St. Paul, MN — EnteroMedics Inc. (NASDAQ: ETRM), the developer of medical devices using neuroblocking technology to treat obesity, metabolic diseases and other gastrointestinal disorders, today announced that the Company has entered into a partnership with American HealthCare Lending to provide funding for patient access to vBloc® Therapy, delivered via the Maestro® Rechargeable System, for the treatment of obesity. The Maestro System is approved for adults with a BMI of 40 to 45 kg/m2 or a BMI of 35 to 39.9 kg/m2 with a related health condition such as high blood pressure or high cholesterol levels, and who have tried to lose weight in a supervised weight management program within the past five years.
“American HealthCare Lending is known for providing innovative, affordable and patient-friendly financing options for healthcare-related expenditures,” said Brad Hancock, EnteroMedics’ Chief Commercial Officer. “This partnership will not only allow broader patient access to vBloc Therapy, but will also be an important resource to physicians in helping their patients gain access to this first-of-its-kind weight loss option.”
Interested Patients and Physicians can learn more about the benefits of financing through American HealthCare Lending by calling 1-800-MY-VBLOC (6982562) or by visiting http://www.americanhealthcarelending.com/patients.
Information about the Maestro® Rechargeable System and vBloc® Therapy
You should not have an implanted Maestro Rechargeable System if you have cirrhosis of the liver, high blood pressure in the veins of the liver, enlarged veins in your esophagus or a significant hiatal hernia of the stomach; if you need magnetic resonance imaging (MRI); if you have a permanently implanted, electrical medical device; or if you need a diathermy procedure using heat.
The most common related adverse events that were experienced during clinical study of the Maestro System included pain, heartburn, nausea, difficulty swallowing, belching, wound redness or irritation, and constipation.
Talk with your doctor about the full risks and benefits of vBloc Therapy and the Maestro Rechargeable System.
If you are interested in learning more about vBloc Therapy, please visit www.enteromedics.com/vbloc or call 1-800-MY-VBLOC.
For additional prescribing information, please visit www.enteromedics.com.
About Obesity in the United States
Obesity has been identified by the U.S. Surgeon General as the fastest growing cause of disease and death in the United States. Currently, the CDC estimates that 35.7% of U.S. adults are obese, having a BMI of 30 or higher. It is estimated that if obesity rates stay consistent, 51% of the U.S. population will be obese by 2030. According to data from the U.S. Department of Health and Human Services, almost 80% of adults with a BMI above 30 have a comorbidity, and almost 40% have two or more of these comorbidities including Type 2 diabetes, high blood-pressure, sleep apnea, certain cancers, high cholesterol, coronary artery disease, osteoarthritis and stroke. Currently, medical costs associated with obesity in the U.S. are estimated to be up to $210 billion per year, or nearly 21% of medical costs in the U.S. can be attributed to obesity. The medical costs paid by third-party payors for people who are obese were $2,741 per year on average, or 42% higher than those of people who are normal weight.
About EnteroMedics Inc.
EnteroMedics is a medical device company focused on the development and commercialization of its neuroscience based technology to treat obesity and metabolic diseases. vBloc® Therapy, delivered by a pacemaker-like device called the Maestro® Rechargeable System, is designed to intermittently block the vagus nerves using high-frequency, low-energy, electrical impulses. EnteroMedics’ Maestro Rechargeable System has received U.S. Food and Drug Administration approval, CE Mark and is listed on the Australian Register of Therapeutic Goods.
About American HealthCare Lending
American HealthCare Lending (AHCL) is a leading patient financing company for healthcare providers in the cosmetic dentistry, bariatric surgery, fertility, plastic surgery, and other industries. AHCL has pioneered the cloud-based Financing as a Service (FaaS™) model, which delivers significant cost savings to providers. This also provides an easy-to-use online financing solution for patients that can be accessed from the provider’s office, at home, or on any mobile device. Healthcare providers throughout the country utilize AHCL’s innovative patient financing platform in order to help Make Healthcare Affordable™ for their clients. American HealthCare Lending is a subsidiary of Prosper Marketplace, a leading peer-to-peer lending platform.
Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements about EnteroMedics Inc. Our actual results could differ materially from those discussed due to known and unknown risks, uncertainties and other factors including our limited history of operations; our losses since inception and for the foreseeable future; our lack of commercial sales experience with our Maestro® Rechargable System for the treatment of obesity in the United States or in any foreign market other than Australia and the European Community; our ability to comply with the Nasdaq continued listing requirements; our ability to commercialize our Maestro System; our dependence on third parties to initiate and perform our clinical trials; the need to obtain regulatory approval for any modifications to our Maestro System; physician adoption of our Maestro System and vBloc® Therapy; our ability to obtain third party coding, coverage or payment levels; ongoing regulatory compliance; our dependence on third party manufacturers and suppliers; the successful development of our sales and marketing capabilities; our ability to raise additional capital when needed; international commercialization and operation; our ability to attract and retain management and other personnel and to manage our growth effectively; potential product liability claims; potential healthcare fraud and abuse claims; healthcare legislative reform; and our ability to obtain and maintain intellectual property protection for our technology and products. These and additional risks and uncertainties are described more fully in the Company’s filings with the Securities and Exchange Commission, particularly those factors identified as “risk factors” in the annual report on Form 10-K filed March 13, 2015. We are providing this information as of the date of this press release and do not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.