Olympus Medical to market Spiration's pulmonary device in Europe

21 May 2008

Olympus Medical Systems Corp. and Spiration, Inc. have signed an agreement granting Olympus exclusive marketing and distribution rights in Europe for Spiration’s IBV Valve System. Olympus will launch the product in select European countries in late 2008.

The IBV Valve System is a minimally invasive treatment that has diverse applications for both acute and chronic conditions of the lung. It has received the European CE Mark for diseased and damaged lung, a broad indication that includes the treatment of emphysema and the resolution of prolonged air leaks, a complication that can occur following lung surgery.

Olympus and its distributors will have exclusive marketing and distribution rights for the company’s IBV Valve System in 43 European countries, including the United Kingdom and countries belonging to the European Union. Spiration will manufacture the product and initially, the device will be marketed under the Spiration name. The financial terms of the agreement were not disclosed.

“There is a significant unmet need for minimally invasive approaches to treating emphysema, a condition which affects millions and severely impacts quality of life,” said Haruhito Morishima, president and CEO, Olympus Medical Systems Corp. “We look forward to working with Spiration to bring this innovative treatment option to patients and our established physician customer base in Europe.”

Rick Shea, president and CEO, Spiration, Inc. said, “We have developed a productive relationship with Olympus, the leading provider of bronchoscopy tools, through their investments in Spiration in 2006 and 2008, and through our European clinical collaboration. We are pleased that Olympus has demonstrated this level of commitment and support in our efforts to improve the quality of life for people with emphysema.”