Board of Directors Expanded in Key Areas
WESTBURY, N.Y.--(BUSINESS WIRE)-- Vasomedical, Inc. (“Vasomedical”) (VASO.PK), a global provider of medical devices, today announced the execution of a definitive agreement with Edgary Consultants LLC to facilitate its effort to broaden reimbursement coverage of EECP® therapy, a proprietary technology for the treatment of certain cardiovascular diseases, with commercial third-party payers as well as Centers for Medicare and Medicaid Services (CMS).
EECP® therapy received initial coverage by Medicare in 1999 and since, has benefitted tens of thousands of patients every year in the United States. The Company and independent researchers have conducted extensive research, including several sham-controlled randomized studies, as well as numerous publications in peer review medical journals around the world. “We have evaluated the science behind EECP® and have concluded the timing is right to seek additional reimbursement coverage for a cost effective alternative in the treatment of cardiovascular disease,” stated Edgar G. Rios, President and the principal shareholder of Edgary. Mr. Rios is a co-founder and was Executive Vice President, General Counsel and Director of AmeriChoice Corporation from its inception in 1989 until its acquisition by UnitedHealth in 2002. In conjunction with its agreement with Edgary Consultants LLC, Vasomedical appointed Mr. Rios to its Board of Directors.
“Aligning with our strategic initiatives, we are additionally pleased to announce the appointment of David Lieberman as Vice Chairman of our Board,” said Dr. Jun Ma, President and CEO of Vasomedical. Mr. Lieberman has been a practicing attorney in the State of New York for in excess of 35 years specializing in corporation and securities law. He is currently a senior partner at the law firm of Beckman, Lieberman & Barandes, LLP, which performs legal services for the Company. Mr. Lieberman has also served at various times on the Boards of other public entities. Most recently, he was Chairman of the Board of Herley Industries, Inc. (Nasdaq: HRLY), a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide.
In the last several years, Vasomedical has significantly increased the opportunity for EECP® by expanding international sales and marketing efforts. “Most recently, we have received regulatory clearance for our EECP® systems in Bangladesh, Belarus, Italy, South Korea, etc. and have received reimbursement coverage in several countries including India and South Africa,” commented Dr. Ma. “I believe based on our accomplishments to date and with the assistance of Edgary, we are now positioned to have healthcare insurers as well as CMS recognize EECP® as a first line choice in the treatment of certain cardiovascular conditions.”
Vasomedical, Inc. is primarily engaged in designing, manufacturing, marketing and supporting EECP® external counterpulsation systems based on the Company's proprietary technology. EECP® therapy is a non-invasive, outpatient therapy for the treatment of diseases of the cardiovascular system currently indicated for use in cases of angina, cardiogenic shock, acute myocardial infarction and congestive heart failure. The therapy serves to increase circulation in areas of the heart with less than adequate blood supply and may restore systemic vascular function. The Company provides hospitals, clinics and private practices with EECP® equipment, treatment guidance and a staff training and maintenance program designed to provide optimal patient outcomes. EECP® is a registered trademark for Vasomedical's enhanced external counterpulsation system. Through its agreement with GE Healthcare, the Company is also engaged as an exclusive sales representative for certain GE Healthcare products. VasoHealthcare™, a wholly owned subsidiary of Vasomedical Inc. is a professional sales representation company offering vendors an alternative third party sales channel. Additional information is available on the Company's website at www.vasomedical.com.
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential” and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the effect of the dramatic changes taking place in the healthcare environment; the impact of competitive procedures and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of clinical trials and other product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; uncertainties about the acceptance of a novel therapeutic modality by the medical community; continuation of the GEHC agreement; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Dr. Jun Ma, 516-997-4600
President and CEO
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