Breast implants with Q Inside Safety Technology to be available in the EU as early as January
VeriTeQ Corporation ("VeriTeQ" or the "Company", f/k/a/ Digital Angel Corporation) (OTC Markets:VTEQ), a provider of implantable medical device identification and radiation dose measurement technologies, announced today that it expects to commercially launch its Q Inside Safety Technology through partners in the European Union ("EU") in the first quarter of 2014. VeriTeQ is working with Establishment Labs, S.A. ("EL"), its distributors, and other groups in the EU to launch EL's Motiva Implant Matrix® Ergonomix breast implant with Q Inside Safety Technology as early as January.
The Company's Q Inside Safety Technology is an FDA cleared radio frequency identification ("RFID") micro-transponder that serves as a unique device identifier, or UDI, that can be read safely from outside the body to identify an implantable medical device in vivo or embedded in reusable medical devices for proper sterilization and use verification.
In the case of breast implants, Q Inside Safety Technology is being used in EL's CE-marked Motiva Implant Matrix® Ergonomix implants to enable physicians and patients to access a secure online database to retrieve implant-specific data, such as serial number, manufacturer name, date of manufacture, lot number, volume, size, and other data. Q Inside Safety Technology also provides an extra level of protection to the patient in the event of a recall or other safety event, since Q Inside Safety Technology provides accurate device identification that cannot be lost or entered incorrectly into a patient's electronic health record. Q Inside Safety Technology has attracted interest from insurers and others based on this first-of-a kind advanced safety technology for patients who choose to get breast implants.
"We are eager to make this technology available to physicians and their patients in early 2014 to offer them peace of mind, particularly in light of the PIP breast implant scandal that occurred across the EU in 2010 and 2011," stated Scott R. Silverman, VeriTeQ's Chairman and Chief Executive Officer. "We look forward to providing additional information about the customers we have procured in the EU and the product launch in the coming weeks."
The Company previously announced that it delivered its first order of 2,000 Q Inside Safety Technology RFID micro-transponders to breast implant partner Establishment Labs, S.A. ("EL") in October of this year.
According to the International Society of Aesthetic Plastic Surgery, the number of breast augmentation procedures performed worldwide in 2011 exceeded 1.2 million.
About VeriTeQ
VeriTeQ develops innovative, proprietary RFID technologies for implantable medical device identification, and dosimeter technologies for use in radiation therapy treatment. VeriTeQ offers the world's first FDA cleared RFID microchip technology that can be used to identify implantable medical devices, in vivo, on demand, at the point of care. VeriTeQ's dosimeters provide patient safety mechanisms while measuring and recording the dose of radiation delivered to a patient in real time. For more information on VeriTeQ, please visit www.veriteqcorp.com.
About EL
Establishment Labs is a privately held, global breast, body and facial aesthetic company with offices in Florida, Costa Rica and Belgium, that designs, develops, manufactures and markets an innovative product portfolio consisting of advanced silicone-filled breast (www.motivaimplants.com) and body shaping implants.
Utilizing only the highest quality of medical grade silicones, the CE-marked Motiva Implant Matrix® line is rigorously scrutinized by professional Quality Engineers throughout the entire manufacturing process. All its products are produced in full compliance with ISO and EU requirements, and are certified under the Medical Device Directive 93/42/EEC. For more information on EL, please visit www.establishmentlabs.com.
Statements in this press release about our future expectations, including, without limitation, the likelihood that VeriTeQ expects to commercially launch its Q Inside Safety Technology through partners in the EU in the first quarter of 2014; the likelihood that VeriTeQ and EL will launch EL's Motiva Implant Matrix Ergonomix breast implant with Q Inside Safety Technology as early as January; the likelihood that the Company will provide additional information about the customers its has procured in the EU and the product launch in the coming weeks; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, VeriTeQ's ability to commercially launch its Q Inside Safety Technology in the EU in the first quarter of 2014; the Company's ability to target the UDI sector and medical device manufacturers; VeriTeQ's ability to raise capital; as well as other risks. Additional information about these and other factors may be described in VeriTeQ's Forms 10-Q, filed on August 9, 2013 and November 14, 2013, and future filings with the Securities and Exchange Commission The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Contacts:
VeriTeQ
Allison Tomek, 561-846-7003
atomek@veriteqcorp.com
