated site as a reference for future sales in India.”
About the Escorts Heart Institute:
The hospital has more than 326 beds, 9 Operation Theaters, 4 Cath Labs, 2 Heart Stations besides a host of other facilities. The hospital has a total of 164 Critical Care beds to provide intensive care to patients after surgery or angioplasty, emergency admissions or other patients needing highly specialised management including tele-cardiology (ECG transmission through telephone).
The hospital is backed by the most advanced laboratories performing a complete range of investigative tests in the field of Nuclear Medicine, Radiology, Bio-chemistry , Haematology, Transfusion Medicine and Microbiology.
The EHIRC is unique in the field of Preventive Cardiology with a fully developed programme of Monitored Exercise, Yoga and Meditation for life-style management. The hospital has a vast computer network of over 300 nodes linked through ethernet, utilising the latest IT tools striving to support the best care and service to patients.
USCOM WELCOMES NEW INSTITUTIONAL SHAREHOLDERS
December 10th, 2004
USCOM Limited (ASX Code: UCM) today announced it was aware of a special crossing of USCOM shares to institutional and sophisticated investors, on the first anniversary of USCOM’s listing on the Australian Stock Exchange.
The trade of 1,306,250 shares was managed by Bell Potter Securities, following the release today of approximately three million shares from a 12-month escrow period.
The shares traded were held by early investors in USCOM Limited, none of them being directors or employees of the company.
The Chief Executive of USCOM, Mr. Gary Davey said today, “This is another important milestone for USCOM. We are delighted with the support we have enjoyed from the market during our first 12 months as an ASX listed company. Early and new investors have demonstrated today they share the company’s vision for future growth.”
Among the company’s milestones during the past 12 months:
- Product sales in 14 countries across Australia, Asia and Europe.
- Confirmed regulatory approval for Europe, China and Japan.
- Submission of the company’s FDA filing for USA approval.
- Presentation of numerous scientific studies proving USCOM’s role in Paediatrics, Heart Pacing, Trauma Retrieval and Emergency Care.
USCOM presents at London investor event
November 30th, 2004
USCOM Limited (ASX Code: UCM) announced today it had presented to European financial institutions at the Australian Life Sciences Forum, held at the London Stock Exchange on Friday night.
In all, ten Australian life sciences companies presented to the London meeting.
Representing USCOM, the company’s General Manager, Mr Paul Butler told the meeting USCOM was there to increase awareness of the company among European investors and to explore future growth options in Europe. In his presentation, Mr Butler said, “The company is well funded for our current business plan and foreseeable needs, thanks to USCOM’s successful listing on the Australian Stock Exchange in December 2003. However, we have an open mind about future opportunities in the international markets. We currently have no specific plans but want to open communication with the European investor community.”
The London event was organised by Intersuisse Bioscience and Elixir Securities as an opportunity to introduce Australian biotechnology companies to UK and European investors, particularly institutional investors. The other Australian companies represented were: Starpharma, Agenix, Epitan, Peptech, Psivida, Benitec, Antisense, Therapeutic Optiscan and Cygenixcs.
In conjunction with the presentation, the UK-based Elixir Securities today issued a research report on USCOM Limited for distribution to potential investors.
Any forecasts contained in the Elixir Securities report are entirely the opinion of Elixir Securities and should not be considered approved or endorsed by USCOM Limited
USCOM submits FDA application
November 30th, 2004
USCOM Limited (ASX Code: UCM) announced today it had formally submitted its application to the United States Food and Drug Adminstration (FDA), for US regulatory approval, an essential milestone in USCOM’s strategy for US market entry.
The 700-page submission is for a 510K Pre-Market Notification, the FDA requirement for medical device makers seeking permission to sell their products in the US market.
Today’s news follows the announcement on November 19 that USCOM had appointed Mr Barry Zakar, a 20 year veteran of the US medical devices industry as the company’s US Director of Operations.
Commenting on the application today, the Chief Executive of USCOM, Mr Gary Davey said, “We are working hard to develop a US market entry plan for implementation during calendar 2005. The FDA application is an essential part of this process demanding high standards in our science, technology and documentation. We are proud to have reached this critical milestone.”
USCOM expands distribution network - 2 more European sales
November 26th, 2004
USCOM Limited (ASX Code: UCM) announced today it had begun an expansion of its European distributor network.
Attending the Medica conference in Germany, the world’s largest medical equipment exhibition, USCOM opened discussions with partners for additional territories beyond the 11 markets already contracted. In the process, USCOM secured an order for one of its non-invasive cardiac output devices. This is in addition to the sale earlier this week of an USCOM device to the Princess Royal Hospital at Telford in England.
Held annually in Dusseldorf, Medica is attended by more than 130,000 people visited last year’s event, featuring 3,500 exhibitors across 18 exhibition halls.
USCOM’s current network of distribution partners covers the following European markets: The UK, Ireland, Germany, Switzerland, Austria, France, Belgium, the Netherlands, Italy, Spain & Portugal.
Release of Securities from Escrow
November 25th, 2004
USCOM Limited (ASX Code: UCM) advises that, as stated in the company’s prospectus and in accordance with Listing Rule 3.10A, a total of 3,197,500 paid ordinary shares will be released from voluntary escrow on 10th December 2004.
USCOM appoints senior US exec
November 19th, 2004
USCOM Limited (ASX Code: UCM) today announced the appointment of its first senior overseas executive, a Director of Operations for the United States market.
Mr Barry Zakar, a 25-year veteran of the US medical devices industry, takes up his appointment immediately, reporting to the Chief Executive of USCOM, Mr Gary Davey.
Mr Zakar’s appointment is timed to coincide with important preparatory work for the commercial launch of USCOM in the United States during calendar 2005. Prior to today’s announcement, Mr Zakar had been working with USCOM on a consultancy basis through his marketing advisory company, Intellimed Consulting.
Mr Davey said today, “We have been working with Barry for several months and have come to have extremely high regard for his market knowledge, depth of experience and professional standards. Barry fits the culture of USCOM perfectly. We are looking forward to working closely with Barry in the exciting lead up to our US launch.”
Among Mr Zakar’s duties is the establishment of luminary research sites at key installations across North America, as well as the early stage infrastructure for marketing and service to hospital customers.
Commenting on his appointment today, Mr Zakar said, “This represents a unique and exciting challenge for me. I have worked in the industry for a long time but have never seen a reaction quite as positive as that received so far by USCOM. This is an impressive company and I am excited to be a part of it.”
Prior to founding Intellimed Consulting, Barry Zakar was Director, Center for Business Intelligence at Edwards Lifesciences in Irvine, California, where his primary role was the acquisition and integration of primary market research into the new product/new business development process. Before joining Edwards Lifesciences, Barry was Director of Marketing for Vasomedical in Westbury, NY, an early-stage company marketing noninvasive therapy for chronic angina and heart failure.
Prior to Vasomedical, Barry was a principal at Millennium Consulting, where he provided consulting services to venture capital and early-stage medical device companies in Silicon Valley. He also worked with the Australian Trade Commission (AUSTRADE) in San Francisco to assist a number of Australian lifesciences companies with entry into U.S. markets.
Barry is an active member of the Medical Marketing Association and a faculty member at the University of Phoenix School of Business.
Barry is married with 2 children and lives in Southern California.
Paediatrics expert presents USCOM
November 17th, 2004
USCOM Limited (ASX Code: UCM) today released a presentation of the USCOM technology delivered this week to a conference on children’s medicine in Europe.
The presentation was made by Dr Joe Brierley from the Intensive Care Department of the Great Ormond Street Hospital in London to the Federation of the European Association of Paediatric Anaesthesia (FEAPA) in Madrid, Spain.
In his presentation, titled “The Importance of Cardiac Output Monitoring in Paediatric Management”, Dr Brierley described the work he and his colleagues at Great Ormond Street had been conducting with USCOM in the retrieval and management of sick and injured children.
The first results of this work were presented in September to an international conference in London, hosted by the European Society of Paediatric and Neonatal Intensive Care.
The Great Ormond Street team has used USCOM in the retrieval of patients ranging in age from 6 months to 12 years, with low variability in the measurement of Cardiac Index from four separate readings in each case.
Dr Brierley said in his presentation that cardiac output was more important than blood pressure in the management of patients in shock and that clinical estimates of cardiac output are often wrong. He said “USCOM is re-drawing the map of cardiac output monitoring” and concluded the USCOM device was portable, robust and proven to be accurate among adults, with accuracy among paediatric patients subject to further studies, currently underway.
Dr Brierley said the principle benefits of a system such as USCOM included:
- Early warning monitoring
- Rational fluid & drug administration
- Decreased procedural complications
- “Smart Resuscitation”, i.e. Early Goal Directed Therapy
- Prospect of outcome modification
The Chief Executive of USCOM, Mr Gary Davey said today, “Dr Brierley’s presentation confirms an important role for USCOM in the early intervention in patient management, especially in optimising fluids and drug therapy. This is where many lives can be saved, right at the front line of patient care.”
USCOM solution endorsed in US survey
November 16th, 2004
USCOM Limited (ASX Code: UCM) today released the results of a survey of emergency physicians in the US, highlighting the demand for a non-invasive method of measuring cardiac output.
The survey found that 93% of emergency department (ED) clinicians thought a non-invasive cardiac output method would be somewhat or very useful in their practice among adults.
The Chief Executive of USCOM, Mr Gary Davey said, “This survey confirms that emergency physicians need cardiac output information for optimal patient management, but they often manage patients without this information due to limitations of the existing methods. These results are an exciting validation of the USCOM concept and will be extremely important in assisting with our commercial launch in the US during 2005.”
Among the other highlights of the ED physician study were:
- Nearly 90% of respondents do encounter patients in which they could use cardiac output (CO) data, but this need does not justify use of invasive methods to obtain it.
- Ninety percent of respondents employ CO measurements on fewer than 10% of their adult patients.
- Nearly 100% of respondents employ CO on fewer than 10% of their pediatric patients.
- Only 21% of respondents are very satisfied with their current CO measurement method – most (69% ) are only somewhat satisfied.
- Nearly 90% of respondents believe there could be a cost saving with the use of a non-invasive CO measurement method compared to invasive methods.
- Some 93% of respondents believe that an accurate non-invasive CO measurement method would be somewhat to very useful to them in adults.
The survey was conducted by a specialist research company among 104 emergency physicians at the American College of Emergency Physicians (ACEP) annual scientific sessions in San Francisco on 17-19 October 2004. The participants represented all U.S. geographic regions, they spent at least 50% of their time in the Emergency Department and were experienced clinicians, with a mean time in practice of 11 years.
Regulatory Approval for Japan
November 8th, 2004
USCOM Ltd (ASX Code: UCM) announced today it had received formal notification of regulatory approval in Japan , the world’s second biggest market for medical devices.
An approval certificate was received from the Japanese Ministry of Health, Labor and Welfare today.
The Chief Executive of USCOM, Mr Gary Davey said, “This is extremely important news for USCOM, coming at least two months ahead of our original estimate. Japan will be one of USCOM’s most successful markets. We have excellent marketing and distribution partners in Japan and there is a genuine need for the USCOM solution in several sectors of the Japanese medical system.”
USCOM‘s Japanese distribution partner, Cathex Company Limited is a leading player in the import and sale of medical devices and equipment. Headquartered in Tokyo , Cathex currently distributes ultrasound image diagnosis units, cardiac catheters, disposable catheters & tubes, mobile X-ray units and orthopaedic equipment.
Cathex placed orders for seven USCOM cardiac output devices in April 2004.
The company has been working closely with the Japanese Ministry in order to ensure the USCOM technology is fully compliant with the Japanese regulatory rules and guidelines.
In advance of regulatory approval, the USCOM system has also been on show at a number of medical exhibitions in Japan , providing potential customers with a sneak preview of the USCOM non-invasive technology.
USCOM’s North Asia distribution partners, Mr Jules Flach of Pacific Medical Systems, said today, “Now that we have the formal approvals for the Japanese market, we can initiate our marketing plan. We will be working hand-in-hand with Cathex to ensure a high profile presence at all the relevant medical events, as well as providing in-hospital demonstrations of the USCOM equipment at key clinical sites throughout the country. Japan is an extremely important market and we are all very excited that we can now open the market up to USCOM.”
USCOM PROVEN IN HELICOPTER AIR RESCUE
November 2nd, 2004
USCOM Limited (ASX Code: UCM) today announced the presentation of a scientific study demonstrating the role of the non-invasive USCOM technology in helicopter air rescue.
The paper was presented at a government sponsored Air Rescue conference in Bavaria, Germany, where the study was cited for its unique and novel approach to emergency medicine.
The study was conducted by Dr Karsten Knobloch from the Hannover University Hospital Medical School, who had previously presented research to show USCOM’s accuracy in measuring cardiac output, compared to the gold standard Pulmonary Artery Catheter method.
Dr Knobloch used the portable USCOM machine to manage 24 critically ill patients, ranging in age from 17 months to 92 years. Non-invasive cardiac output was determined at the scene and during the helicopter transport aboard the Christof 4 rescue helicopter, based at Hannover Medical School. Simultaneously, blood pressure, ECG and oxygen saturation were determined.
Fourteen patients were unconscious due to cardiac and non-cardiac causes. In the case of three patients, the USCOM device was used during inter-hospital transfer by helicopter. The examination took on average 45 seconds. During the helicopter transport, several consecutive CO measurements were taken in order to assess volume and catecholamine therapy with increases in stroke volume after volume load with colloidal fluids.
The study concluded, “The USCOM system enables beat-to-beat cardiac output assessment at the scene and during helicopter transport, without any interference to or from the helicopter electronics. Beside the diagnostic value, the USCOM system supports tailored volume and or catecholamine therapy in emergency medicine.”
The chairman of USCOM, Mr Rob Phillips said; “We are very excited about this work because it clearly demonstrates the valuable role USCOM can play in the early assessment and management of critically ill or injured patients.
There is no doubt that improved outcomes can be achieved by non-invasively assessing the patient’s haemodynamic status, as soon as possible after the trauma event. This information can play a vital role in deciding fluid and drug therapy.”
USCOM announced in September the presentation of research conducted at the Great Ormond Street Hospital in London, where clinicians had studied the use of the USCOM machine during the retrieval of sick children in ambulances. Great Ormond Street, one of the world’s most respected paediatrics sites, has purchased an USCOM device for use in its Intensive Care Department.
USCOM holds its first Annual General Meeting
November 1st, 2004
USCOM Limited (ASX Code: UCM) held its first Annual General Meeting in Sydney today.
The meeting, held at the offices of PKF, USCOM Limited‘s audit firm, heard presentations from the Chairman of USCOM, Mr Rob Phillips and the Chief Executive, Mr Gary Davey.
Mr Phillips said the company was pleased with its achievements since its listing on the Australian Stock Exchange in December 2003, having delivered important milestones in marketing, science and product development.
“It is important to remember we are still just 10 months from our listing and 8 months from the launch of our global marketing effort. These are still early days for the company, but we have delivered important milestones in science and marketing in all of our priority markets. The positive response of luminary clinicians around the world has exceeded even our own expectations” Mr Phillips said.
The Chairman summarised the principal achievements of the ‘04 financial year as follows:
- Less than 12 months from listing, we have established our Global market.
- We have opened revenues stream.
- Opened distribution channels covering the world.
- Proven the science of USCOM: We now confidently state that USCOM is the most accurate clinical method of measuring cardiac output.
- Attracted superstar research collaborators.
- Secured each of our targeted regulatory approvals.
- Proven our technology.
- Proven demand for USCOM
In his presentation to the meeting, the Chief Executive of USCOM Limited, Mr Gary Davey said: “We have had an overwhelmingly positive response to the USCOM solution, but it does not automatically follow that this enthusiasm can be converted quickly into sales. The methods and protocols of medicine are deeply entrenched and they can only change over time, with a convincing scientific argument and a compelling product. We have both. And we are now working with some of the most influential figures in world medicine to assist in the adoption of USCOM. We will not put at risk the longer term upside for the sake of unrealistic short term targets. Our objective is to create shareholder value by building a truly great global business.”
The meeting considered 5 resolutions, as follows, all of which were carried:
Adoption of Financial Reports.
Re-election of Mr Rob Phillips as a director.
Re-election of Mr Luke Fay as a director.
Increase in aggregate directors‘ remuneration from $150,000 to $165,000.
To amend the constitution, replacing the words “ASX laws” with the words “ASX rules”.
Major Sydney Hospital Buys USCOM Machine
October 8th, 2004
USCOM Limited (ASX Code: UCM) announced today the sale of an USCOM cardiac output monitor to St Vincent’s Hospital in Sydney, one of Australia‘s leading teaching, research and acute care Hospitals.
The USCOM monitor has been purchased by the Intensive Care Department at St Vincent’s.
The sale was completed by USCOM’s Australian sales and marketing partner, Coefficient Systems.
Announcing the sale today, the Chief executive of USCOM, Mr Gary Davey said: “This is a very significant installation for USCOM. Not only is St Vincent’s one of Australia’s biggest and busiest hospitals, it is also recognised as a centre of excellence in teaching and research. We look forward to working closely with the Intensive Care Department at the hospital as a key reference site for the USCOM technology.”
About St Vincent’s Hospital:
Location: Victoria Street, Darlinghurst, Sydney, NSW
Ownership: Sisters of Charity Health Service (SCHS Darlinghurst Region)
Admissions: 28,971 per annum
Day only patients: 15,658 per annum
Average length of stay: 3.74 days (including overnight patients)
Outpatients: 506,144 perannum
Surgical operations: 6,906 per annum
USCOM Releases Annual Report
September 23rd, 2004
USCOM Limited (ASX Code: UCM) today released its annual report for the year ending June 30, 2004 .
In a letter to shareholders, the Chairman of USCOM, Mr Rob Phillips said, “The 12 month period to June 30, 2004 has delivered important progress in line with the company’s mission to establish its non-invasive heart technology as a standard tool of medical practice. Our goal is to provide non-invasive solutions for improved patient care at lower cost and reduced risk. These are still early days for USCOM. However just six months after our ASX listing, the company has achieved significant milestones, from proving its science to establishing the core of a global marketing network and securing initial hospital sales in Australia, Asia and Europe.”
Among the financial highlights in the Annual Report are:
Revenue from Sales $384,390
Total Revenue $948,342
Total Costs $2,351,762
Profit (Loss) ($1,251,684)
Net operating cash flow ($1,467,103)
Cash in hand at June 30 $13,324,934
Printed copies of the annual report and a formal notice of the Annual General Meeting are being delivered by mail to all shareholders during the week commencing Monday, September 27. Interested parties are invited to download these documents from this website.
The company’s Annual General Meeting will be held at :
PKF Charted Accountants & Business Advisers
Level 10, 1 Margaret Street , Sydney NSW 2000
Monday, 01 November 2004
Interested parties who are unable to attend the Annual General Meeting are invited to participate by telephone conference call. Instructions for joining the AGM conference call are included in the Notice of Meeting.
World Leader in Children’s Care Orders USCOM
September 17th, 2004
USCOM Limited (ASX Code: UCM) announced today the sale of an USCOM cardiac output monitor to the Great Ormond Street Hospital in London , one of the world’s centres of excellence in the care of children.
“This is a real breakthrough for our company”, said USCOM Chief Executive, Gary Davey, “After a very brief trial, this world leading site has embraced the USCOM technology both for research and clinical practice.”
The hospital ordered the USCOM machine through the company’s UK distribution partner, Beaver Medical for clinical and research work in the hospital’s intensive care department.
In addition, USCOM has joined forces with the Great Ormond Street Hospital in supporting important on-going research into a wide range of applications for USCOM in the paediatrics and neonatology settings.
Doctors at Great Ormond Street have been working with the USCOM machine on a trial basis since May, 2004. The USCOM machine has been tested for its utility in the intensive care department as well as in ambulances for the retrieval of seriously sick and injured children. The hospital presented the first of its research outcomes in London today to an international conference, hosted by the European Society of Paediatric and Neonatal Intensive Care.
The presentation focused on the use of the USCOM device in the retrieval of three critically ill children, ranging in age from 4 to 12 years. The USCOM device was used to assess the cardiac status of the patients both in the ambulance and upon arrival at Great Ormond Street ’s Paediatric Intensive Care Unit. Junior doctors and nursing staff were able to achieve successful measurements in each of the cases, both during and after retrieval. These results were achieved even though none of the operators was experienced in the use of Continuous Wave Doppler Ultrasound.
The Great Ormond Street presentation states: “Assessment of physiological stability during retrieval is challenging, noise may preclude all but visual monitoring and staff movement is limited. Arterial lines become damped, or stop functioning, hence non-invasive cardiac output measures may be invaluable.”
The Chairman of USCOM, Mr Rob Phillips said: “The care of children has always been a high priority for USCOM. By providing non-invasive methods of studying the patient’s haemodynamics, USCOM can play an important role in improving the care of children and babies both safely and cost efficiently. We are proud that a world leader such as Great Ormond Street has grasped the opportunity of applying USCOM as a standard tool of practice at the hospital. We look forward to working closely with the hospital on our agreed collaborative research programme. This is a significant step in advancing the acceptance of USCOM throughout the medical community.”
About Great Ormond Street Hospital :
Founded in 1852, Great Ormond Street Hospital manages more than 90,000 patients per year. As the site of Britain’s National Institute of Child Health, the hospital is internationally recognised as a leader in the treatment of children as well as advanced research in paediatrics and neonatal medical care. The outstanding work at Great Ormond Street Hospital is partly funded by royalties arising from its ownership of copyright to the children’s classic, Peter Pan. Author J.M. Barrie donated the copyright in 1929 and although the amount of funds raised remains a closely guarded secret, as per the author’s bequest, the magical Pan story has brought fairytale endings for many sick children treated there. 2004 is the 100th anniversary of the birth of Peter Pan.
ATS PATRONS’ AWARD FINALIST
September 6th, 2004
USCOM Limited (ASX code: UCM) announced today it had been honoured as a finalist in the prestigious Australian Technology Showcase Patron’s Award for 2004.
The ATS Patrons’ Award recognises outstanding achievement in international markets for a member of the Australian Technology Showcase, and highlights the best in innovative New South Wales technologies.
The Awards were presented to 6 finalist companies by the NSW Treasurer and Minister for State Development, Mr Michael Egan, MLC in a ceremony at Government House in Sydney.
The Chief Executive of USCOM, Mr Gary Davey, said “It is an honour to be chosen from 20 outstanding nominated companies as a Patrons’ Award finalist. We are proud to be a part of the ATS as a technology innovator.”
NSW Treasurer and Minister for State Development, Michael Egan, presenting the ATS Patrons‘ Finalists award to USCOM Chairman Mr Rob Phillips.
USCOM confirms 7 new unit orders - 41 sales to date
August 31st, 2004
USCOM Limited (ASX code: UCM) today announced 7 new orders for its USCOM cardiac output monitor, bringing to 41 the cumulative sales to date.
In Australia, an USCOM monitor has been purchased for use in the Intensive Care Department of the Dubbo Base Hospital in New South Wales. The USCOM system will also be deployed across emergency care, surgery and general wards.
The Director of Intensive Care, Dr Michael Sinclair commented: “I am thrilled to be able to use the USCOM device. This is the most exciting medical innovation I have come across in the past 20 years. I can see the time when everyone will use one of these devices. This will become as important a device in general usage as the stethoscope.”
The Dubbo sale was completed by Mr Laurence Heron of Coefficient Systems, USCOM‘s Australasian marketing and distribution partner. Dubbo Base Hospital, with 129-beds services 15% of the land mass of New South Wales and has recently undergone a $22 million redevelopment.
Commenting on the sale today, the Chief Executive of USCOM, Mr Gary Davey said: “We are very excited about the Dubbo order. It confirms our role in regional Australia where clinicians face the greatest challenges in limited resources of equipment and personnel. Along with our previous installation at Broken Hill, this new sale in Dubbo will reinforce USCOM’s important role in regional health care, with applications across multiple departments within the hospital.“
In India, a further 3 USCOM monitors have been purchased by newly appointed distribution partners covering the North, West and South of India. The India distribution network is managed by Coefficient Systems’ Director of South Asia, Mr Das Menon in conjunction with USCOM’s India country manager, Mr K. Vaikunth. The India sales were confirmed at the end of a 7 day marketing road-show to Delhi, Mumbai and Chennai, where USCOM presented to approximately 150 leading clinicians in anaesthetics, intensive care and paediatrics. During the tour, important new research was presented by Dr Rajesh Chand of the Escorts Heart Institute and Research Centre in Delhi. In a study of 50 cardiac patients, the hospital compared the accuracy of USCOM to the “gold standard” Pulmonary Artery Catheter method and found excellent correlations between the two methods. Summarising the outcomes of the study, Dr Chand stated: “We found excellent equivalence in our study and the accuracy of USCOM is probably now beyond doubt. USCOM is a very reliable adjunct to current practice.“
Dr. Yatin Mehta, Head of the Department of Anaesthesia at the Escorts Heart Institute added, “We have tried USCOM in many of our patients against the Thermodilution method of cardiac output measurement at our Post Operative cardiac ICU and found excellent correlation between both the measurements.“
USCOM has also finalized the sale of 3 monitors in Pakistan as part of a new marketing and distribution agreement with MediUrge Pvt Ltd for the Pakistani market.
Mr Davey said: “We are highly encouraged by the response to our marketing efforts, which are converting into orders, even in the slowest period of the year. Sales during July and August are typically slower, due to the northern hemisphere summer holiday season. We are looking forward to growth in the order rate as we head into the peak sales period of September to November.”
USCOM PUBLISHES ‘04 YEAR END RESULTS
August 20th, 2004
USCOM Limited (ASX code: UCM) today released its financial results for the year ending June 30, 2004.
The company closed the financial year having announced a total of 34 device sales in 11 different countries, delivering revenue from sales of $384,390.
Commenting on the results, the Chairman of USCOM, Mr Rob Phillips said, “While this represents a modest beginning, it is a significant achievement, given the company’s international marketing effort began in the second half of the financial year. We are highly encouraged by the response of customers and we look forward to our first full year of sales activity.”
On the cost side, the company’s financial results clearly illustrate its commitment to tight cash control, with relatively low fixed costs and a determination to outsource all but essential cost items. At the end of June, the company had cash resources of $13,324,934, a clear demonstration of the company’s prudent resources management.
Cash in hand at June 30 $13,324,934
Revenue from product sales $384,390
Product related costs $92,888
Operating costs $2,257,070
Total costs $2,351,762
Total revenues $948,342
Profit (Loss) after income tax ($1,251,684)
Net operating cash flow $1,467,103
Earnings (Loss) per share (3.6 cents)
The company has made important progress against its mission to establish the USCOM non-invasive heart technology as a standard tool of medical practice. Our goal is to provide non-invasive solutions for improved patient care at lower cost and reduced risk.
USCOM is a newly listed company with big ambitions, marketing a unique product with proven demand and a huge global market.
These are still early days for USCOM. But in just the 6 months after our ASX listing, the company has met significant milestones in proving its science. Studies have been published confirming the application of USCOM as a tool for patient management. These papers show the utility of USCOM in intensive care (ICU, anaesthetics, fluid management and cardiac resynchronization therapy (CRT).
Another milestone was achieved in establishing the core of a global marketing network through partnering with leading medical device distributors and obtaining regulatory approval for major markets. These partnerships mean USCOM is position to address two thirds of the global population.
The regulatory approvals obtained since listing on the ASX include:
- ISO 13488 compliant Quality Management System
- CE Mark – this allows USCOM to be marketed throughout the European Union
- SFDA – Authority to market USCOM in China
Following on from the establishment of our distributor network and the approval process we have been successful in securing initial hospital sales in Australia, Asia and Europe. Since June 30, 2004 we have continued to develop these markets with positive results. USCOM is being evaluated for regulatory approval in Taiwan and Japan and we have consultants working on an FDA submission for the USA market.
Overall, the company is pleased with its achievements during the second half of the financial year and believes it is well positioned for growth in the current year.
USCOM PRESENTS AT CARDIAC SOCIETY CONFERENCE
August 9th, 2004
USCOM Ltd (ASX Code: UCM) today presented an important paper at an international cardiology conference in Brisbane on the applications of the USCOM monitor in heart failure.
The paper, presented by USCOM Chairman, Mr Rob Phillips, at the 2004 Annual Scientific Meeting of the Cardiac Society of Australia and New Zealand arose from a collaborative study involving Royal Perth Hospital, the University of Western Australia and the University of Queensland.
The study was conducted at the Cardiac Transplant unit of Royal Perth Hospital, where the USCOM monitor was compared with the highly invasive thermodilution method of measuring cardiac output. The study found the USCOM measurements compared favourably with the catheter measurements
The study concludes: “This case demonstrates favourable comparison of CO measurements at rest and during exercise, using CW Doppler and thermodilution. This 2D independent CW Doppler device may be a cost effective, non-invasive alternative for evaluation of subjects with cardiac failure.”
USCOM Publishes Corporate Governance Policies
August 3rd, 2004
USCOM Ltd (ASX Code: UCM) today published a set of detailed policies setting out the company’s position on Corporate Governance.
USCOM has adopted best practice policies, modelled on the 10 core principles of good corporate governance as published in March 2003 by the ASX Corporate Governance Council.
The company’s policies are laid out in a series of documents, published today in the “Investors” section of the company’s website: Investors
The policy statements are:
- Corporate Governance Statement
- Code Of Conduct
- Board Charter
- Risk & Audit Committee Charter
- Share Trading Policy
- Disclosure Policy
The policies were formally adopted by the Board of USCOM on July 9 and presented in presentations to directors and staff on July 23.
The Chairman of USCOM, Mr Rob Phillips said today: “USCOM Limited is committed to a corporate culture of excellence, openness, and integrity. The company, its directors, management and staff are committed to fostering and maintaining the highest professional standards in dealing with all its stakeholders, including investors, employees, customers and the public at large.”
Interested parties are encouraged to download the policy statements from the website for review.
First global company conference: USCOMONE
July 24th, 2004
USCOM Limited (ASX Code: UCM) today concluded a landmark 3-day international conference, the starting point for Phase 2 of the company‘s global marketing roll-out.
Under the title USCOMONE, the conference was the first annual gathering of USCOM‘s international marketing and distribution partners.
With 40 delegates from Australia, the UK, Germany, Italy, India, China and Singapore, the event was staged at the Aanuka Beach Resort at Coffs Harbour.
Among the highlights was a presentation by Dr Karsten Knobloch of Hanover University Hospital in Germany, where the USCOM technology has been proven as an accurate method of measuring cardiac output among intensive care patients. Dr Knobloch also presented his latest work with the USCOM machine in critical care retrievals aboard ambulances and rescue helicopters.
- The USCOM monitor installed in an emergency care vehicle for retrieval and hospital transfer
- Christof 4, the emergency retrieval helicopter operated through the Hanover University Hospital Medical school.
- The USCOM monitor installed for emergency retrievals aboard Christof 4.
The Chairman of USCOM, Mr Rob Phillips said: “USCOMONE has been a milestone event for the company bringing together our staff, directors and international partners. The conference was perfectly timed for a detailed review of our technology, scientific studies and sales and marketing strategies.“
On the final day of the conference, delegates were treated to a spectacular display by a 35 ton humpback whale, just off the Coffs Harbour coast, a fitting finale to a great event.
WORLD TECHNOLOGY AWARD NOMINATION
July 6th, 2004
USCOM Limited (ASX Code: UCM) announced today the Chairman of USCOM, Mr Rob Phillips had been nominated for a prestigious Health & Medicine Award at the 2004 World Technology Awards.
The nomination is for Mr Phillips’ work associated with the invention and development of the USCOM non-invasive cardiac output monitor.
The World Technology Awards are presented each year to outstanding innovators from each sector within the technology arena, both as a way to honour those individuals and as a vetting process to determine future membership of the World Technology Network. Nominations are made by previous winners of the awards.
Winners will be announced at the World Technology Summit to be held in San Francisco in October.
WTN‘s membership is made up of over 700 individuals and organisations from over 50 countries judged by their peers to be the most innovative in the technology world.
Among the winners and finalists for the 2003 Health & medicine Award were: Massachusetts Institute of Technology, Medical University of South Carolina, the Weizmann Institute of Science, MicroCHIP, Inc, Antree Systems Limited, Cygnus Inc, VivoMetrics Inc and WorldSpace Corporation.
Commenting on the announcement today, the Chief executive of USCOM, Mr Gary Davey said: “All of us at USCOM are proud that Rob’s groundbreaking work has been recognised internationally by his professional peers.”
In describing the purpose of the Awards, the WTN states: “The World Technology Awards were created to honour those innovative individuals (or, at times, co-equal teams) and companies from across the globe who most contribute to the advance of emerging technologies of all sorts for the benefit of business and society. We especially seek to honour those innovators who have done work recently which will have the greatest likely future significance and impact over the long-term… and who will likely become or remain “key players” in the technological drama unfolding in coming years. These Awards are about those individuals and companies whose work today will, in our members‘ opinion, create the strongest “ripple effects” in the future… in both expected and unexpected ways.”.”
HEALTH SERVICE SALE CONFIRMED
June 18th, 2004
USCOM Limited (ASX Code: UCM) announced today it had received confirmation of a sale of an USCOM cardiac output monitor to the NSW Far West Area Health Service, as a model for the delivery of state-of-the-art medical service to regional Australia.
The USCOM cardiac output monitor has been acquired by the Far West Area Health Service at Broken Hill, where the machine is in use across multiple applications in anaesthetics, intensive care and emergency care.
Today’s announcement takes to 34 the number of USCOM monitors ordered to date.
The Broken Hill order follows a training and education visit to the hospital by USCOM Marketing Executive, Danika Southwell and a series of patient studies by hospital staff.
The Area Clinical Director of Anaesthetics, Dr Brendan Smith said : ” We have been using this device at the Broken Hill Base Hospital and it has significantly improved the management of a number of our patients. I believe that use of the USCOM device in our clinical environment has the potential to save lives and reduce costs.”
The Chairman of USCOM, Mr Rob Phillips said: “This is an especially important installation for our company because it serves as a model for how USCOM can provide high patient care at no risk and minimal cost. This is particularly relevant for regional hospitals where budgets often preclude high cost equipment and large numbers of specialist clinicians. Regional hospitals will no longer have to transport patients to capital cities for specialist cardiac output studies, a process that takes precious time and many thousands of dollars.”
USCOM is developing a strategic plan for the broad adoption of its technology at regional health centres around Australia . The Broken Hill Base Hospital will serve as a reference site for other regional hospitals with limited resources yet committed to providing efficient and low-risk quality care for patients. As part of the national strategy, USCOM is participating as an exhibitor at the national conference of Rural Critical Care at Coffs Harbour , NSW in August.
World Authority on Cardiac Output purchases USCOM machine
June 11th, 2004
USCOM Limited (ASX Code: UCM) announced today the sale of an USCOM cardiac output monitor to Dr Lester Critchley, a recognized world authority on non-invasive haemodynamics.
Dr Critchley, Associate Professor at the Department of Anaesthesia and Intensive Care at the Chinese University and Prince of Wales Hospital in Hong Kong, has been conducting research into the USCOM method since early 2003. Dr Critchley today placed an order for the purchase of an USCOM machine through USCOM’s North Asia marketing representative, Pacific Medical Systems Limited, for clinical application and additional research activities.
Dr Critchley presented the results of an important study of the USCOM system to the World Congress of Anaesthesiology in Paris during April.
The paper, entitled: “VALIDATION OF A NEW ULTRASONIC CARDIAC OUTPUT MONITOR, THE USCOM” compared the accuracy of USCOM with precision flow probes inserted into the hearts of animals, demonstrating extremely close correlation between the two methods.
The study has been provisionally accepted for publication in the prestigious American Anesthesiology Journal.
Dr Critchley‘s conclusion states: “The USCOM tracked drug induced changes in cardiac output to a high degree of precision over a wide range of cardiac outputs in all subjects. Our data compared extremely favourably with that published using other measurement devices.“
The study also states: “USCOM provides reliable cardiac output measurements over a wide range of values. Thus, the device has the potential to fill a much needed gap in current clinical monitoring.” Commenting on the order today, the Chief Executive of USCOM, Mr Gary Davey said: “It is exciting for USCOM to have a world expert in our field take ownership of our technology. Dr Critchley is highly respected as an expert in non-invasive cardiac output techniques. He has conducted extremely thorough assessments of the USCOM technology and its usefulness in clinical practice. We are proud to have him as a customer and look forward to working closely with him in future collaborations.”
USCOM RELIABLE IN EMERCENCY CARE STUDY
June 7th, 2004
USCOM Ltd (ASX code UCM) announced today the outcome of an important study relating to the use of the USCOM cardiac output monitor in Emergency Care.
The study, titled “Emergency Physicians can reliably assess Emergency Department patient cardiac output using the USCOM continuous wave Doppler cardiac output monitor” was presented at the International Conference of Emergency Medicine in Cairns.
The study was conducted at the Department of Emergency Medicine at Fremantle Hospital in Perth, where a training protocol was developed to test the reliability of the USCOM measurements and to assess the feasibility of training clinicians.
The study states: “In conclusion, this study demonstrates that ED (Emergency Department) physicians with no ultrasound experience can be trained to use the USCOM and reliably obtain cardiac output results non-invasively in the vast majority of ED patients.”
The study states that analysis of 52 cardiac output assessments in 21 patients demonstrated excellent correlation between users.
It concludes that emergency physicians can be trained to obtain reliable cardiac output estimations over the course of 20 patient assessments with USCOM.
Commenting on the outcome of the study, the Chairman of USCOM, Mr Rob Phillips said: “This is an important outcome for USCOM because it proves that with the appropriate training and use of the Fremantle protocol, physicians can reliably and instantaneously measure cardiac output without the need for invasive procedures.“
CLARIFICATION OF MAY 24 STATEMENT
June 2nd, 2004
USCOM Limited (ASX Code: UCM) today issued a clarification of a statement issued on May 24, 2004 regarding the sale of an USCOM cardiac output monitor to the Broken Hill Health Service.
The company received an acceptance of quotation, signed by a senior medical officer of the hospital on May 20. However, USCOM has been advised by hospital management that the appropriate purchase assessment procedures had not yet been finalised.
In the interim, the USCOM monitor is on loan to Broken Hill Health Service and continues to be evaluated for its ability to enhance the care of patients in this setting.
FIRST AUSTRALIAN HOSPITAL SALE - REGIONAL HEALTH CARE STRATEGY
May 24th, 2004
USCOM Limited (ASX Code: UCM) announced today the first sale of its non-invasive cardiac monitor to an Australian hospital, as a model for the delivery of state-of-the-art medical service to regional Australia.
The USCOM cardiac output monitor has been acquired by the Far West NSW Area Health Service at Broken Hill Base Hospital , where the machine will be used across multiple applications in anaesthetics, intensive care and emergency care.
Today’s announcement takes to 33 the number of USCOM monitors ordered to date.
The Broken Hill order follows a training and education visit to the hospital by USCOM Marketing Executive, Danika Southwell and a series of patient studies by hospital staff.
The Area Clinical Director of Anaesthetics, Dr Brendan Smith said today: ” We have been using this device at the Broken Hill Base Hospital and it has significantly improved the management of a number of our patients. I believe that use of the USCOM device in our clinical environment has the potential to save lives and reduce costs.”
The Chairman of USCOM, Mr Rob Phillips said: “This is an especially important installation for our company because it serves as a model for how USCOM can provide high patient care at no risk and minimal cost. This is particularly relevant for regional hospitals where budgets often preclude high cost equipment and large numbers of specialist clinicians. Regional hospitals will no longer have to transport patients to capital cities for specialist cardiac output studies, a process that takes precious time and many thousands of dollars.”
USCOM is developing a strategic plan for the broad adoption of its technology at regional health centers around Australia . The Broken Hill Base Hospital will serve as a reference site for other regional hospitals with limited resources yet committed to providing efficient and low-risk quality care for patients. As part of the national strategy, USCOM is participating as an exhibitor at the national conference of Rural Critical Care at Coffs Harbour , NSW in August.
USCOM COST-EFFECTIVENESS PROVEN IN HEART PACING STUDY
May 21st, 2004
USCOM Ltd (ASX code UCM) announced today the publication of results from a study proving the accuracy and cost-effectiveness of USCOM in the field of heart pacemakers.
The study was presented last night at the North American Society of Pacing and Electrophysiology conference in San Francisco.
The USCOM (Ultrasonic Cardiac Output Monitor) is an accurate and non-invasive method of measuring the flow of blood through the heart and is a highly effective tool for setting and adjusting cardiac pacemakers and heart assist devices.
The study, conducted at the University of Hong Kong by Professor C.P. Lau, a world authority on heart pacing, demonstrated a high degree of accuracy and efficiency for USCOM compared with traditional methods. Not only was USCOM accurate and the quickest method studied, it did not require specialist staff or the use of high cost ultrasound equipment.
The study conclusion states: “USCOM is highly correlated with echo Doppler measured CO (Cardiac Output), and allows rapid AVO (Atrioventricular Optimisation) without the need of specialised echo machine and personnel. USCOM may be a cost-effective device for AVO.”
The USCOM study is also to be presented at the World Congress of Electrophysiology in Nice, France in mid June.
Professor Lau is Division Chief and Chair Professor of the Cardiology Division of the Department of Medicine at Hong Kong University and Queen Mary Hospital and is also a member of the Medical and Technology Advisory Board of USCOM.
SOUTH CHINA ORDERS - MACAU FOLLOW-UP SALE
May 10th, 2004
USCOM Ltd (ASX code UCM), announced today a sales and distribution agreement for Southern China, taking the cumulative unit sales to date for China to 12 USCOM Cardiac Output Monitors.
The latest order was placed by IntegMed, a Hong Kong-registered medical devices distributor, which now represents USCOM in 8 South China provinces. With a primary focus on cardiovascular and intensive care products, IntegMed operates through a network of sales offices across Southern China.
The distribution agreement was concluded on the company‘s behalf by USCOM‘s North Asia representative, Mr Jules Flach of Hong Kong-based Pacific Medical Systems.
FOLLOW-UP SALE IN MACAU
USCOM also announced today it had received a second order for an USCOM monitor from Macau. The company announced on April 20 it had sold its first machine to the Intensive Care and Emergency Care department at Macau‘s Kiang Wu Hospital. Following installation and training support from USCOM and Pacific Medical Systems personnel, the hospital has placed an order for a second USCOM monitor, with instructions for immediate delivery.
The Chief Executive of USCOM, Mr Gary Davey said today: “This is a significant order for the company, arriving just 2 weeks from the installation of the hospital‘s first USCOM machine. It is exciting to see customers discover first hand the usefulness of our technology across a wide range of applications.“
FINAL CHINA APPROVAL
USCOM is also pleased to announce that following interim regulatory approval on January 19, 2004, the company has received its final registration from China‘s State Food and Drug Administration. The SFDA Registration Certificate is valid from April 16, 2004.
SENIOR MARKETING APPOINTMENTS
May 3rd, 2004
USCOM Limited (ASX Code: UCM) announced today the appointment of two senior executives to assist in the company‘s worldwide marketing campaign.
Danika Southwell, based in Sydney, is a former cardiac applications specialist with General Electric Medical Systems, providing development and support for the sale of high-end cardiac ultrasound equipment to hospitals in Australia, Europe and the Middle East. Danika Southwell also brings to the company valuable development and marketing experience in Europe. Based in London and Norway, Danika was responsible for providing clinical feedback to GE‘s engineering and development teams as well as providing product training to sales, distribution and direct staff. Danika holds a Bachelor of Science in Biomedical Science. Danika also has a clinical background in ultrasound and research (St Vincent‘s Hospital/Victor Chang Cardiac Research Institute).
Based in Melbourne, Bev Jacobson, is an Accredited Cardiac Sonographer with a Diploma in Medical Ultrasound. Bev joins USCOM from the University of Melbourne, where she has worked in training and research as an Echocardiography Technician. Prior to her University of Melbourne posting, Bev was for 13 years an Account Manager, Clinical Applications Specialist and Market Development executive in cardiac ultrasound with Agilent Technologies and Hewlett-Packard‘s Imaging Systems Division, subsequently acquired by Philips Medical Systems. Bev also brings to the company an international perspective with sabatical experience at five major hospitals in the United States and the UK.
Danika and Bev join Michelle Meurs, a former GE marketing executive, who started work with USCOM in February 2004. The three executives will each have geographical responsibilities within Australia, providing training, education and support to USCOM‘s key luminary user and research sites. In addition, they will represent the company in the development of international markets.
All three will report to the Chairman of USCOM, Mr Rob Phillips. Commenting on the appointments today, the Chief Executive of USCOM Mr Gary Davey said: “We are proud to have these talented people join USCOM. They are outstanding professionals in their field and in combination they represent Australia‘s best medical devices market development team.“
CLARIFICATION OF MARKET CAP REPORT
April 23rd, 2004
USCOM Limited (ASX Code: UCM) today issued a clarification to a statement in a business newspaper in which the USCOM market capitalisation was stated to be $37 million.
This is incorrect. The true figure, based on the close of trading share price of $2.97 on Thursay April 22 was a market capitalisation of $112,860,000.
The Chief Executive of USCOM, Mr Gary Davey said today: “The confusion has arisen over the way the number of shares issued is displayed on a market research database. USCOM has 12,273,125 free trading shares, with a further 25,726,875 held in escrow for periods up to December 2005. Therefore, the correct shares issued figure for the purpose of calculating market cap is 38,000,000 shares.“
Gary Davey added: “The company has asked that the figures displayed on the research database be clarified. We apologise for any confusion this may have caused for investors, but the error has been entirely out of the control of USCOM Limited.“
3rd QUARTER CASH REPORT RELEASED
April 22nd, 2004
USCOM Ltd (ASX code UCM), today released its quarterly cash flow statement for the reporting period ending March 31, 2004
USCOM VALIDATION AT WORLD CONGRESS
April 21st, 2004
An important University study, validating the accuracy of the USCOM non-invasive heart monitor, was published last night at the World Congress of Anaesthesiology in Paris.
The paper, entitled: “VALIDATION OF A NEW ULTRASONIC CARDIAC OUTPUT MONITOR, THE USCOM” was presented by Associate Professor Lester Critchley from the Department of Anaesthesia and Intensive Care at the Chinese University of Hong Kong.
Dr Critchley is a world authority on methods of measuring cardiac output and has been conducting research into the USCOM method since early 2003.
The scientific paper published today contains results from a study of anaesthetised dogs, comparing USCOM with precision flow probes inserted into the hearts of the animals. The study demonstrated extremely close correlation between the two methods, with a mean bias between the two sets of readings of -0.01 Litres Per Minute and a mean Cardiac Output of 2.62 Litres Per Minute.
The study, conducted at Prince of Wales Hospital, Hong Kong, involved 335 paired measures of cardiac output ranging from 0.9 to 5.6 Litres Per Minute and with various pharmacologic interventions.
Dr Critchley‘s conclusion states: “The USCOM tracked drug induced changes in cardiac output to a high degree of precision over a wide range of cardiac outputs in all dogs. Our data compared extremely favourably with that published using other measurement devices. The USCOM is a promising clinical tool.“
Commenting on the study today, the Chairman of USCOM, Mr Rob Phillips said: “This is a wonderful result for USCOM. The flow probes used in this study are accepted as being extremely accurate. This study supports our view that USCOM is the most accurate clinical method of measuring cardiac haemodynamics. We are proud to have our technology presented by a scientist of the calibre of Dr. Critchley, especially on the stage of a World Congress.“
To coincide with the World Congress, the USCOM team led by Rob Phillips and General Manager, Paul Butler, are tonight hosting an official European product launch for the USCOM machine at the Australian Embassy in Paris.
Dr Lester Critchley conducted animal study with USCOM cardiac output monitor
FIRST EUROPE DEALER SALES - HOSPITAL INSTALL IN MACAU
April 20th, 2004
USCOM Limited (ASX Code: UCM) announced today the first sale of its ultrasonic cardiac output monitor to a medical equipment distribution partner in Europe.
USCOM‘s exclusive distributor for the UK and Ireland, Beaver Medical Plc, has purchased two USCOM machines in order to meet demand for demonstrations of the technology to hospital customers in the UK.
Beaver Medical, based in Northhampton is currently presenting the USCOM system to potential customers in Intensive Care, Emergency Care and Anaesthetics.
The Chief Executive of USCOM, Mr Gary Davey said: “For USCOM, Europe represents about one-third of the world market and we are excited that the selling process is now underway there. Having secured CE Mark regulatory approval in December, we are now clear to market our product right across Europe. We are confident that Beaver Medical will represent us well in the UK market.”
The UK order follows a series of product demonstrations and training seminars presented by the General Manager of USCOM, Mr Paul Butler, as part of a 6-week assignment to supervise the launch of USCOM in Europe.
USCOM also announced today the sale of one USCOM unit to a leading hospital in Macau, China. The USCOM machine was shipped this week to the Kiang Wu Hospital, where it is deployed in the Intensive Care and Accident and Emergency Departments. The Macau installation was supervised by Mr Jules Flach, USCOM‘s marketing and distribution partner for North Asia.
Today‘s announcement brings to 23 the total number of USCOM machines ordered and shipped.
SOUTH EAST ASIA SALES UNDERWAY - 20 UNITS SOLD TO DATE
April 7th, 2004
USCOM Limited (ASX Code: UCM) announced today it had received the first orders from dealers in South-East Asia for USCOM‘s non-invasive cardiac output monitor.
USCOM‘s marketing agent for the South-East Asia region, Coefficient Systems Limited concluded distribution agreements with marketing partners in Singapore, Malaysia and the Philippines. Each of the 3 partners has placed a firm order for 1 USCOM monitor unit for subsequent on-sale to hospital customers.
This brings to 20 the total number of USCOM units sold to date.
Announcing the latest sales today, USCOM Chief Executive, Mr Gary Davey said: “South-East Asia is an important region for the company. These initial orders demonstrate a real financial commitment on the part of our distribution partners, each of them well positioned to deliver significant sales growth in the future.“
TAIWAN, KOREA AND JAPAN DEALS FOR USCOM
April 5th, 2004
USCOM Limited (ASX Code: UCM) announced today that three agreements for sales and distribution of USCOM products had been concluded for the important Asian markets of Taiwan , Korea and Japan.
The agreements generated immediate orders for 11 units of the USCOM non-invasive cardiac monitor. With these initial orders, USCOM‘s distribution partners will introduce the USCOM technology to potential hospital customers in advance of requisite regulatory approvals, which are expected in late 2004 or early 2005.
Mr Jules Flach, one of USCOM‘s founders and the Chief Executive of Hong Kong based Pacific Medical Systems Limited, USCOM‘s distribution representative for North Asia, supervised an exhaustive selection process to complete the distribution arrangements announced today.
Announcing the agreements today, the Chief Executive of USCOM, Mr Gary Davey said: “These are critically important markets for the company. We are delighted to have first class sales and marketing professionals representing us there. Our marketing partners have made significant financial commitments, well in advance of customer sales, as a tangible sign of their confidence in the USCOM proposition. Today‘s announcement is an important milestone in the implementation of USCOM‘s worldwide marketing strategy.”
The largest of the 3 agreements is for Japan, which is considered the world‘s second largest market in medical devices turnover after the United States.
USCOM‘s Japanese partner, Cathex Company Limited is a leading player in the import and sale of medical devices and equipment. Headquartered in Tokyo, Cathex currently distributes ultrasound image diagnosis units, cardiac catheters, disposable catheters & tubes, mobile X-ray units and orthopaedic equipment.
The Taiwan distributor, Anson Health Care Inc., is a Taipei based company with a sales and marketing focus on Emergency, Intensive Care, Operating Room, Cardio-Lab and Cardio-Vascular Surgery.
The Korean distributor, Seolin Systems, is a well-established importer and marketer of sophisticated medical equipment to the Korean market.
The 11 systems orders are in addition to 5 unit sales in China, announced by USCOM on March 19, 2004. Two of the USCOM systems, purchased by hospitals in Hangzhou, were shipped immediately upon receipt of the order, with a view to installation prior to the end of March.
UNIVERSITY RESEARCH ROLE FOR USCOM MONITOR
March 30th, 2004
USCOM Limited (ASX Code:UCM) announced today the sale of one of its non-invasive cardiac output monitors to the Centre for Health Informatics at the University of New South Wales in Sydney.
The USCOM machine will play a key role in a wide range of medical research, supervised by one of Australia ‘s most highly acclaimed leaders in biomedical engineering, Professor Branko Celler.
Professor Celler is the Director of the Biomedical Systems Laboratory, co-Director of the Centre for Healthy Informatics and is the Head of the University‘s School of Electrical Engineering and Telecommunications.
The Chief Executive of USCOM Limited, Mr Gary Davey said: “We are proud to be working with Professor Celler and his team at UNSW, where we hope to be collaborating on a wide range of medical research and biomedical development projects.”
Professor Celler added: “The availability of a reliable non invasive measure of cardiac output is of enormous significance to many areas of research in cardiovascular physiology, human performance assessment and age related changes in the cardiovascular system. We are excited at this opportunity to explore the full potential of the USCOM monitor in an experimental research laboratory setting.”
USCOM ANNOUNCES FIRST SALES IN CHINA
March 19th, 2004
USCOM Limited (ASX Code: UCM) announced today it had received its first customer orders through distribution partners in the People‘s Republic of China.
The first order for 5 USCOM non-invasive cardiac output monitors was placed by the Shanghai-based Yitian Medical Equipment Company. Part of the order relates to installations at 2 hospitals in the district of Hangzhou. The 5 USCOM units will be shipped by the end of March.
Yitian Medical, representing the Eastern region of China, is part of a China wide network of distribution partners, managed by USCOM‘s North Asia representative, Pacific Medical Systems, based in Hong Kong. Pacific Medical is in the final stages of negotiation for the appointment of distributors for the Southern, Northern and Western regions.
Announcing the sale today, the Chief Executive of USCOM, Mr Gary Davey said: ”It is very exciting to be able to report our first hospital sales, especially being from China. With more than 100,000 hospitals, the Chinese market represents a great opportunity for USCOM.”
USCOM announced on January 19 it had received an interim regulatory approval for the sale of its cardiac output device in China.
Following a series of technical and safety tests, the USCOM cardiac output monitor had been issued a registration number by the State Food and Drug Administration (SFDA).
USCOM Ltd (ASX Code: UCM) announced today the opening of the new head office in central Sydney.
March 5th, 2004
New address and contact details are as follows.
Level 7, 10 Loftus Street
SYDNEY NSW 2000
Phone: +61 2 9247 4144
Fax: +61 2 9427 8157
USCOM RELEASES DECEMBER 31 RESULTS
February 20th, 2004
USCOM Ltd (ASX code UCM), today released financial results for the reporting period ending December 31, 2003.
In releasing the results, USCOM chairman Mr Rob Phillips stated that: “USCOM Limited listed on the Australian Stock Exchange on December 10, 2003. The primary purpose of the listing was to ensure the company was adequately funded for a worldwide marketing campaign for the USCOM non-invasive cardiac monitor. In the very brief time since the successful listing, the company has made an impressive start to fulfilling that goal and has already delivered extremely important milestones for the future growth of the company. In addition, USCOM is broadening its base of clinical collaborators with additional clinical trials, an essential step in the process of selling the USCOM device to the medical community”.
Financial highlights of the report included:
Successful IPO has increased the company capital from $1,969,265 (June 2003) to $16,644,264 (December 2003).
Company is in strong cash position. Total cash on hand at the end of December 2003 is $14,707,066, accounting for 96% of the total company assets.
Net tangible assets backing per ordinary security are 39¢.
Company continually receives government support.
Diluted Earning per share has increased 0 .76¢, though is at negative 2.1¢.
Company endeavors to expand the European and Middle East markets by injecting further advertising and marketing expenditures in these regions.
(Further financial details attached in full financial statements).
On December 19, 2003, USCOM announced that it had secured CE Mark regulatory approval for the sale of USCOM devices in Europe. The CE certification was an essential part of the USCOM business model, since Europe will constitute the company’s most important market in the short to medium term. This announcement was shortly followed by the appointment of a European Authorised Representative as USCOM’s regulatory contact in Europe.
On January 19, 2004, USCOM announced that it had received an interim regulatory approval for the sale of USCOM systems in the People’s Republic of China. The special approval by the State Food and Drug Administration was fast-tracked, due to the potential for the USCOM device to be important in the management of SARS (Severe Accurate Respiratory Syndrome).
On December 23, the company announced the launch of its global marketing campaign, with the USCOM cardiac output monitor on show at 3 important international events during January 2004. Taking a profile at major conferences in Europe, the Middle East and Asia, USCOM was off to an aggressive start to 2004 as part of its worldwide marketing roll-out.
USCOM ON SHOW AT US AND EUROPE MEDICAL EVENTS
February 12th, 2004
USCOM Ltd (ASX Code: UCM) announced today it would be attending three important international events in Europe and the United States.
USCOM Chief executive, Gary Davey said today: “Europe is our number one marketing priority and the company is focusing significant resources onto our launch in the European markets. USCOM is taking a high profile position at 2 international events in Brussels and Paris in association with our European distribution partners. We are also taking the opportunity to establish a presence in the US market as we develop our North American market entry plan for 2005.”
Gary Davey and Rob Phillips, USCOM Chairman, will be attending the 33rd Society of Critical Care Medicine convention in Orlando, Florida, from February 20 to 25. This annual conference, boasting the ‘world‘s largest hall of critical care products and services’, will allow USCOM to present its technology to many of the world‘s leading intensive care clinicians. Visit USCOM at booth 1300, and see http://www.sccm.org for more information on the event.
The 24th International Symposium on Intensive and Emergency Care will be held in Brussels. Leading the USCOM team at this meeting will be USCOM General Manager, Paul Butler. This exhibition will take place between March 30 and April 2. In December 2003, USCOM was granted regulatory approval (CE-Mark certification) for the sale of the USCOM monitor in Europe. The Brussels exhibition will enable USCOM to initiate sales into the European market. Visit USCOM at booth number 35, and for more information on the 24th International Symposium on Intensive and Emergency Care, visit http://www.intensive.org/
Paris is hosting the 13th World Congress of Anaesthesiologists, to be held in Paris between April 18 and 23. Here, USCOM is given the opportunity to present the product to anaesthesiologists from around the world. Trials of the USCOM machine in anaesthesiology have proven to be overwhelmingly successful. Visit USCOM at booth T7a, and f or more information on this event, visit http://www.wca2004.com/
KEY MARKETING APPOINTMENTS FOR USCOM
February 11th, 2004
USCOM Limited (ASX Code: UCM) announced today the appointment of two important additions to its Australia-based marketing team.
At its listing on the Australian Stock Exchange in December 2003, USCOM raised capital for the purpose of launching a worldwide sales and distribution campaign for the USCOM non-invasive Cardiac Output Monitor.
In Sydney today, USCOM Chairman, Mr Rob Phillips announced the appointment of Michelle Meurs BSc as Marketing Executive.
Based in Coffs Harbour, Michelle Meurs will assist Mr Phillips in the development of the science and intellectual property behind the USCOM system. Michelle will also be responsible for the supervision and management of USCOM‘s many clinical trial sites and liason with luminary clinical users.
Michelle brings to the company a unique combination of skills and experience in both the clinical use of advanced ultrasound systems and the marketing of equipment to the medical profession.
Michelle earned a first class honours degree in Science at the University of New England in 1992. Four years later, she earned a Diploma in Medical Ultrasound (Cardiac). Michelle worked as a Cardiac Sonographer and Technician for 8 years, prior to joining General Electric Medical Systems as a Cardiac Applications Specialist and a Cardiology Account Manager in GE‘s Ultrasound division, based in Brisbane.
Rob Phillips said: “We are delighted to have Michelle join the company. I have known Michelle for many years as both a practicing Sonographer and as a business executive. She is held in extremely high regard by professionals across the medical community. Her combination of clinical and marketing experience will be invaluable to the next stages of our development.”
USCOM also announced today the appointment of Miss Sally Powell as Marketing Coordinator. Based in Sydney, Sally Powell is responsible for the development and distribution of all USCOM‘s marketing materials and communications. Sally is completing a Commerce Degree course at Macquarie University, majoring in marketing.
Mr Phillips added: “The addition of Michelle and Sally to the USCOM team is indicative of our commitment to applying the highest quality resources to the company‘s worldwide sales effort.”
USCOM RELEASES CRITICAL CARE STUDY
February 9th, 2004
USCOM Limited, the Australian medical devices company today released results of an independent study demonstrating that the USCOM technology is a valid method for the non-invasive assessment of cardiac function among patients undergoing mechanical ventilation in Critical Care.
This is one of the most challenging areas of cardiac assessment, because ventilation can act as a major impediment to accurate and reliable measurement of cardiac function.
A study of 24 patients was conducted at the Department of Critical Care Medicine, Sundaram Medical Foundation, Chennai, India and found that an adequate transthoracic acoustic window could be obtained on 88% of the ventilated patients for the measurement of cardiac output.
The study concluded that USCOM “is an adequate mode of obtaining hemodynamic assessments in most mechanically ventilated patients in the intensive care unit.” The study, conducted by Dr Ram E.Rajagopalan & Dr Suresh Kumar and titled “Efficacy of a Transthoracic Doppler System to Access Cardiac Function on Ventilated Patients in the Intensive Care Unit”, was presented at the 10th annual conference of the Indian Society of Critical Care in Mumbai February 4-8, 2004.
The Chairman of USCOM, Mr Rob Phillips said: “This is an important result because it shows that USCOM is effective in the extremely difficult environment of noise and motion produced by the mechanical ventilation system. This has always presented challenges to clinicians in gathering reliable information about the cardiac function of critically ill patients.”
The Chennai study recognised challenges in gathering optimum USCOM results among 12% of the ventilated critical care patients studied. In 3 of the 24 patients, an adequate transthoracic acoustic window was difficult to obtain. The majority of these cases proved to be patients with significant cardiopulmonary pathology.
USCOM RELEASES BLOOD FLOW STUDY
January 30th, 2004
January 30, 2004 : USCOM Limited (ASX Code: UCM) today released an important paper relating to the company‘s patented method of calculating the volume of blood pumped by the human heart.
USCOM is the developer and manufacturer of the USCOM Ultrasonic Cardiac Output Monitor, an accurate, reliable and completely non-invasive device for the measurement of cardiac output.
Utilizing Continuous Wave Doppler Ultrasound, the USCOM system has been validated as a highly accurate method of providing real time information across 9 different parameters of cardiac function.
An essential component of the system is the company‘s unique process for calculating the volume of blood pumped by each beat of the heart, converting the velocity of blood flow into volume.
In a scientific abstract released today, the company outlined its patented algorithm, based on the height of the patient, which is accurate for patients aged from 6 days to 76 years. In addition, USCOM has developed a similar unique method for the measurement of cardiac flow volumes in the foetus and pre-term babies.
The paper, titled “A 2D independent, CW Doppler echocardiographic algorithm for determination of transpulmonary and transaortic flow volumes in adults and children” was co-authored by the Chairman of USCOM, Mr Rob Phillips, Professor Malcolm West of the University Of Queensland and Associate Professor Darryl Burstow of the Prince Charles Hospital , Brisbane.
The USCOM algorithm was first presented to the Asia Pacific Congress of Doppler and Echocardiography, run in association with the Asia Pacific Congress of Cardiology in Singapore on January 13, 2004.
Commenting on the paper today, the Chief executive of USCOM, Mr Gary Davey said: “This is the culmination of 5 years intensive research by Rob Phillips in finding more accurate and reliable ways of measuring blood flow volumes. It is a core component of the USCOM system and represents a major advancement in the field of haemodynamics. We are especially excited about the application of this research in advancing the study and understanding of the haemodynamics of babies, even before birth.”
USCOM has filed patent applications for its blood flow algorithms internationally and in the United States.
CHINA APPROVAL FOR USCOM
January 19th, 2004
USCOM Limited (ASX Code: UCM) announced today it had received an interim regulatory approval for the sale of its cardiac output device in the People‘s Republic of China.
Following a series of technical and safety tests, the USCOM cardiac output monitor has been issued a registration number by the State Food and Drug Administration (SFDA), reporting directly to the State Council . The special approval was fast-tracked, due to the potential for the USCOM device to be important in the management of SARS (Severe Accurate Respiratory Syndrome).
SARS is a potentially fatal infection, which attacks the lungs and affects the heart.
The USCOM device, in measuring blood flow and pressures in and around the heart, can provide haemodynamic information about changes in cardiac function, important in the management of people with heart and lung disease.
The Chairman of USCOM, Mr Rob Phillips said: “We believe USCOM has an important role to play in the Chinese medical system. We are delighted to be working closely with the Chinese authorities on the introduction of USCOM especially as a potential collaborator in the fight against SARS.”
Through its marketing and distribution hub in Hong Kong, managed by Pacific Medical Systems Limited, USCOM has established a network of distribution partners across China.
Commenting on the announcement today, USCOM Chief Executive, Gary Davey said: “This is an extremely important milestone for USCOM. China is a complex market, but with more than 100,000 hospitals, it represents a vast opportunity for a product like ours.”
USCOM APPOINTS EUROPEAN AUTHORISED REPRESENTATIVE
January 14th, 2004
Australian medical devices company USCOM Limited, today announced the appointment of a European Authorised Representative following the company‘s CE certification in late December 2003. A European Authorised Representative (EAR) acts as the regulatory contact for non-European based companies, required as part of the medical device directive.
The company has appointed Obelis, an international company based in Brussels, which is one of the most important European Authorized Representative Centers in Europe and has been an ISO 9001:2000 compliant company since May 2001. USCOM evaluated Obelis‘ capabilities to act as EAR in November last year whilst attending Medica, the world‘s largest medical trade exhibition.
The CE Mark enables sales to commence throughout the company‘s network of medical marketing and distribution partners, which spans eight key markets, comprising 60% of the population of Western Europe.