News - 2008
USCOM, American Journal of Surgery Publication
December 19th, 2008
Uscom (ASX Code: UCM) today announced the publication in the peer reviewed American Journal of Surgery of a land mark study from the world leading Los Angeles Cedar’s Sinai Hospital ICU. The publication titled “Non-Invasive Doppler ultrasonography for assessing cardiac function: can it replace the Swan-Ganz?’ The publication concluded that “the device is a good substitute over the PAC for determining cardiac function and can be used by a wide range of ICU personnel.”
The continuing use of the pulmonary artery catheter (PAC) has become one of the most contentious aspects of ICU practice. Importantly the PAC was invented and developed within the Cedar’s Sinai ICU by Dr Jeremy Swan and Dr William Ganz over 30 yrs ago and has remained the clinical “Gold Standard” since because of an absence of a suitable replacement. This study suggests that USCOM is that suitable replacement.
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This is vital practice changing evidence which, if effected, will change clinical practice worldwide and save patient’s lives. USCOM can now claim to be a standard of care in ICU practice, one of our original corporate ambitions.”
Mr Paul Butler, Uscom CEO said “This evidence will be a powerful tool in the hands of our new worldwide marketing partner, Spacelabs Healthcare, as the sales staff begin the US distribution of the USCOM 1A in early February. This paper will also have considerable impact on any applications for reimbursement. This is a clinical landmark for the USCOM 1A.”
This scientific evidence comes in the same week that the strategic partnership between Uscom and
Spacelabs and the equity investment by the parent Company OSI Systems was announced and reinforces the commercial opportunity of the partnership.
Strategic Investment by NASDAQ Listed OSI Systems
December 19th, 2008
Uscom today informed shareholders of the planned issue of 2 million ordinary shares to the US company OSI Systems (Nasdaq GM: OSIS), the parent Company of Spacelabs Healthcare, for a consideration of $600,001 at $0.30 per share. This will represent 5% of the issued Capital in Uscom Ltd and is accompanied by an option to purchase a further 2 million shares over the next 5 years at a price of $0.375.
The funds will be used to support the Global Product Launch, provide appropriate infrastructure to support the Distribution Agreement with Spacelabs Healthcare and other general working capital. The distribution agreement with Spacelabs Healthcare covers the North America, Central America, South America, Europe, The Middle East and Africa, as well as India, in hospital market.
Spacelabs have offices in over 100 countries world-wide and specialise in patient monitoring, anesthesia delivery devices, diagnostic cardiology and clinical trial services. The equity agreement with OSI Systems provides further alignment with the common goals and lets OSI Systems benefit from the growth expected to be associated with the profitable distribution of Uscom products.
Uscom CEO, Mr. Paul Butler said “Uscom is pleased to have this investment by OSI Systems as it cements the relationship that we have embarked on. This additional capital will allow us some extra headroom as we move the company towards profitability through our marketing relationship with Spacelabs Healthcare”.
Mr Deepak Chopra, President, CEO and Chairman of the Board of OSI Systems Inc.said “OSI Systems is making this investment in Uscom because we believe that combining Uscom’s product with a world class medical device company like Spacelabs will result in very exciting opportunities in the marketplace”.
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This partnership combines Uscom technology and products with the power of the Spacelabs global sales force, and we welcome OSI Systems as a shareholder. We believe this partnership will allow Uscom to rapidly achieve a dominant position in the cardiovascular device market place and achieve the commercial outcome justified by our high levels of scientific recognition.”
Summary of Issue:
2 Million Ordinary Shares at $0.30 per share
2 Million Unlisted Options over Ordinary Shares exercisable over the next 5 years at an exercise price of $0.375 per share
Funds to be used for Working Capital
Uscom will not seek shareholder approval for the issue as it is below the threshold allowed by ASX Listing Rule 7.1.
Uscom and Spacelabs Healthcare form strategic relationship for distribution of Ultrasonic Cardiac Output Monitors
December 16th, 2008
Issaquah, Washington/Sydney Australia – Spacelabs Healthcare and Uscom, Ltd., today signed a distribution agreement, giving Spacelabs exclusive distribution of the USCOM 1A ultrasonic cardiac output monitor in the Americas, Europe, Middle East, Africa and India.
The USCOM 1A offers real-time, beat-to-beat measurements of 20 parameters of cardiovascular function including cardiac output, stroke volume and systemic vascular resistance with additional parameters such as cardiac power, stroke work and oxygen delivery. This patent-protected monitor is completely non-invasive and validated across a wide range of cardiac outputs in neonates, infants, children and adults. Its custom-designed transducers use high fidelity continuous-wave Doppler technology to accurately measure cardiac flow.
“Uscom’s ultrasonic cardiac output monitor is a logical complement to our comprehensive patient monitoring and diagnostic cardiology product offerings,” said Joseph Davin, President of Spacelabs’ North America Operations. “We are delighted with this opportunity to provide our customers with an additional tool for safe and rapid patient assessment, a further indication of our commitment to connecting innovation with care.”
Uscom CEO, Paul Butler, said, “We are pleased to partner with Spacelabs Healthcare as they bring 50 years of service to healthcare providers and their patients to this relationship. This expanded distribution will increase delivery of Uscom’s non-invasive, practice changing technology to the global market and further realize our ambition of providing improved care at lower cost and reduced risk.”
About Spacelabs Healthcare, Inc.
Spacelabs Healthcare, Inc. (www.spacelabshealthcare.com) is a wholly-owned subsidiary of OSI Systems, Inc., and an international developer, manufacturer and distributor of medical equipment and services including solutions for patient monitoring and connectivity, anesthesia delivery and ventilation, diagnostic cardiology and supplies and accessories selling to hospitals, clinics and physician offices. Additionally, the Company provides centralized cardiac safety and diagnostic services (QT Studies, ECG, Holter, ABP, and Event Monitoring) to biopharmaceutical companies undertaking clinical trials. The Company has offices in the United States, United Kingdom, Canada, France, Germany, China, India and Singapore.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding the Company’s expectations, goals or intentions about the future, including, but not limited to, statements regarding the contract with Uscom to distribute USCOM 1A monitors. The actual results may differ materially from those described in or implied by any forward-looking statement. Other important factors are set forth in the Securities and Exchange Commission filings of OSI Systems, Inc. All forward-looking statements speak only as of the date made, and we undertake no obligation to update these forward-looking statements.
Uscom Limited is an Australian medical device company, listed on the Australian Stock Exchange since December 2003. Uscom has developed a device for the safe and accurate measurement of cardiac output, a non-invasive alternative to the current invasive methods. Uscom offers a completely safe, painless and quick method of accurately measuring how well the heart is pumping. With its real-time beat-to-beat information across multiple parameters of cardiac function and advanced serial measurement capabilities, clinicians can accurately quantify the impact of therapy. The device is ideally suited to the Emergency Care setting where it is critical to monitor changes in cardiac output as fluids are applied. The Company has secured regulatory approval for sale of the Uscom Monitor in Australia, Europe and a number of Asian markets, including Japan, China and Taiwan. Uscom also has a CE Mark certification for Europe and a license from the State Food & Drug Administration for China. The Company received the necessary regulatory clearance for the United States market in February 2005 with the receipt of a 510K Pre Market Notification from the US Food & Drug Administration (FDA).
Uscom releases new product; OXYCOM
November 7th, 2008
Uscom announced the release of a new cardiovascular product, OXYCOM. OXYCOM is a patent protected device based on the USCOM 1A technology, which provides unique non-invasive measures of oxygen delivery and was first presented at the Asia Pacific Critical Care Meeting in Sydney on 30th October. OXYCOM is the second in the planned Uscom product pipeline based on patent protected concepts to improve cardiovascular measurement and care.
OXYCOM measures how much oxygen is delivered to the cells of the body. The main purpose of the circulation is to deliver oxygen to the cells and impairment of this delivery can be critical, so accurately measuring oxygen delivery can improve diagnosis and treatment in clinical practice, such as in sepsis, and in research applications. Previously oxygen delivery has been measured using invasive catheters to sample blood from within the heart and results often took over an hour to return. OXYCOM now provides the same information instantaneously and non-invasively, and can be used on small children through to geriatrics. The USCOM 1A remains the Company’s high resolution device for measurement of cardiovascular flow.
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “Oxygen consumption is a critical measure of circulation and one which can be used to guide treatment in many diseases. It is a real “Holy Grail” measurement for clinicians and we can now provide it non-invasively so it can be included as a routine part of practice. This is a real step forward in the field of cardiovascular assessment and management, and one of which we are extremely proud.”
Mr Paul Butler, the Uscom CEO said “I am pleased that we have now released OXYCOM to the market. To see how simply this vital information can now be provided is extremely exciting for us and is a tribute to the expertise of our engineers and the integrity of our science. Ingenuity is an important part of the culture and value of our Company. OXYCOM will help us get clinicians to adopt the Uscom technology and is also a product that we can offer our installed base.”
USCOM improves management of children with septic shock
October 8th, 2008
Uscom announced the release of a new study confirming that USCOM 1A improves management of septic shock in children. The research, from London’s prestigious Great Ormond St Hospital for Sick Children, was published in Pediatrics, the official Journal of the American Academy of Pediatrics.
The study of children admitted to the Pediatric Intensive Care Unit (PICU) with suspected septic shock found that measuring the circulation with USCOM allowed earlier detection of abnormalities and more appropriate use of drugs for treatment, and suggested that use of USCOM may improve current practice guidelines.
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This study is incredibly important as it defines a critical role for USCOM in improving the management and survival of children with sepsis. These results suggest that USCOM should become part of the standard of care in the management of sepsis in children. A defined life saving role in management of children has always been a goal for us in development of the USCOM device and this study confirms our progress toward this goal.”
Mr Paul Butler, the Uscom CEO said “Pediatrics is a major market for USCOM and this study provides the evidence clinicians need to change practice and adopt the USCOM device. These studies are also the core requirement to substantiate and drive the global re-imbursement process.”
Severe sepsis is a major cause of morbidity and mortality in children and adults worldwide, with a 10% mortality in children even with the best of care. Severe sepsis in children is responsible for over 7% of all children’s deaths in the USA and health spending in excess of $1.79Bn per annum.
USCOM proven for safe and accurate diagnosis of shock
October 3rd, 2008
Uscom announced the release of a paper confirming USCOM as a safe and accurate alternative to the Pulmonary Artery Catheter (PAC) for the assessment of haemodynamics in cardiac and septic shock; common and severe conditions with high mortality. The study compared 263 measures of cardiac output (CO) in Intensive Care Unit (ICU) patients with cardiogenic and septic shock with circulatory instability over a wide range of COs. They concluded that its ease of use and portability make it a practical tool to guide haemodynamic therapy at the bedside, not only in the ICU.
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “Cardiogenic and septic shock are common and complex conditions requiring rapid and accurate treatment to prevent death. Previously diagnosis and management was done using the PAC, despite its invasive operation. Importantly this study identified complications in 24% of patients with the use of the PAC but none using USCOM. This paper concludes that learning to use the USCOM is quick and it can be used for rapid evaluation of circulation in shock states.”
Mr Paul Butler, the Uscom CEO said “This is an important clinical proof for USCOM as understanding haemodynamics in these people can save lives. This is a clinical area in which USCOM can make a difference, and we do it safely! This evidence is another step towards USCOM becoming the standard of clinical care in the ICU.”
The paper was published in the European Journal of Anaesthesiology by researchers from The Gelderse Vallei Hospital ICU and The Radboud University Nijmegen Medical Centre in Nijmegen, The Netherlands. (van Lelyveld-Haas LEM, van Zanten ARH, Borm GF, Tjan DHT. Clinical validation of the non-invasive cardiac output monitor USCOM-1A in critically ill patients. Eur J Anaesth 2008; 1-8).
USCOM increases organs for transplantation by 15% in US study
August 19th, 2008
Today Uscom announced the presentation of a randomised controlled study demonstrating 15% improvement in outcomes using USCOM guided management of organ donors compared with current invasive catheter guided management. The study from the OneLegacy group in Los Angeles, USA, and the Loma Linda University Children’s Hospital in Loma Linda was presented on the 14th August at the 33rd NATCO Annual Meeting in Boston, USA.
The study randomised patients aged from 12mths to 67yrs of age into conventional invasive catheter management or management guided by USCOM and found a 15% increase in successful organ transplants in the USCOM group.
The Director of Clinical Science and Chairman of Uscom Ltd, Rob Phillips said “We know improving circulation saves lives, however this is the first randomised controlled study to prove the real benefit of using USCOM to improve circulation compared with the current invasive catheter. This is practice changing evidence. It will be exciting to see if similar improvements can be identified in USCOM guided treatment of heart failure, hypertension and sepsis.”
Uscom CEO, Paul Butler, said “Organ transplantation is a rapidly growing field where there is a critical need for organs and many patients die waiting for transplants. An increase of 15% in viable organs will have a significant social and financial impact if USCOM is adopted as a standard of practice.”
Background: In the US in excess of 130,000 patients are waiting for an organ transplant, with approximately 30,000 organs transplanted per year. This inadequate supply of organs resulted in 7191 patient deaths on the transplant waiting list in 2006. Tragically many of the patients awaiting transplantation are children. An increase in available organs by 15% could result in life saving transplants for many patients on waiting lists. (http://www.ustransplant.org/annual_reports/current/)
Oxycom - New US patent for Uscom
August 7th, 2008
Uscom received its US patent no 7338447, the method for combining blood flow measurement (USCOM) with oximetry to provide a noninvasive measure of the amount of oxygen being delivered to the cells of the body. The granting of the US patent is recognition of the novelty and inventiveness of the method by the US Patent Office and provides commercial protection for the Oxycom device, a new product from Uscom Ltd.
Oxygen delivery via the circulation is fundamental to the health of the body and is disturbed in many common diseases. This is the first device which allows for accurate and non-invasive measurement of oxygen delivery and promises to be useful in many clinical applications including Paediatrics, Intensive Care and Emergency Medicine, and Anaesthesia.
The patent author and Chairman of Uscom Ltd, Rob Phillips said “Oxygen delivery is a critical measure of the effectiveness of the circulation, and reflects the severity of cardiovascular disease. The new Oxycom product, currently in testing, provides this information non-invasively and beat to beat; a first in the world of physiology and medicine.”
Uscom CEO, Paul Butler, said “Intellectual property (IP) represents a significant component of the value of Uscom, and patents provide commercial protection for future product developments. This patent and the product it protects provide a great opportunity for Uscom to strengthen its position in the cardiovascular device marketplace and increase the value of the Company.”
Uscom continues to develop IP as part of the process of developing innovative solutions to important clinical problems and has over 30 patents and intellectual protection applications in various stages of recognition around the world. This IP forms the commercial protection for a pipeline of new devices planned for development by the Company and is significant part of a shareholder value.
USCOM endorsed in key Pediatric Publication
August 6th, 2008
Uscom today announced the release of a new peer reviewed publication in the July Pediatric and Emergency Care journal. The publication was from the World Recognised Loma Linda University Medical Centre and Children’s Hospital in Loma Linda, California, USA. The study evaluated the reproducibility of the USCOM technology in children aged 1 month to 17years old with many different diseases and concludes the results reveal strong correlation between repeated measures; the key test of repeatability of a method.
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This is more important science proving USCOM is safe, accurate and reproducible in pediatrics; an application in which USCOM can really make a difference. This study demonstrates the accuracy of USCOM measures when used by different operators in the Emergency Dept on children.”
Mr Paul Butler, the Uscom CEO said “Studies such as this add support to the USCOM proposition both for adoption and reimbursement. That this study is in pediatrics, our major target market, is especially pleasing.”
Mr Paul Butler is currently head quartered in the US to promote adoption of USCOM in the USA and to develop strategic market relationships with large specialist organisations to increase the market opportunity for the USCOM device. Currently discussions are progressing across a number of clinical applications.
Reference: Stewart GM, Nguyen HB, Kim TY, Jauregui J, Hayes SR, Corbett S. Inter-Rater Reliability for Noninvasive Measurement of Cardiac Function in Children. Pediatric Emergency Care 2008; 24(7):433-7.
Uscom end of financial year update: Revenue up, costs down
July 24th, 2008
Uscom today provided an update to shareholders including unaudited 2008 Financial Year results. Sales revenue in 2008 was $960k, a 10% increase over the previous year. Sales revenue would have been in excess of $1M but for the weak US dollar, as 50% of revenues were received in US$. Importantly Uscom has reduced cash consumption by 30% compared to 2007 to less than $1.9M, leaving a cash balance of $2.5M. The year also saw the USCOM 1A installed base exceed 150 units worldwide, providing critical mass in our targeted markets.
Uscom CEO, Mr Paul Butler, said “We had solid growth in all our target markets, our operating costs are down 30%, and we have identified paths forward and are well advanced in marketing partnership discussions to accelerate US market access”.
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “A principle goal in founding USCOM was to establish a new standard of care in medical monitoring. This year saw the publication of a number of studies moving us further toward this goal in pediatrics, Emergency Departments, Intensive Care Units and anaesthesia. This evidence is now driving practice leading centres to adopt the USCOM technology. The published evidence and increased adoption advances our claims for reimbursement and confirms that USCOM is saving lives worldwide. Uscom is achieving it’s milestones on the path to creating an important global haemodynamics company.”
USCOM a safe alternative to PAC in Liver Transplantation
June 30th, 2008
Uscom today announced the publication of 2 new positive research publications and an Editorial relating to USCOM 1A use for haemodynamic monitoring during liver transplantation surgery as an alternative to the Pulmonary Artery Catheter (PAC). The two studies were from The Queen Mary Hospital in Hong Kong and the Chang Gung Memorial Hospital in Taiwan, both world recognised centres of excellence in Liver Transplantation. The two studies compared results from the PAC and USCOM and concluded the methods were interchangeable, with the benefit that USCOM is entirely non-invasive while PAC involves a catheter inserted into the heart and is associated with serious complications.
Importantly these studies confirmed the accuracy of USCOM in high and low cardiac outputs (2.14L/min to 18.7L/min) as well as in the normal range of approximately 5-6L/min. This suggests the USCOM device will be useful in assessment and monitoring not only of acute cardiovascular disease in the Emergency Dept and Intensive Care, but also the pandemic diseases of heart failure and hypertension.
Mr Paul Butler, the Uscom CEO said “Each of these studies further confirms that USCOM’s use in a variety of clinical applications is useful and adds to the strength of the commercial opportunity for our Company. Importantly each new paper builds the evidence for re-imbursement in multiple worldwide markets. The integrity of these studies ensures that the future for USCOM in clinical practice is bright.”
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This is important science further validating the USCOM solution to measurement and monitoring of the cardiovascular system. Not only will this lead to improved clinical care but much worldwide research is focused on heart failure and hypertension by drug Companies, however they still lack an accurate non-invasive method of measuring cardiac function and so they often resort to the simple and inadequate measure of blood pressure in their research; USCOM can now be used to provide additional critical information in these studies. Use of USCOM for evaluation of new treatments, and accurate guidance of current treatments for heart failure and hypertension has the potential to not only save many lives but also critical health care dollars. We are proud of the role that USCOM may play in improving care and survival in these important diseases.”
Three USCOM purchased by U.K. trust
May 15th, 2008
Uscom today announced the sale of 3 USCOM 1A devices to the Birmingham Hospital Trust to establish a Nurse led ICU outreach programme in their Hospitals. Nurse led outreach programmes are designed for rapid and cost-effective delivery of sophisticated ICU care to general ward patients.
Mr Paul Butler, the Uscom CEO said “This is an important order for us as it is an identified application with which we have been working, and for multiple units into a Hospital trust which has confidence that USCOM will improve care and reduce cost within their Hospitals. These benefits are important for patients, clinicians and administrators alike. Providing improved care at reduced cost is a foundation USCOM mission which will lead us from advanced users into widespread clinical adoption.
” Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This sale follows the recent outcomes study at the Bart’s Royal London demonstrating that nurses using USCOM outside the ICU can identify patients most needing ICU care. This means USCOM helps take advanced haemodynamic management, which we know saves lives, beyond the ICU and into the wards and is an example of how USCOM can improve medical care and reduce costs.”
Leading US pediatric hospital adopts USCOM technology
April 22nd, 2008
Uscom today announced the sale of an USCOM 1A device into the University of Pittsburgh Medical Centre Pediatrics ICU. The University of Pittsburgh Medical Centre Pediatric ICU is a world leading research centre in pediatric haemodynamics and haemodynamic management. The sale follows a lengthy trial during which time the device has become part of routine practice at the Centre, and the sale is confirmation of the clinical usefulness of the technology. Associate Professor Joe Carcillo led the evaluation of the USCOM 1A and is a recognised leader in the development of guidelines for the treatment of pediatric sepsis.
Mr Paul Butler, the Uscom CEO said “Pediatrics is a vital market for us and the adoption by Pittsburgh of our technology is acknowledgement of the important role USCOM is expected to play in improving the management of haemodynamics and outcomes in critically ill neonates, infants, children and adolescents.”
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This important adoption signals that practice leading clinicians in the USA are beginning to recognise the clinical importance of USCOM and are acting on that belief by buying and using it in practice. These high profile adoptions are definitely the path to wider clinical adoption and acceptance as a standard of clinical care; a long standing goal for our Company.”
This purchase follows an additional sale to the Munich University Hospital Großhadern, taking the total number of units in this Hospital to three. The devices are used in multiple departments with the additional devices purchased after the original USCOM was proven to be important in clinical practice. This is similar to the path of adoption at the Westmead Children’s Hospital in Sydney, where three devices are now in use across the ED, ISM and PICU. Bathurst Hospital in regional Australia also has three units across multiple applications. Mr Paul Butler said “These sales provide a model of how early adoption can seed more widespread use and additional sales. While early sales involve a long and intense sales process, additional unit sales have occurred after strong word of mouth endorsement.”
USCOM, New standard for ICU care?
April 2nd, 2008
Uscom today announced the presentation of a land mark study from the world leading Los Angeles Cedar’s Sinai Hospital Intensive Care Unit (ICU). The study was titled “Swan-Ganz Catheter vs Non-Invasive Doppler Ultrasonography: Is there Still a Place for Pulmonary Artery Catheter in the ICU Practice.”
The study was presented at the South Western Surgical Congress in Acapulco by Dr Saurabh Jain and his colleagues from the Cedar’s Sinai surgical ICU. The study, in surgical patients in the ICU, compared USCOM with PAC and found no significant difference between results and concluded that USCOM may replace the Pulmonary Artery Catheter (PAC), in many clinical applications. This is particularly important because the PAC was invented and developed within the Cedar’s Sinai ICU by Dr Jeremy Swan and Dr William Ganz over 30 yrs ago and has remained the clinical “Gold Standard” since.
Mr Paul Butler, Uscom CEO said “Clinicians at Cedar’s Sinai Hospital are recognised for their world leading work in ICU care and medical research and we have been delighted that they are working with USCOM. With their long association with PAC it is clear they have applied extreme diligence to their assessment of USCOM and this report is the result of a very careful comparison of the two methods. A key driver for the study was the recognition of the cost benefit that USCOM can provide.”
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This is important for us as a company. We developed USCOM in response to the clinical need for an improved and non-invasive method for monitoring haemodynamics. This study confirms our success against this objective. Clinicians from the Hospital responsible for the PAC, the “gold standard” in clinical haemodynamics for the last 30 years, have recognised USCOM as a replacement in many clinical situations. USCOM has the clear advantage of being totally non-invasive while the PAC involves a catheter inserted into the heart and is associated with significant complications and is only usually inserted in very sick patients in the ICU. This is further peer reviewed and independent research promoting the role of our device in the ICU as a direct alternative to the PAC. This result means that, using USCOM, advanced haemodynamic care, currently only available in the ICU, can now move into other Hospital Departments and into general practice to be used to manage heart failure and hypertension.”
USCOM device purchased by U.S. Aid for use in Afghanistan
March 13th, 2008
Uscom today announced the sale of an USCOM 1A device to the United States Aid Organisation (USAID) as part of the reconstruction and development of the Medical infrastructure in Kabul, Afghanistan.
The device is to be used as a clinical tool for management of haemodynamics and for training health professionals in Afghanistan. Mr Paul Butler, the Uscom CEO said “This is an exciting sale for us as it was unsolicited and arose from a genuine clinical need driven by the initiative of a physician in a remote and challenging clinical environment. We have always believed USCOM has an important place in such environments as it is non-invasive, portable, accurate and simple to operate, therefore delivering the power of sophisticated haemodynamic management to acute settings in which no other methods are feasible.”
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This is important for us as USCOM is an ideal clinical tool for improving survival and wellbeing in developing communities world wide and this sale to USAID is recognition of that. Improved worldwide access to sophisticated clinical devices is part of our corporate mission and this small step is satisfying for us all.”
This purchase is made through USAID, an independent US federal government agency based in Washington with a broad charter to improve the lives of people in the developing world.
Outcome study in ICU Outreach
January 31st, 2008
Uscom today announced the presentation of a new study from The Barts and The London Hospital in London confirming the importance of the USCOM device in managing acutely ill hospital patients by a nurse led Intensive Care Unit (ICU) outreach team.
The study found that a significant change in haemodynamics measured by USCOM early in treatment predicted a reduced survival. This study helps define the increased role of nurses in ICU care and forms part of the evidence required to change in hospital practice. This is an important application for Uscom and is the path to delivery of cost effective ICU care, an area of focus for health administrators worldwide.
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “This is further evidence of USCOM’s usefulness in ICU care. This study confirms that using USCOM, ICU quality care can be delivered to all patients within the hospital by nursing staff and may lead to USCOM becoming the standard for such in Hospital ICU care. This is an exciting outcomes study for us with ramifications for both the cost and quality of health care delivery. It is also vital supporting evidence for our continuing drive for re-imbursement worldwide.”
Uscom Progress update
January 24th, 2008
Uscom today provided an update on the implementaion of the strategic plan.
Over the past twelve months, Uscom has been implementing steps to achieve the following operational objectives:
1. Form a strategic marketing alliance with a major medical device group to access the USA market. This has involved the relocation of the CEO to the USA, restructuring the US operations and focusing marketing efforts on the major conferences and defined territories. To date several potentially strong commercial partners have shown interest in USCOM and are presently actively evaluating the potential business synergies of an alliance with USCOM.
2. Maintain tight cash control. As detailed in our recent Cash Flow announcement we have continued to reduce our cash consumption and have done this whilst maintaining revenue. Cash outflow is down 29% from the previous quarter ($791k to $563k) and payments related to operating activities have decreased 42% against the same period last year ($1.273M to 736k).
3. Support existing sales channels. Uscom has continued to support our distribution partners that have invested significantly in promoting Uscom in their region. They have delivered strong sales results in Asia and Europe.
4. The Company is working on a brief with business advisors to provide market inputs and drive strategic discussions with potential partners; and
5. The Company has continued to support the product in the academic and clinical domain so as to deliver our goal of being recognised as a Standard of Care.
Mr Paul Butler, Uscom CEO said “I am pleased with our progress against the strategic goals set by the board. It is important that we continue to support our distribution channels and maintain our presence at the major conferences in our target market while carefully managing cash resources. Achieving revenue in line with the same period last year (subject to review) supports our understanding that our market reach is still in the very early phase and that we need a substantial strategic partner with an organisation that has the capability to take our technology to the broader market.”
Mr Rob Phillips, Executive Chairman and Director of Clinical Science said “The Board is confident that we have the strategy that will result in broad adoption of the Uscom technology and deliver commercial success. Through continuing sales and a focused marketing effort we believe we will be able to achieve our broader strategic goals of forming a marketing partnership and become recognised as a standard of clinical care. I believe achieving these goals will significantly increase Uscom shareholder value.”