As you can see in the press release issued earlier today Hansen Medical had a strong third quarter as we continued to drive momentum in our EP business, enhance our commercial organization and achieve important milestones with our Magellan system. As we have discussed before flexible robotics for vascular applications is a key driver to the growth of Hansen Medical going forward we are focused on launching for vascular platform.
With that in, we are pleased to have now secured CE part for the Magellan Robotic System the NorthStar Robotic Catheter and related accessories. Clearly highlighting the progress we’ve made towards bringing a robotic platform for vascular applications to market. Our initial launch in Europe is well underway.
I’m also pleased to announce the first commercial installation of our Magellan Robotic System at St. Mary’s Hospital in London. The Magellan system accesses peripheral vessels with a proprietary technology that delivers independent distal tip control of a catheter and a sheath, as well as robotic manipulation of a standard guidewire from a centralized, remote workstation. This system has the potential to transform the way endovascular procedures are performed for patients with Peripheral Vascular Disease. The system was designed to assist physicians to effectively and efficiently treat a variety of peripheral diseases, while reducing procedure time, lessening radiation exposure and enabling new procedures. With this installation we will now receive a $3 million from Philips for the final milestone of our joined development agreement.
St. Mary’s is pioneer in the use of flexible robotics in vascular interventions and this is a tremendous opportunity to generate physician experience in order to raise the profile of the Magellan System in advance on a full scale of commercial launch. Several of St. Mary’s physicians and their staff have completed our extensive training program on the system and we expect the first clinical cases will be performed in the coming weeks. We remain very excited about the opportunity in front of us in the vascular market. We spoke with several leading clinicians about the Magellan system many of whom have driven the robot and have expressed strong interest in acquiring one for their hospitals. Our targeted launch is well underway with our European commercial team and many of these positive clinical discussions have transitioned to conversations with hospital administration regarding the potential purchase of a system.Read the rest of this transcript for free on seekingalpha.com