Business Description
EnteroMedics was incorporated in Minnesota in December 2002 under the name Beta Medical, Inc. In 2003, it changed its name to EnteroMedics Inc. and in 2004 it reincorporated in Delaware. The Company is a clinical development stage medical device company with approvals to commercially launch its product in Australia and the European Economic Area. It is focused on the design and development of devices that use neuroblocking technology to treat obesity, metabolic diseases and other gastrointestinal disorders. Its proprietary neuroblocking technology, which it refer to as VBLOC therapy, is designed to intermittently block the vagus nerve using high-frequency, low-energy, electrical impulses. The vagus nerve regulates many activities in the human body, affecting digestion, energy metabolism, blood pressure regulation and activities of the stomach, intestine and pancreas, providing direct two-way communication between the brain and body. Its initial product is the Maestro System, which uses VBLOC therapy to affect metabolic regulatory control, limits the expansion of the stomach, help control hunger sensations between meals, reduce the frequency and intensity of stomach contractions and produce a feeling of early and prolonged fullness. The Company obtained European CE Mark approval for its Maestro Rechargeable System in March 2011. In January 2012, the final Maestro Rechargeable System components were listed on the Australian Register of Therapeutic Goods (ARTG) by the Therapeutic Goods Administration (TGA). The Company has been working closely with its Australian distributor, Device Technologies Australia Pty Limited, to bring the Maestro Rechargeable System to the Australian market through a controlled commercial launch in 2012 and expect its first commercial sales to occur during the first half of 2012. The Company also continues to explore additional select international markets to commercialize the Maestro Rechargeable System, including Europe and the Middle East. The Company uses DEKRA Certification B.V. (formerly known as KEMA Quality) in the Netherlands as the Notified Body for its CE marking approval process. It competes mainly in the market for obesity treatment with surgical obesity procedures and various devices used to implement neurostimulation and gastric stimulation systems. It also competes against the manufacturers of pharmaceuticals that are directed at treating obesity. Its competitors include Medtronic, which develops deep brain stimulators and spinal cord stimulators, acquired TransNeuronix, St. Jude Medical, Cyberonics, Boston Scientific, and Ethicon-Endo Surgery.
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