ArtVentive Medical Group, Inc. (“ArtVentive”) announced today its strategic sales plan for the company’s growth and highlighted recent commercialization progress in the United States and Europe.
Dr, Leon Rudakov, ArtVentive’s founder and Chief Technology Officer, and Bill Olson, newly appointed Chief Executive Officer, identified an innovative sales and marketing strategy for ArtVentive’s revolutionary blood vessel occlusion device EOS™. In order to achieve significant increases in market share, but in a cost-effective manner, the plan focuses on deep market penetration in key hospitals and countries to develop deeply entrenched usage in multiple treatments. Once momentum and usage of EOS™ has grown and been established as the standard of care in the key hospitals, the company’s sales team will swarm to the next group of target hospitals to fuel growth.
Mr. Olson, a seasoned industry veteran with experience at Satient, Sawtooth Labs (NASDAQ:AVGR), FoxHollow, acquired by Medtronic (NASDAQ:MDT), Guidant (NYSE:GDT) and Deloitte Consulting commented, “One of the biggest mistakes a medical device company with a novel and unique product like EOS™ can make is to take aim at multiple large hospital centers in large geographically diverse areas rather than becoming deeply ingrained into key hospitals centers, one at a time. Deep penetration and acceptance at each hospital develops predictive sales patterns and keeps selling and administrative costs at a minimum.”
Mr. Olson explained, “EOS™ works so effectively that, in our experience, once a physician uses the device, they immediately prefer it to all other options available for the specific indication. It works instantaneously, and in almost all situations saves money when compared to other treatment alternatives. I’ve been in the industry a long time and this special set of products has features that physicians and hospitals really value, and the adoption rates show it.”
Dr. Leon Rudakov summarized commercialization and clinical efforts at ArtVentive. “We launched the device commercially in 2016 in a very limited and targeted manner, and we quickly achieved recognition in the medical community where more and more physicians said “YES” to the ArtVentive EOS™. We have experienced significant organic growth and recognition in 2016 and leveraged this momentum into a substantial beginning of 2017. We have recently had unique cases with very successful outcomes at Johns Hopkins University and in several newly added European sites, such as in Spain and Slovenia. We are receiving steady repeat orders from the health centers where the EOS™ has already been tested and used, because of its unique ability to occlude immediately and decisively. Our strategy of developing the perfect occlusion system and building the commercial organization ready for its adoption is really paying off. Our biggest challenge now is meeting the demand and handling the production; but those are the good problems to have.”
ArtVentive’s management has decided to file a Form 15 with the Securities and Exchange Commission (“SEC”) relieving it of all public reporting requirements. Mr. Olson explained, “With ArtVentive’s potential for explosive growth at this early stage of commercialization, using funds on SEC reporting is wasteful and contrary to our focus on commercialization of EOS™ in the United States and Europe. It simply does not fit into our core growth strategy.” Since ArtVentive’s securities are not trading on the OTCQB, pink sheets or any other exchange, there are few benefits associated with public reporting. Management believes that discontinuing public reporting will enhance, and not adversely effect, the operations and financial condition of ArtVentive.
Already available in the US, Europe, Australia and New Zealand, EOS™ device and its accessories will be coming soon be to South East Asia, China, Korea, Japan and Latin America.
About ArtVentive Medical Group, Inc.
ArtVentive Medical Group, Inc., with corporate headquarters in Carlsbad, California, is an innovative, multi-faceted medical device company focused on developing, manufacturing and marketing globally a family of devices featuring ArtVentive’s EOS™.
EOS™ is a catheter based, self-expandable vascular plug, which facilitates permanent and immediate occlusion of peripheral vessels and is designed to serve as a safe and reliable alternative to major surgery in certain cases.
Leon Rudakov, PhD
President and CTO
ArtVentive Medical Group, Inc.