RITA Medical Systems, Inc. Ranked 74th Fastest Growing Technology Company in
RITA Medical Systems, Inc. (Nasdaq: RITA) today announced that it ranked seventy-fourth in the Deloitte & Touche Technology Fast 500, a ranking of the 500 fastest-growing technology companies in North America. Rankings are based on five-year percentage revenue growth from 1997 to 2001.
In addition to ranking on the Deloitte & Touche Technology Fast 500, RITA
ranked 25 on the Silicon Valley Technology Fast 50, which is a ranking of the
50 fastest growing technology firms in the Silicon Valley region.
Barry Cheskin, RITA's President & CEO, commented, "It is gratifying to see our company's name included with some of the most innovative and fast-growing companies in the nation. As we continue to broaden the markets we address, we expect solid growth leading to profitability.
We estimate that the worldwide opportunities for our products as a means of treating unresectable liver cancer and relieving pain caused by metastatic bone tumors are $500 million and $600 million, respectively, continued Cheskin. Our platform technology may also be used in the future for ablating tumors of the lung, uterus and breast, representing more than $1 billion in additional market potential.
The Fast 500 list is compiled from three sources: Deloitte & Touche's
20 regional North American Fast 50 programs, nominations submitted directly to
the Fast 500, and public company database research. To qualify for the Fast
500, companies must have had 1997 operating revenues of at least $50,000 USD
and $75,000 CD, for United States and Canada respectively, must be public or
private companies headquartered in North America, and be technology
companies defined as companies that own proprietary technology that
contributes to a significant portion of the company's operating revenues or
devote a high percentage of effort to research and development of technology.
About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services
firms, provides assurance and advisory, tax, and management consulting
services through nearly 30,000 people in more than 100 U.S. cities. The firm
is dedicated to helping its clients and its people excel. Known as an
employer of choice for innovative human resources programs, Deloitte & Touche
has been recognized as one of the 100 Best Companies to Work for in America
by Fortune magazine for five consecutive years. Deloitte & Touche refers to
Deloitte & Touche LLP and its related entities. Deloitte & Touche is the U.S.
national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a
Swiss Verein, and each of its national practices is a separate and independent
legal entity. For more information, please visit Deloitte & Touche's Web site
at www.deloitte.com .
About RITA Medical Systems, Inc.
RITA Medical Systems develops, manufactures and markets innovative products for patients with solid cancerous or benign tumors. The proprietary RITA system uses radiofrequency energy to heat tissue to a high enough temperature to ablate it or cause cell death. While the Company's current focus is on liver cancer and metastatic bone cancer, the Company believes that its minimally invasive technology may in the future be applied to other types of tumors, including tumors of the lung, breast, uterus, prostate and kidney. The Company has received regulatory clearance in major markets worldwide, including the United States. In March 2000, RITA became the first radiofrequency ablation company to receive specific FDA clearance for unresectable liver lesions in addition to its previous general FDA clearance for the ablation of soft tissue. In October 2002, RITA again became the first company to receive specific FDA clearance, this time, for the palliation of pain associated with metastatic lesions involving bone. The Company has sold over 40,000 of its disposable devices throughout the world.
The statements in this news release related to the company's future financial results, its plans to extend its technology to applications beyond the liver and the company's projections of the market potential related to liver and non-liver applications are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission.
RITA is a trademark of RITA Medical Systems, Inc.
For further information, please contact: Investors, Matt Clawson,
matt@allencaron.com, or Media, Len Hall, len@allencaron.com, both of Allen &
Caron Inc, +1-949-474-4300, for RITA Medical Systems, Inc.; or Donald Stewart,
Chief Financial Officer of RITA Medical Systems, Inc.,
+1-650-314-3511, dstewart@ritamed.com.
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SOURCE RITA Medical Systems, Inc.
-0- 10/28/2002
/CONTACT: investors, Matt Clawson, matt@allencaron.com, or media, Len
Hall, len@allencaron.com, both of Allen & Caron Inc, +1-949-474-4300, for RITA
Medical Systems, Inc.; or Donald Stewart, Chief Financial Officer of RITA
Medical Systems, Inc., +1-650-314-3511, dstewart@ritamed.com/
/Web site: http://www.deloitte.com /
/Web site: http://www.ritamedical.com /
(RITA)
CO: RITA Medical Systems, Inc.; Deloitte & Touche
ST: California
IN: BIO MTC FIN
SU: AWD
CC-CM
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