Bovie Medical Corporation (NYSE-AMEX Symbol: BVX), a manufacturer and marketer of electrosurgical products, today commented on recent corporate activities.
Vessel Sealing Products
The Federal District Court Complaint, filed in Tampa, Florida against Steve Livneh, Lican Development, Ltd. and Henvil Corp. (both controlled by Mr. Livneh), was instituted to protect the Company and its shareholders from ongoing actions by the defendants that were considered damaging to Bovie’s best interests. Mr. Livneh was removed from the Board for cause at a Special Board Meeting held on July 16, 2010. Despite these unwelcome diversions, the Company proceeds with its vessel sealing product research and testing protocols necessary for the FDA 510K submission process. Developmental and engineering progress continues to be made while vice president of sales and marketing for surgical products, Jeff Rencher, prepares to market the Company’s vessel sealing products and other offerings.
Recent J-Plasma DevelopmentsThe Company is actively developing enhancements to its J-Plasma™ product, which leverage and combine unique properties of J-Plasma™ ionized helium gas together with surgical instrumentation under development. The enhancements are expected to have potential application to a broad variety of surgical procedures. The Company is coordinating with a number of leading university surgeons who will evaluate the J-Plasma™ enhancements in diverse surgical specialties. The Company is planning to file new patents related to these potential uses and intends to display its J-Plasma™ as well as other products at the 39 th AAGL Global Congress of Minimally Invasive Gynecology in Las Vegas November 8-12, 2010. Sintered Steel The Company continues to advance its Sintered Steel product lines, and while temporarily delayed by the Salient/Medtronic litigation, is moving forward with its SEER™ and BOSS™ marketing. In Other News Mr. Rencher, as part of market planning for all of Bovie’s specialty surgical products, foresees the addition of up to 100 independent sales representatives located throughout the United States during the next twelve months. Shipments of surgical products, including the recently released Bovie coated electrodes, will commence by month’s end to the new specialty sales reps. The Company also reports the extension of its OEM agreement with Medtronic Inc. through 2012.