IRVINE, Calif., July 25, 2011 /PRNewswire/ -- SurgiCount Medical, Inc., the wholly-owned operating subsidiary of Patient Safety Technologies, Inc. (OTCQB: PSTX), today announced that the recently released 2011-2012 U.S. News and World Report Best Hospitals Honor Roll includes six users of the SurgiCount Safety-Sponge® System, a clinically proven solution to help prevent one of the most common surgical errors, retained surgical sponges. Only 17 of the approximately 5,000 hospitals evaluated for the 2011-2012 rankings qualified for Best Hospitals Honor Roll status.
With an estimated occurrence rate of once every approximately 8,000 surgical procedures, given the roughly 32 million total procedures in the U.S. every year, there are an estimated 4,000 retained sponge incidents per year, 11 every day.
"We congratulate our hospital customers who have been recognized by this prestigious distinction and are proud to play a role in their commitment to delivering the highest standards of patient care," said Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies. "It comes as no surprise that hospitals who have taken a proactive approach to implement a solution clinically proven to improve patient outcomes and reduce costs are among those recognized as among the best hospitals in the U.S.," continued Mr. Stewart. There are more users of the SurgiCount Safety-Sponge® System recognized on the 2011-2012 U.S. News and World Report Best Hospitals Honor Roll than all of the competing sponge technologies combined.
Additionally, SurgiCount announced that use of its Safety-Sponge® System has surpassed an estimated 50 million Safety-Sponges® successfully used in more than 2.5 million procedures.
"With overwhelming evidence supporting the clinical efficacy and cost effectiveness of the Safety-Sponge® System, we believe it is a perfect tool for any hospital looking to improve patient safety and eliminate preventable expenses," continued Mr. Stewart.
About Patient Safety Technologies, Inc. and SurgiCount Medical
Patient Safety Technologies, Inc., through its wholly-owned operating subsidiary SurgiCount Medical, Inc., provides the Safety-Sponge® System, a solution clinically proven to improve patient safety and reduce healthcare costs by preventing one of the most common errors in surgery, retained foreign objects. For more information, contact SurgiCount Medical, Inc. at (949) 387-2277 or visit www.surgicountmedical.com.
Forward Looking Statements
Statements in this press release regarding our business that are not historical facts are "forward-looking statements" (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties. Forward-looking statements reflect our management's current views with respect to future events and financial performance; however, you should not put undue reliance on these statements. When used, the words "anticipates," "believes," "expects," "intends," "future," and other similar expressions, without limitation, identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include but are not limited to: the early stage of adoption of our Safety-Sponge® System and the need to expand adoption of our Safety-Sponge® System; the impact on our future revenue and cash flows from the ordering patterns of our exclusive distributor Cardinal Health; our need for additional financing to support our business; our reliance on third-party manufacturers, some of whom are sole-source suppliers, and on our exclusive distributor; and any inability to successfully protect our intellectual property portfolio. In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct.
Forward-looking statements can be affected by many other factors, including, those described in the "Business", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Factors Affecting Future Results" sections of our Annual Report on Form 10-K for 2010, our Quarterly Reports on Form 10-Q and in our other public filings. These documents are available online through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and we have not assumed any duty to update any forward-looking statements.
|SOURCE SurgiCount Medical, Inc.|
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