ST. LOUIS, Feb. 25, 2014 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) announced today that it has entered into a definitive agreement with Medix Japan, Inc. and Hokushin Medical Co. Ltd. to distribute its Niobe® Magnetic Navigation System for cardiac ablations in Japan. The agreement ensures sales and marketing coverage for Stereotaxis in an electrophysiology (EP) market performing approximately 47,000 procedures each year and expected to grow at an annual rate of 10% through 2018. Japan also represents one of the largest medical device markets globally, second to the U.S.
"We are very pleased to have the assistance of Medix Japan and Hokushin Medical in bringing our expertise with automated, remote navigation solutions to the Japanese EP community," said William C. Mills, Stereotaxis Chief Executive Officer. "With an aging population and increasing rate of arrhythmias and other cardiac conditions, we can offer EP physicians in Japan greater possibilities in the treatment of their complex cases and make a difference in patient quality of life. We are confident that these two companies, both experts in product promotion with deep understanding of the Japanese medical device industry and strong entrepreneurial spirit, will enthusiastically support our vision in a vital new market."
Founded in 1987, Hokushin Medical Co. Ltd. is based in Kobe, Japan. The Company's core business is in marketing, distributing and servicing cardiovascular products. Hokushin Medical is one of the largest distributors of EP products in Japan, with extensive hospital relationships. Since 1975, Medix Japan, Inc., based in Fukuoka, Japan, has been importing and selling medical devices and pharmaceuticals in Japan. The Company has significant regulatory and quality management expertise required to handle highly regulated medical products. Medix Japan's parent company, Kamachi Group, is a diversified conglomerate with approximately $100 billion in annual sales, which also owns and operates 17 hospitals.