ALPHARETTA, Ga., March 26, 2013 (GLOBE NEWSWIRE) -- SANUWAVE Health, Inc. (OTCBB:SNWV) today reported financial results for the year ended December 31, 2012, and provided a business update.
Joseph Chiarelli, Chief Executive Officer of SANUWAVE, commented, "During 2012, we made progress in establishing SANUWAVE as the world leader in shock wave technology. Recently we refocused our business strategy with the goal of utilizing our non-invasive shock wave technology to address large market opportunities and to broaden the value potential of our patent portfolio to evaluate both medical and non-medical uses of our technology.
During 2012, we accomplished several milestones which include:
- Received FDA approval to move forward with our supplemental pivotal study to evaluate our dermaPACE ® device to treat diabetic foot ulcers. This trial expands upon the positive treatment effect observed in the first study and incorporates many important features, including doubling the number of treatments, which greatly increases the probability of success.
- Expanded our patent portfolio to include: (i) a patent for producing shock waves using high pressure fluid which will be important for non-medical uses such as energy production; (ii) a patent for methods and devices for blood sterilization which represents a large, unmet need; and, (iii) a patent for adjustable shock wave tissue penetration which may have potential for many regenerative medical uses.
- Continued discussions with major worldwide distributors to expand distribution of our products outside the United States including Australia and New Zealand.
- Significantly reduced operating expenses and headcount as we refocused the Company.