Health News and Scoops

NEW YORK–(BUSINESS WIRE)–Pfizer Inc. (NYSE:PFE) announced today that the United States Food and
Drug Administration’s (FDA) Peripheral and Central Nervous System Drugs
Advisory Committee voted on Pfizer’s clinical data package for tafamidis
meglumine. Tafamidis is a novel, investigational, oral therapy for the
treatment of Transthyretin Familial Amyloid Polyneuropathy (TTR-FAP) in
adult patients with symptomatic polyneuropathy to delay neurologic
impairment. The Advisory Committee did not find substantial evidence of
efficacy on a clinical endpoint. The Committee then voted 13-4 that the
data provide substantial evidence of efficacy for a surrogate endpoint
that is reasonably likely to predict a clinical benefit. This
recommendation will be taken into consideration by the FDA when making
its decision on Pfizer’s New Drug Application (NDA) for tafamidis as a
treatment for TTR-FAP, a rare and fatal neurodegenerative disease.

“TTR-FAP is an irreversible and devastating disease with no FDA-approved
treatment in the U.S.”

“TTR-FAP is an irreversible and devastating disease with no FDA-approved
treatment in the U.S.,” said Dr. Yvonne Greenstreet, senior vice
president and head of Medicines Development Group for Pfizer’s Specialty
Care Business Unit. “The panel’s assessment represents a positive step
forward in our goal to provide this much-needed medicine to patients
suffering from this rare and fatal disease. Pfizer will continue to work
with the FDA as the Agency finalizes its review of our NDA for
tafamidis.”

TTR-FAP is a rare, progressive and fatal neurodegenerative disease that
affects approximately 8,000 patients worldwide.^1,2,3 Because
it is a hereditary^{disease, family members may also be at
risk for developing the disease.4 In the U.S., a non-endemic
region, the incidence is estimated to be about 1 in 100,000, impacting
approximately 3,000 people.5,6 There is currently no
FDA-approved treatment in the U.S. designed specifically to treat
TTR-FAP. If approved by the FDA, tafamidis would be the first and only
medication in the U.S. indicated to treat patients with this
debilitating genetic disease.}

The FDA has granted the tafamidis NDA both an orphan drug and a priority
review designation. The Orphan Drug Designation program provides orphan
status to drugs and biologics that are defined as those intended for the
safe and effective treatment, diagnosis or prevention of rare diseases
and disorders that affect fewer than 200,000 people in the U.S. Priority
review designation is granted to drugs that have the potential to offer
significant improvement in treatment or provide a treatment where no
adequate therapy exists.

About Transthyretin Familial Amyloid Polyneuropathy (TTR-FAP)

Transthyretin Familial Amyloid Polyneuropathy (TTR-FAP) is a rare and
fatal neurodegenerative disease, primarily caused by a genetic mutation
of the transthyretin (TTR) gene.^1,2 In TTR-FAP, TTR
destabilization leads to misfolded proteins that form amyloid fibrils in
the peripheral and autonomic nerves, as well as other organs including
the GI tract, kidneys and heart.^7,8 Patients with TTR-FAP
experience significantly diminished quality of life due to symptoms
including polyneuropathy characterized by sensory loss, pain and
weakness in the lower limbs; as well as severe impairment of the
autonomic nervous system commonly manifesting as erectile dysfunction,
alternating diarrhea and constipation, unintentional weight loss,
orthostatic hypotension, urinary incontinence, urinary retention and
delayed gastric emptying.^4,7,8 As the disease progresses,
patients often lose the ability to walk, needing wheelchair assistance,
and eventually become bedridden and unable to care for themselves.⁹
TTR-FAP typically occurs during active adult years with onset as early
as the 30s, followed by disease progression that may reach the terminal
stage in approximately 10 years on average.^8,10

About Tafamidis

Tafamidis is a novel, selective stabilizer of the TTR protein approved
in November 2011 by the European Commission (the trade name in the
European Union is VYNDAQEL^®). It is indicated in the European
Union for the treatment of TTR amyloidosis in adult patients with stage
1 symptomatic polyneuropathy to delay peripheral neurologic impairment.

About Pfizer’s Specialty Care Business

Pfizer’s Specialty Care Business Unit is the world’s largest specialty
pharmaceuticals business, with a commitment to the eradication,
remission, and relief of serious diseases. Pfizer’s Specialty Care
Business Unit brings together the best scientific minds to challenge the
most feared diseases of our time, and we seek solutions to prevent and
relieve suffering of patients with serious diseases, regardless of
prevalence. Pfizer is an established global leader in rare diseases,
offering marketed products treating 18 orphan indications in the U.S. to
address the unique needs of small patient populations affected by
uncommon and often life-threatening conditions. We are on the front
lines of discovering innovative medicines and delivering hope through
continued focus on research, development and commercialization of orphan
medicines.

Pfizer Inc: Working together for a healthier world™

At Pfizer, we apply science and our global resources to improve health
and well-being at every stage of life. We strive to set the standard for
quality, safety and value in the discovery, development and
manufacturing of medicines for people and animals. Our diversified
global health care portfolio includes human and animal biologic and
small molecule medicines and vaccines, as well as nutritional products
and many of the world’s best-known consumer products. Every day, Pfizer
colleagues work across developed and emerging markets to advance
wellness, prevention, treatments and cures that challenge the most
feared diseases of our time. Consistent with our responsibility as the
world’s leading biopharmaceutical company, we also collaborate with
health care providers, governments and local communities to support and
expand access to reliable, affordable health care around the world. For
more than 150 years, Pfizer has worked to make a difference for all who
rely on us. To learn more about our commitments, please visit us at www.pfizer.com.

DISCLOSURE NOTICE: The information contained in this release
is as of May 24, 2012. Pfizer assumes no obligation to update
forward-looking statements contained in this release as the result of
new information or future events or developments.

This release contains forward-looking information that involves
substantial risks and uncertainties about a product in development,
tafamidis, including its potential benefits, that is under review by the
FDA. Such risks and uncertainties include, among other things, the
uncertainties inherent in research and development; whether and when the
FDA and regulatory authorities in other jurisdictions in which
applications may be filed will approve applications for tafamidis as
well as their decisions regarding labeling and other matters that could
affect its availability or commercial potential; and competitive
developments.

A further description of risks and uncertainties can be found in
Pfizer’s Annual Report on Form 10-K for the fiscal year ended December
31, 2011 and in its reports on Form 10-Q and Form 8-K.

1. Dattilo PB. Familial (ATTR) amyloidosis misdiagnosed as primary (AL)
variant: a case report. Cases J. 2009;2:9295-9298.

2. Ando Y, Nakamura M, Araki S. Transthyretin-related familial
amyloidotic polyneuropathy. Arch Neurol. 2005;62:1057-1062.

3. Data on file. Pfizer Inc, New York, NY.

4. Sekijima Y, Yoshida K, Tokuda T, Ikeda S. Familial transthyretin
amyloidosis. In: Pagon RA, Bird TD, Dolan CR, Stephens K, eds.
GeneReviews [Internet]. Seattle WA: University of Washington, Seattle;
1993-2009. http://www.ncbi.nlm.nih.gov/
books/NBK1194/. Accessed January 31, 2011.

5. Benson MD. Amyloidosis. Encyclopedia of Life Sciences. Available at: http://onlinelibrary.wiley.com/doi/10.1038/npg.els.0002146/pdf.
Published April 2001.

6. US Census Bureau. Annual Estimates of the Resident Population by Sex
and Five-Year Age Groups for the United States: April 1, 2000 to July 1,
2009. Suitland, MD: US Census Bureau.

7. Benson MD, Kincaid JC. The molecular biology and clinical features of
amyloid neuropathy. Muscle Nerve. 2007;36:411-423.

8. Hou X, Aguilar M-I, Small DH. Transthyretin and familial amyloidotic
polyneuropathy: recent progress in understanding the molecular mechanism
of neurodegeneration. FEBS J. 2007;274:1637-1650.

9. Coutinho P, da Silva AM, Lima JL, Barbosa AR. Forty years of
experience with type 1 amyloid neuropathy: review of 483 cases. In:
Glenner GG, e Costa PP, de Freitas AF, eds. Amyloid and Amyloidosis.
Amsterdam: Excerpta Medica; 1980:88-98.

10. Plante´-Bordeneuve V, Ferreira A, Lalu T, et al. Diagnostic pitfalls
in sporadic transthyretin familial amyloid polyneuropathy (TTR-FAP).
Neurology. 2007;69:693–698.

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HAWTHORNE, N.Y.–(BUSINESS WIRE)–Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro,” or the
“Company”) today provided unaudited financial results for the three
month period ended March 31, 2012.

“I look forward to working with the entire Taro
management team as we continue to move the Company forward, and build
upon the progress and success that Taro has achieved, particularly in
the past eighteen months.”

Quarter Three Months ended March 31, 2012 Highlights – compared to
the same period in 2011

• Net sales of $145.1 million, increased $37.4 million, or 34.7%
• Gross profit, as a percentage of net sales was 68.3%, compared to 58.6%
• Selling, marketing, general and administrative expenses increased $0.6
  million, however, as a percentage of net sales decreased to 15.9%,
  compared to 20.8%
• Operating income increased 98.3% to $66.2 million, or 45.6% of net
  sales, compared to $33.4 million, or 31.0% of net sales
• Net income attributable to Taro was $47.3 million compared to $25.7
  million, a $21.6 million increase, resulting in diluted earnings per
  share of $1.06 compared to $0.58.

Cash Flow and Balance Sheet Highlights

• Cash flow from operations was $78.1 million for the quarter ended
  March 31, 2012, compared to $24.4 million in the same period in 2011
• Cash, including marketable securities, increased $75.5 million to
  $334.3 million from December 31, 2011.

Mr. Kal Sundaram, Taro’s recently appointed Chairman commented, “We are
pleased with the quarter’s results and the consistent progress that we
continue to make. As we have stated in the past, a portion of our
revenue and profit growth is the result of pricing opportunities, the
sustainability of which is uncertain. We intend to ramp up our RD
expenditures in order to improve and grow our pipe-line of quality
products in order to remain competitive in a highly-competitive market.”

Mr. Sundaram added, “I look forward to working with the entire Taro
management team as we continue to move the Company forward, and build
upon the progress and success that Taro has achieved, particularly in
the past eighteen months.”

FDA Approvals and Filings

During the quarter, Taro received one Supplemental New Drug Application
approval from the U.S. Food and Drug Administration (“FDA”) for
Daranide® (Dichlorphenamide) Tablets 50mg. Taro also received one
Abbreviated New Drug Application (“ANDA”) approval in May 2012
(Escitalopram Oxalate Oral Solution, 5mg (base)/5mL). The total number
of products awaiting approval at the FDA is sixteen ANDAs and one New
Drug Application.

Taro Changing its Fiscal Year End to March 31

Taro’s Board of Directors approved a change in the Company’s fiscal year
end from December 31 to March 31. The new fiscal year end was
effectuated to align Taro’s fiscal reporting period and its annual
budget planning with that of its major shareholder, Sun Pharmaceutical
Industries Ltd. (“Sun Pharma,” Reuters: SUN.BO, Bloomberg: SUNP IN, NSE:
SUNPHARMA, BSE: 524715). A report on Form 20-F with unaudited results
will be filed with the U.S. Securities and Exchange Commission (“SEC”)
by the Company to cover the transition period from January 1, 2012 to
March 31, 2012 (“Transition Report”).

The Company cautions that the foregoing financial information is
presented on an unaudited basis and is subject to change. In addition to
filing a Transition Report, final audited results for the transition
period will be included in the Company’s Annual Report on Form 20-F for
the fiscal period from April 1, 2012 to March 31, 2013.

About Taro

Taro Pharmaceutical Industries Ltd. is a multinational, science-based
pharmaceutical company, dedicated to meeting the needs of its customers
through the discovery, development, manufacturing and marketing of the
highest quality healthcare products. For further information on Taro
Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.

SAFE HARBOR STATEMENT

The unaudited consolidated financial statements have been prepared on
the same basis as the annual consolidated financial statements and, in
the opinion of management, reflect all adjustments necessary to present
fairly the financial condition and results of operations of the Company.
The unaudited consolidated financial statements should be read in
conjunction with the Company’s audited consolidated financial statements
included in the Company’s Annual Report on Form 20-F, as filed with the
SEC.

Certain statements in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to,
statements that do not describe historical facts and statements that
refer or relate to events or circumstances the Company “estimates,”
“believes,” or “expects” to happen or similar language, and statements
with respect to the Company’s financial performance, availability of
financial information, and estimates of financial results and financial
information for 2012. Although the Company believes the
expectations reflected in such forward-looking statements to be based on
reasonable assumptions, it can give no assurances that its expectations
will be attained. Factors that could cause actual results to
differ include the evaluation of the Sun Pharma tender offer by Taro’s
Board of Directors, acceptance of the offer by Taro shareholders,
approval, if any required, by regulatory authorities, actions of the
Company’s lenders and creditors, general domestic and international
economic conditions, industry and market conditions, changes in the
Company’s financial position, litigation brought by any party in any
court in Israel, the United States, or any country in which Taro
operates, regulatory actions and legislative actions in the countries in
which Taro operates, and other risks detailed from time to time in the
Company’s SEC reports, including its Annual Reports on Form 20-F.
Forward-looking statements are applicable only as of the date on which
they are made. The Company undertakes no obligations to update,
change or revise any forward-looking statement, whether as a result of
new information, additional or subsequent developments or otherwise.

 

 

 

 

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(U.S. dollars in thousands, except share data)

 

 

Three Months Ended

 

March 31,

 

2012

 

2011

 

Sales, net

 

$ 145,141

 

$ 107,727

Cost of sales

45,971

 

44,617

 

Gross Profit

99,170

63,110

 

Operating Expenses:

Research and development, net

9,847

7,258

Selling, marketing, general and administrative

      23,101

 

         22,460

 

Operating Income

66,222

33,392

 

Financial Expenses, net:

Interest and other financial (income) expense

      (107

)

778

Foreign exchange expense

1,107

409

 

Other (expense) income, net

(94

)

251

 

Income before income taxes

65,128

32,456

Tax expense

17,791

 

          6,368

 

Income from continuing operations

47,337

26,088

Net income (loss) from discontinued operations⁽¹⁾

66

 

(135

)

Net income

47,403

25,953

Net income attributable to non-controlling interest⁽²⁾

 151

 

295

 

Net income attributable to Taro

 

$ 47,252

 

 

$ 25,658

 

 

Net income per ordinary share

from continuing operations attributable to Taro:

Basic

 

$1.06

 

$0.58

Diluted

 

$1.06

 

$0.58

 

Net income (loss) per ordinary share

from discontinued operations attributable to Taro:

Basic

$0.00*

($0.00)*

Diluted

$0.00*

($0.00)*

 

Net income per ordinary share

attributable to Taro:

Basic

$1.06

$0.58

Diluted

$1.06

$0.58

 

Weighted-average number of ordinary shares used

to compute net income per ordinary share:

Basic

44,476,429

44,284,556

Diluted

44,589,007

44,447,293

 

⁽¹⁾

 

In 2010, the Company closed its Ireland manufacturing facility and
decided to sell the facility and has therefore classified the
losses attributable to its Irish subsidiary as losses from
discontinued operations.

⁽²⁾

The impact of the Company adopting FASB ASC Section 810-10-65,
which requires the Company to allocate income or loss attributable
to a non-controlling interest based on the respective ownership
percentages.

 

*

Amount is less than $0.01.

 

 

 

 

 

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

 

March 31,

December 31,

2012

2011

ASSETS

(unaudited)

(audited)

CURRENT ASSETS:

Cash and cash equivalents

$

238,266

$

150,001

Short-term bank deposits

72,440

89,814

Restricted short-term bank deposits

15,780

16,080

Marketable securities

7,835

2,901

Accounts receivable and other:

Trade, net

111,130

120,832

Other receivables and prepaid expenses

98,501

94,344

Inventories

109,638

107,378

Assets held for sale, net⁽¹⁾

 

71

 

81

TOTAL CURRENT ASSETS

653,661

581,431

 

Long-term receivables and other assets

19,972

23,131

Property, plant and equipment, net

150,750

152,532

Other assets

 

32,041

 

38,751

TOTAL ASSETS

$

856,424

$

795,845

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

CURRENT LIABILITIES:

Current maturities of long-term debt

$

10,957

$

17,073

Trade payables and other current liabilities

 

187,942

 

173,310

TOTAL CURRENT LIABILITIES

198,899

190,383

 

Long-term debt, net of current maturities

27,949

27,614

Deferred taxes and other long-term liabilities

 

6,618

 

6,785

TOTAL LIABILITIES

233,466

224,782

 

Taro shareholders’ equity

619,008

567,264

Non-controlling interest⁽²⁾

 

3,950

 

3,799

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

856,424

$

795,845

 

⁽¹⁾

 

In 2010, the Company closed its Ireland manufacturing facility and
decided to sell the facility and therefore has classified the
related assets as held for sale.

⁽²⁾

The impact of the Company adopting FASB ASC Section 810-10-65, which
requires the Company to allocate income or loss attributable to a
non-controlling interest based on the respective ownership
percentages.

 

 

 

 

 

TARO PHARMACEUTICAL INDUSTRIES LTD.

SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

(U.S. dollars in thousands)

 

Three Months Ended March 31,

2012

2011

 

Operating Activities

Net income

$

47,403

$

25,953

Adjustments required to reconcile net income to net cash

provided by operating activities:

Depreciation and amortization

4,598

4,709

Stock-based compensation

-

20

Loss on sale of long-lived assets

22

-

Increase in long-term debt due to currency fluctuations

814

1,136

Decrease (increase) in trade receivables

9,879

(8,270

)

Change in derivative instruments, net

(3,392

)

(831

)

Decrease in other receivables, prepaid expenses and other assets

3,268

2,531

Increase in inventories

(1,583

)

(1,592

)

Foreign exchange effect on intercompany balances

2,104

(368

)

Increase in trade and other payables and accruals

 

14,981

 

 

1,070

 

Net cash provided by operating activities

 

78,094

 

 

24,358

 

 

Investing Activities:

Purchase of property plant equipment, net of related grants

(1,610

)

(887

)

Proceeds from long-term deposits and other assets

18

-

Proceeds from (investment in) short-term and restricted bank deposits

22,059

(10,105

)

Investment in marketable securities

(4,909

)

-

Proceeds from sale of property, plant and equipment

 

28

 

 

-

 

Net cash provided by (used in) investing activities

 

15,586

 

 

(10,992

)

 

Financing Activities:

Proceeds from the issuance of shares, net

7

8,554

(Repayments) proceeds of long-term debt

(6,595

)

9

Proceeds of short-term bank debt, net

 

-

 

 

2,428

 

Net cash (used in) provided by financing activities

 

(6,588

)

 

10,991

 

 

Effect of exchange rate changes

 

1,173

 

 

371

 

Net increase in cash

88,265

24,728

Cash at beginning of period

 

150,001

 

 

54,144

 

 

Cash at end of period

$

238,266

 

$

78,872

 

 

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DENVER–(BUSINESS WIRE)–DCP Midstream (DCP) embarked on its inaugural charity golf tournament
with the American Heart Association (AHA), an event that aligns with
DCP’s commitment to corporate health and wellness. AHA is a partner in
achieving this goal.

“Our strategic partners stepped up in a very significant way to support
this event for American Heart”

DCP reached out to important strategic partners who are major vendors
working alongside DCP on delivering $4 billion in growth to support this
event. Leadership and representatives from these vendors traveled from
across the country.

“Our strategic partners stepped up in a very significant way to support
this event for American Heart,” said Wouter van Kempen, DCP’s president
of gathering and processing. “Through our partners’ generosity, not only
did we have an opportunity to spend quality time together talking about
our shared goals, but we also made something really great happen for a
healthier America.”

DCP and its strategic partners raised $465,000 at the charity golf
tournament. Coupled with DCP’s employee giving program, it is
anticipated that DCP will deliver an unprecedented $590,000 to AHA’s
Denver Heart Walk. DCP is in the running to be the top fundraiser among
Heart Walks throughout the nation.

The golf tournament organized by van Kempen was held at Glenmoor Country
Club in Cherry Hills Village, Colo., on May 21. The 24-hour event also
included a welcome reception Sunday evening.

Thirty-six vendors and customers from across the country registered
foursomes for the shotgun start tournament. DCP executives and vice
presidents were invited to play on these teams.

Strategic partners who graciously participated in the tournament and
donated their time and money to this great cause include: AHA, Ariel
Corp., Azota Gas Processing Ltd., Balon Valves, Bank of Tokyo –
Mitsubishi UFJ, Ltd., BCCK Engineering Inc., Black Veatch Corp.,
Brookfield Office Properties, Cameron International Corp., Compressor
Systems Inc., CPW America Co., Dealers Electrical Supply, DL Peterson
Trust, Elkhorn Construction Inc., Emerson Process Management, Exterran
Energy Solutions LP, Gulf Interstate Engineering, Fluor Corp., Holloman
Corporation, Ignition Systems Controls, LT Infotech, McJunkin Red Man
Corporation, Priority Power Management LLC, Pumpco Inc., RAS
Associates, RBC Capital Markets, Spartan Energy Partners, Stupp Corp.,
T.G. Mercer, UMB, Valerus Compression Services, Waukesha-Pearce
Industries Inc., Wells Fargo, Wilson Industries – Energy, A Xerox
Company – Affiliated Computer Services, and ZAP Engineering and
Construction Services Inc.

DCP Midstream, in its fourth year partnering with the AHA, provides
leadership in addition to monetary support. Van Kempen serves on the
executive leadership team for the Heart Walk. Irene Lofland, vice
president of internal audit, serves on the executive committee for Go
Red for Women, which focuses on women’s heart health. Roz Elliot, vice
president of public affairs, chairs the executive committee for employee
workplace giving.

DCP expects more than 200 walkers at Denver’s Heart Walk on June 2 and
encourages companies and their employees to join in this walk to make
Denver a healthier community.

For more information on the AHA and the Heart Walk, visit the
association’s website.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50288834lang=en

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ALEXANDRIA, Va.–(BUSINESS WIRE)–VSE Corporation (NASDAQ: VSEC) reported today it has been awarded a
prime contract by the National Institutes of Health (NIH), an agency of
the Department of Health and Human Services (HHS). The 10-year,
multiple-award, indefinite-delivery/indefinite-quantity (IDIQ)
government-wide acquisition contracts (GWAC), have a cumulative ceiling
value of approximately $20 billion. The ceiling dollars are to be 100%
federally funded.

“This is a great opportunity to
continue to expand our presence in the federal health and information
technology market place. We look forward to leveraging the synergies
created by our talented employees and our diversified subcontractor
teammates to serve the mission critical IT needs of NIH and the CIO-SP3
program.”

VSE’s IT, Energy and Management Consulting Group will perform the work,
which includes on-going information technology (IT) integration and
outsourcing support services through the NIH Information Technology
Acquisition and Assessment Center (NITAAC) Chief Information Officer
Solutions and Partners III (CIO-SP3) program. Task areas are designed to
support the Federal Enterprise Architecture (FEA) and all IT services
described in the FEA. VSE’s work under the contract is expected to
include routine and critical IT services for biomedical research and
healthcare, IT operations and maintenance, infrastructure protection and
information assurance, and enterprise management systems.

VSE CEO Maurice “Mo” Gauthier said, “This is a great opportunity to
continue to expand our presence in the federal health and information
technology market place. We look forward to leveraging the synergies
created by our talented employees and our diversified subcontractor
teammates to serve the mission critical IT needs of NIH and the CIO-SP3
program.”

About VSE

Established in 1959, VSE is a diversified federal services company with
experience in solving issues of global significance with integrity,
agility, and value. VSE is dedicated to making our clients successful by
delivering talented people and innovative solutions for logistics,
engineering, IT services, construction management, consulting and supply
chain management. For additional information on VSE services and
products, please see the Company’s web site at www.vsecorp.com
or contact Randy Hollstein, VSE Corporate Vice President of Sales and
Marketing, at (703) 329-3206.

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AKRON, Ohio–(BUSINESS WIRE)–On Monday, Summa Health System took its next step on the surgical
frontier when two patients underwent new single-site robotic gallbladder
surgery at Summa Akron City Hospital and awoke with just one small
incision in their belly buttons. The two surgeries mean that the Akron
hospital is among just three locations in Ohio and the only in Summit
County to have completed cases with this new single-site technology.

“The new robotic technology allows surgeons to offer the very best in
minimally invasive surgical technique with incredible visualization and
dexterity for our patients”

The procedures, called robotic cholecystectomies, were completed by
Laparoscopic and Bariatric Surgeon Adrian G. Dan, M.D., who was assisted
by Laparoscopic and Bariatric Surgeon Mark Pozsgay, D.O., and a surgical
team. The surgeons used a new set of specially designed robotic surgery
instruments attached to the da Vinci Si® Surgery System manufactured by
Intuitive Surgical, Inc.

“With this new technology, we are truly taking the next step with our
robotic surgery program and reaffirming our commitment to excellence on
the new frontiers in surgery,” said Summa’s Chief of Robotics Thomas
J. Mendise, M.D. “This underscores our desire to provide the latest
enhancements in patient care and continually offer the greatest
technology to our patients.”

Summa Health System invested approximately $91 thousand in the new
technology and performs more than 800 gallbladder surgeries each year.

“The new robotic technology allows surgeons to offer the very best in
minimally invasive surgical technique with incredible visualization and
dexterity for our patients,” said Dr. Adrian G. Dan, who performed the
first cases on Monday. “Single-site robotic surgery means a more gentle
surgery, with all the benefits of minimally invasive surgery, and no
visible scar.”

Summa Health System has been offering robotic surgery at Summa Akron
City Hospital since 2004 and has completed 1,379 robotic surgery
procedures.

YouTube
video of Single-Site Robotic Surgery

Photo
1: Laparoscopic and Bariatric Surgeon Mark Pozsgay, D.O.,
(far right) and the surgical team assist Laparoscopic and Bariatric
Surgeon Adrian G. Dan, M.D., (off camera) in performing one of the first
single-site robotic gallbladder surgeries done at Summa Akron City
Hospital on Monday.

Photo
2: Laparoscopic and Bariatric Surgeon Adrian G. Dan,
M.D., moves the robotic surgery instruments from a console near the
bedside in one of the first single-site gallbladder surgeries done at
Summa Akron City Hospital on Monday.

About Summa Health System
Summa Health System is one of the
largest integrated healthcare delivery systems in Ohio. Encompassing a
network of hospitals, community health centers, a health plan, a
physician-hospital organization, a multi-specialty physician
organization, research and multiple foundations, Summa is nationally
renowned for excellence in patient care and for exceptional approaches
to healthcare delivery. Summa’s clinical services are consistently
recognized by the American Nurses Credentialing Center (Magnet status), U.S.
News and World Report, Thomson Reuters and The Leapfrog Group. Summa
also is a founding partner of the Austen BioInnovation Institute in
Akron. For more information, visit www.summahealth.org
or find us on Facebook at www.facebook.com/summahealth
and Twitter at www.twitter.com/summahealth.

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