Aug. 30, 2011
/PRNewswire/ -- The Board of Directors of Stereotaxis, Inc. (NASDAQ: STXS) announced today following its regularly scheduled board meeting that it reaffirmed the Company's plans for both the launch of the Epoch
platform and expansion of the Odyssey
platform into standard labs.
"At our meeting last week, the Board reviewed and endorsed the commercial strategies put forth for the launch of Epoch, as well as for the expansion of Odyssey's market penetration into standard labs," said
Fred A. Middleton
, Chairman of the Board of Directors. "We are encouraged by the positive early physician feedback to Epoch's productivity enhancements, and remain optimistic about the commercial potential for the Epoch magnetic surgery platform for robotic assisted surgeries in the cardiology suite. We are also encouraged by the positive trends in recurring revenue as reflected in our financial statements."
Mr. Middleton added, "The Board has established a Strategy Committee to evaluate various capital raising strategies to fund the Company's planned growth initiatives over the next 18 months, and we are focused on non-equity sources of funding as our first choice for raising capital since we believe our common stock is significantly undervalued in the public market."
The Company also completed last week its previously announced plans for operating expense reductions amounting to approximately 15 to 20% of annual operating expenses.
Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Niobe® Remote Magnetic Navigation System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure.