H.I.G. Capital News
Apollo Endosurgery Announces First Commercial Shipment of the OverStitch™ Sx Endoscopic Suturing System
AUSTIN, TX - November 27, 2018 - Apollo Endosurgery, Inc. (“Apollo”) (Nasdaq:APEN), a global leader in less invasive medical devices for bariatric and gastrointestinal procedures, announced today the first commercial shipments of the OverStitch™ Sx Endoscopic Suturing System. These initial customer shipments launch the first phase of the global product launch for Overstitch Sx.
This first phase will be a limited launch with select gastroenterologists and bariatric surgeons in both the United States and European Union through the end of 2018. The full commercial launch is planned in the 1st quarter of 2019.
Flexible endoscopic suturing using Apollo’s OverStitch™ Endoscopic Suturing System is now established as an important tool for both surgeons and gastroenterologists that enables a wide array of new endolumenally performed patient treatment options. The OverStitch Sx is designed for compatibility with single-channel endoscopes with diameters ranging from 8.8mm to 9.8mm, and therefore provides more physicians with access to the benefits of full-thickness flexible endoscopic suturing regardless of their hospital’s selection of endoscopic capital equipment or endoscope manufacturer.
“OverStitch Sx builds on the clinical success of OverStitch and adds features that will enhance and simplify the user’s experience. The product is designed to achieve full thickness tissue purchases easier and more consistently, increase the physician’s field of vision, and improve maneuverability when compared to the current OverStitch which operates on a dual channel scope,” said Christopher Gostout, MD, Chief Medical Officer at Apollo Endosurgery. “By incorporating all required ancillary channels for device operation in the product, the endoscope channel is left open for use of additional instrumentation. This feature allows physicians the opportunity to be more efficient and versatile in their procedures.”
About OverStitch™ Sx
The OverStitch™ Sx endoscopic suturing systems enable advanced endoscopic surgery by allowing physicians to place full-thickness sutures from a single-channel flexible endoscope. This new technology enables a secure approximation of tissue endoscopically and a wide range of less invasive solutions for physicians who treat defects in both the upper and lower GI tract of their patients. Additionally, physicians are leveraging endoscopic suturing to perform a variety of advanced bariatric procedures.
About Apollo Endosurgery, Inc.
Apollo Endosurgery, Inc. is a medical technology company focused on less invasive therapies for the treatment of obesity, a condition facing over 650 million people globally, as well as other gastrointestinal conditions. Apollo’s device based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 70 countries today and include the OverStitch™ Endoscopic Suturing System, the ORBERA® Intragastric Balloon, and the LAP-BAND® Adjustable Gastric Banding System.
Apollo’s common stock is traded on Nasdaq Global Market under the symbol "APEN." For more information regarding Apollo, go to: www.apolloendo.com.
© 2018 Apollo Endosurgery, Inc. All rights reserved. Any third-party trademarks used herein are the property of their respective owners.
Cautionary Note on Forward-Looking Statements
Certain statements in this press release are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: reports of adverse events related to our products, developments in medical technology, regulatory approvals and extensive regulatory oversight by the FDA or other regulatory bodies, unfavorable media coverage related to our products or related procedures, reimbursement decisions by private or government payors, physician adoption and recommendations of procedures utilizing our products and other factors detailed from time to time in the reports Apollo files with the Securities and Exchange Commission, or SEC, including its Form 10-K for the year ended December 31, 2017, and its Form 10-Q for the three months ended September 30, 2018. Copies of reports filed with the SEC are posted on Apollo’s website and are available from Apollo without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, Apollo disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.