MINNEAPOLIS, Feb. 3 /PRNewswire-FirstCall/ -- Uroplasty, Inc. (Amex: UPI), a medical device company that develops, manufactures and markets innovative proprietary products to treat voiding dysfunctions, today reported financial results for the third quarter of fiscal 2009 ended December 31, 2008. Net sales for the third quarter of fiscal 2009 were $3.4 million versus $3.7 million during last fiscal year's third quarter.
"As we discussed in conjunction with the release of our fiscal second quarter results, our Urgent PC system to treat overactive bladder syndrome has been facing a challenging market environment created by insurance reimbursement uncertainties," said David Kaysen, President and CEO. "While a growing number of physicians are recognizing the benefits of Urgent PC, and the treatment continues to receive reimbursement from many insurance plans, our market momentum has slowed due to the uncertainty with insurance reimbursement.
"A major part of our strategy to expand and support third-party reimbursement coverage of Urgent PC treatment is the SUmiT study, which we announced in October. The study is designed to directly compare the effectiveness of Urgent PC treatment to non-active treatment and the enrollment of 221 patients was completed two months ahead of schedule," added Mr. Kaysen. The SUmiT study is evaluating reductions in urinary urgency, urge incontinence and frequency of urinary voids, as well as patient quality of life measures. This study, now expected to be completed by late summer of 2009, is taking place at 23 urology and urogynecology centers across the United States.
"Meanwhile, U.S. sales of Macroplastique are building momentum," added Mr.
Kaysen. "Through our expanded sales focus and training, we are capitalizing
on recent market concerns regarding competitive pro
|SOURCE Uroplasty, Inc.|
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