MINNEAPOLIS, July 18, 2017 /PRNewswire/ -- Cogentix
Medical, Inc. (NASDAQ: CGNT), a global medical device company
focused on providing the Urology, Uro/Gyn and Gynecology markets
with innovative and proprietary products, today announced that it
has entered into an exclusive license with Promepla, a Monaco-based medical device manufacturer, to
launch an Endo-Urology product line in the U.S. The product
line is a full suite of endourological devices including ureteral
access sheaths, gravity irrigation lines and nitinol guide wires
that are highly complementary to the Company's current urology
product portfolio and will leverage Cogentix's high performing
commercial organization. The initial preparation for launch
of the Cogentix-branded product line is underway and management
expects the product line will generate revenue exceeding
$2.5 million during 2018.
"The launch of our Endo-Urology product line in the U.S. is one
of the first steps in executing our business development strategy,"
said Darin Hammers, President &
CEO of Cogentix. "Our primary focus for business development
has been to add products that can immediately leverage the
relationships our U.S. sales team has with their urology customers
and the Endo-Urology product line perfectly meets this criteria.
The substantial growth we have seen in our PrimeSight™
business demonstrates what our sales team can do with new and
innovative products. This transaction is expected to further
increase our strong urology product revenue growth rate, which was
approximately 11 percent during the second quarter 2017. In
addition, the structure of the license agreement we have announced
today means that we continue to have $27
million in cash and investments for additional business
development opportunities. We expect to complete at least one more
transaction in the near term."
About Cogentix Medical
Cogentix Medical, Inc.,
headquartered in Minnetonka,
Minnesota, with additional operations in New York, Massachusetts, The
Netherlands and the United
Kingdom, is a global medical device company. We
design, develop, manufacture and market products for flexible
endoscopy with our unique PrimeSight™ product lines featuring a
streamlined visualization system and proprietary sterile disposable
microbial barrier providing users with efficient and cost effective
endoscope turnover while enhancing patient safety. We also
commercialize the Urgent® PC Neuromodulation System, an FDA-cleared
device that delivers percutaneous tibial nerve stimulation (PTNS)
for the office-based treatment of overactive bladder (OAB). OAB is
a chronic condition that affects approximately 42 million U.S.
adults. The symptoms include urinary urgency, frequency and urge
incontinence. We also offer Macroplastique®, an injectable
urethral bulking agent for the treatment of adult female stress
urinary incontinence primarily due to intrinsic sphincter
deficiency. For more information on Cogentix Medical and our
products, please visit us at www.cogentixmedical.com. 'CGNT-G'
For Further Information:
Cogentix Medical, Inc.
Brett Reynolds, SVP and CFO
952-426-6152
EVC Group
Brian Moore/Doug Sherk
310-579-6199/415-652-9100
Cautionary Statements Related to Forward-Looking
Statements
This press release includes forward-looking statements with
regard to Cogentix Medical, Inc. (the "Company"). These
forward-looking statements generally can be identified by the use
of words such as "anticipate," "expect," "plan," "could," "may,"
"will," "believe," "estimate," "forecast," "goal," "project," and
other words of similar meaning. Forward-looking statements in this
press release may include, but are not limited to, statements about
expected revenue growth rates; the Company's expectations regarding
operating profit and cash operating profit; and plans, objectives,
expectations and intentions with respect to future operations,
products and services. Each forward-looking statement contained in
this press release is subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statement. Applicable risks and uncertainties
include, among others, the effects of industry, economic or
political conditions outside of the Company's control; competitive
market factors; actual or contingent liabilities; the adequacy of
the Company's capital resources; and the risks identified under the
heading "Risk Factors" in the annual report on Form 10-K, for the
year ended December 31, 2016, filed
with the Securities and Exchange Commission ("SEC") on March 30, 2017. Investors are cautioned to not to
place considerable reliance on the forward-looking statements
contained in this presentation. Investors are encouraged to read
the Company's filings with the SEC, available at www.sec.gov, for a
discussion of these and other risks and uncertainties. The
forward-looking statements in this presentation speak only as of
the date of this release, and the Company undertakes no obligation
to update or revise any of these statements. The Company's
businesses are subject to substantial risks and uncertainties,
including those referenced above. Investors, potential investors,
and others should give careful consideration to these risks and
uncertainties.
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SOURCE Cogentix Medical, Inc.