Corindus touts first-in-human coronary telerobotics study with CorPath system

Corindus Vascular Robotics

Corindus Vascular Robotics (OTC:CVRS) today touted that its CorPath robotic surgical platform was used in a first-in-human telerobotic intervention study in India.

The Waltham, Mass.-based company touted that the study was the world’s first percutaneous coronary intervention conducted from a remote location outside of a catheterization lab.

In the trial, five patients at India’s Apex Heart Institute underwent an elective PCI procedure from a distance of approximately 20 miles away, Corindus said.

The procedures were performed by Apex Heart Institute chair and chief interventional cardiologist Dr. Tejas Patel from inside the Swaminarayan Akshardham temple in Gandhinagar, while his partner, Dr. Sanjay Shah, attended to the patient in person at the Apex Heart Institute.

“The first in human cases of remote robotic PCI represent a landmark event for interventional medicine. The application of telerobotics in India has the potential to impact a significant number of lives by providing access to care that may not otherwise have been possible. For the first time in cardiology’s history, India will shine for this ground-breaking innovation, and I am honored to be a part of this historic occasion,” Dr. Patel said in a prepared statement.

Corindus said that following the study, it plans to begin commercial product development to allow the CorPath system to be used in remote interventions.

“Cardiovascular disease, including stroke, is the world’s most significant and undertreated clinical problem due to limited access to specialized, timely medical care. As a result of existing barriers to care, including increased global poverty and a declining number of trained specialists, only a fraction of patients worldwide receives life-saving treatment, resulting in substantial death or disability. We anticipate that our technology will revolutionize cardiovascular disease treatment by providing specialized and timely medical care to anyone, anywhere,” prez & CEO Mark Toland said in a press release.

Last month, Corindus saw shares rise over 10% after the robotic surgical platform maker beat loss-per-share expectations on Wall Street with its third quarter earnings.

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Corindus Shares rise on Q3 EPS beat

Corindus Vascular Robotics

Shares in Corindus Vascular Robotics (OTC:CVRS) have risen over 10% today after the robotic surgical platform maker beat loss-per-share expectations on Wall Street with its third quarter earnings.

The Waltham, Mass.-based company posted losses of approximately $7.6 million, or 4¢ per share, on sales of approximately $3 million for the three months ended September 30, seeing losses shrink 3.3% while sales grew 22% compared with the same period during the previous year.

Losses per share were just ahead of the 5¢ consensus on Wall Street, where analysts expected to see sales of $3.2 million, which the company narrowly missed.

“During the quarter, we continued to make progress on developing a vascular robotic system that can perform therapeutic procedures at any remote location. Demonstrating this technology at TCT gives us great confidence as we plan for the first-ever remote robotic in human PCI procedure later this year. Telerobotics combined with AI has generated significant interest from the clinical community as well as potential strategic partners. We look forward to updating the market as we advance our remote vascular robotic technology, which we believe has the potential to revolutionize treatment times for patients suffering from stroke and heart attacks,” prez & CEO Mark Toland said in a press release.

Shares in Corindus have risen 14.2% so far today, at $1.29 as of 10:33 a.m. EST.

In September, Corindus revealed plans for an offering worth up to $30 million.

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Corindus shares fall on Q2 earnings release

Shares in Corindus Vascular Robotics (OTC:CVRS) fell today after the robotic surgical platform maker missed loss per share expectations on Wall Street but met sales consensus with its second quarter results.

The Waltham, Mass.-based company posted losses of $9.9 million, or 6¢ per share, on sales of $1.7 million for the three months ended June 30, seeing losses grow compared with the same period last year.

Losses per share were just behind the 5¢ per share consensus on The Street, where analysts were looking for sales of $1.7 million which the company met.

“We have made meaningful progress advancing the development of remote-telestenting which has, in turn, led to the acceleration of our efforts to address the neurovascular market. We are focusing our clinical and development work in this area to leverage the GRX platform and expand upon what we are building in the interventional suite with PCI and peripheral applications. Despite purchase timing uncertainties and capital budget cycles at the hospital administration level which have impacted our results in the first half of the year, we remain confident in our long-term ability to drive widespread robotics implementation,” prez & CEO Mark Toland said in a press release.

Shares in Corindus have fallen 14.4% so far today, at 89¢ per share as of 11:11 a.m. EDT.

In June, Corindus said today that it won clearance from Japan’s Pharmaceutical and Medical Device Agency for its CorPath GRX robotic surgical device.

The post Corindus shares fall on Q2 earnings release appeared first on MassDevice.

Corindus touts 1st Corpath GRX system installation outside the US

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