SAN JOSE, Calif., July 21, 2020 /PRNewswire/ -- Corinth MedTech, developer of the Veloxion™ System, the very first single-use resectoscope for relieving the symptoms of Benign Prostatic Hyperplasia (BPH), announced today the commencement of evaluations of its FDA-cleared Veloxion System for transurethral resection of the prostate (TURP) procedures. Corinth MedTech has kicked-off the program at a local Bay Area hospital with plans for additional multi-site participation to immediately follow. The company expects the U.S. pre-market evaluations success will culminate in commercial launch of the Veloxion System in Q4 2020.
"We are pleased that so many hospitals are eager to participate in the evaluations and we look forward to expanding the footprint in the United States throughout the August and September evaluation period," said Steve Duddy, Corinth's President and Chief Executive Officer.
The Veloxion System is the world's first and only single-use resectoscope for TURP with integrated optics, light source and a state of the art fluid management system. The device also features proprietary Velo360° single-handed rotation and image stabilization technology.
Steve Duddy added: "An innovative, turnkey solution like the Veloxion System has the potential to streamline, transform and reduce overall procedure time. This is good news for the more than 150,000 men in the U.S. alone who are treated annually for symptoms of benign prostate hyperplasia and bladder tumors – two incapacitating diseases that greatly impact a patient's quality of life."
About 300,000 men worldwide suffer from BPH symptoms requiring surgical treatment, and approximately 400,000 patients require TURBT procedures annually. Market estimates show the CAGR (Compounded Annual Growth Rate) for devices used to treat these conditions to be well into the double digits over the next several years. Corinth MedTech projects a combined $2 billion plus global market opportunity for its Veloxion System which is set to compete upon launch in the U.S. in late 2020.
ABOUT CORINTH MEDTECH Headquartered in San Jose, Calif, Corinth MedTech develops, manufactures and markets urological device solutions that address unmet needs in an innovative, cost-effective manner. The company's lead product, The Veloxion System, featuring Velo360° technology, is cleared for use in treating the symptoms of Benign Prostatic Hyperplasia (BPH) and Bladder Tumors, conditions affecting millions of people worldwide. It has the unique distinction of providing the first-of-its-kind, single-use resectoscope for TURP. Development efforts are underway for advancements in the TURBT application. The commercial launch of The Veloxion System is slated for Q4 2020.