IRVINE, Calif., April 9, 2008 /PRNewswire-FirstCall/ -- Alsius Corporation (Nasdaq: ALUS), the worldwide leader in intravascular temperature management (IVTM(TM)) therapies for critically ill patients, was awarded a three-year contract with MedAssets Supply Chain Systems. MedAssets Supply Chain Systems provides group purchasing and supply chain services in the U.S., serving more than 125 health systems, including 2,500 hospitals.
Under the terms of the agreement, MedAssets will co-market Alsius' IVTM systems and catheters via its sales force, and the two companies will collaborate on customized marketing promotions to MedAssets' customers. Alsius will be the exclusive provider of intravascular temperature management products to MedAssets' extensive network of acute care hospitals.
"This agreement represents yet another endorsement of our technology by one of the elite hospital partners in the U.S.," said Bill Worthen, president and chief executive officer of Alsius. "We were happy to work with MedAssets during the selection process to demonstrate the importance of effective control of body temperature in critically ill patients, and how our 'inside-out' approach can do so precisely and efficiently."
Prior to its agreement with MedAssets Supply Chain Systems, Alsius underwent MedAssets' rigorous nine-step contract selection process, including thorough review by its research team and the MedAssets Contracting Advisory Team, to determine whether Alsius' products meet the needs of its hospital customers.
"MedAssets prides itself on offering customized solutions to its hospital customers, which is why their input plays an important role in the contracts we award," said Mark Miriani, president, MedAssets Supply Chain Systems. "The demand for effective temperature management systems continues to rise, and we are pleased to offer our critical care customers Alsius' leading-edge solutions."
Alsius IVTM consists of the CoolGard 3000(R), Thermogard(TM) and Thermogard XP(TM) systems and a family of single-use catheters, including the Cool Line(R), Icy(R), Fortius(R) and Quattro(TM) catheters. The catheters are inserted into a major vein through a patient's neck or groin, and circulate cool or warm saline in a closed-loop through balloons that surround the catheters. This approach decreases or increases core temperature from the inside of the body out toward the exterior, allowing for significantly more rapid control of a patient's core body temperature, with greater efficiency and precision, compared to conventional external temperature management products such as cooling and warming blankets and ice packs.
Alsius, headquartered in Irvine, Calif., is a medical device company that develops, manufactures and sells proprietary products to precisely control patient temperature in hospital critical care settings. Controlling body temperature, through cooling and warming, is becoming the standard of care for patients in select critical conditions and those undergoing a variety of surgical procedures. Alsius markets a comprehensive suite of catheter-based intravascular temperature management products that address the need for effective, accurate, easy-to-use and cost-effective control of body temperature in critical care patients. For more information, visit http://www.alsius.com.
MedAssets (Nasdaq: MDAS) partners with healthcare providers to improve their financial strength by implementing integrated spend management and revenue cycle solutions that help control cost, improve margins and cash flow, increase regulatory compliance, and optimize operational efficiency. MedAssets serves more than 125 health systems, 2,500 hospitals and 30,000 non-acute care healthcare providers. For more information, visit http://www.medassets.com.
This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Such forward looking statements, based upon the current beliefs and expectations of Alsius' management, are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The information set forth herein should be read in light of such risks. Additional information concerning such risks and uncertainties are contained in Alsius' filings with the Securities and Exchange Commission, which can be accessed electronically on the Securities and Exchange Commission website at http://www.sec.gov.
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