RITA Medical Systems, Inc. Ranked 228th Fastest Growing Technology Company in North America on the 2003 Deloitte Technology Fast 500
RITA Medical Systems, Inc. Ranked 228th Fastest Growing Technology Company in North America on the 2003 Deloitte Technology Fast 500
MOUNTAIN VIEW, Calif., Oct. 15 /PRNewswire-FirstCall/ -- RITA Medical Systems, Inc. (Nasdaq: RITA) today announced that it ranked 228th on the 2003 Deloitte Technology Fast 500, a ranking of the 500 fastest-growing technology companies in North America. Rankings are based on average percentage revenue growth over five years, from 1998 to 2002. During this period, RITA revenue grew by 1,430 percent, from $1.1 million in 1998 to $17.4 million in 2002.In addition to ranking on the Deloitte Technology Fast 500, RITA has been named in the Silicon Valley Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in the Silicon Valley region.
RITA President and Chief Executive Officer Joseph M. DeVivo 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 and implement new product and marketing strategies, we are focused on continued growth."
The Fast 500 list is compiled from Deloitte'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, entrants must have had 1998 operating revenues of at least $50,000 USD and $75,000 CD for the United States and Canada, respectively; and 2002 operating revenues must be at least $1 million USD or CD. Deloitte researchers examined financial statements to validate operating revenues.
Entrants must also be public or private companies headquartered in North America and must be a "technology company," defined as a company that owns proprietary technology that contributes to a significant portion of the company's operating revenues; or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology in a unique way does not qualify.
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About RITA Medical Systems
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 45,000 of its disposable devices throughout the world.
The statements in this news release related to the Company's technology and its plans (i) to extend its technology to applications beyond the liver and (ii) to expand its product line with new and modified products 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 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 Jill Bertotti (investors), jill@allencaron.com, or Len Hall (media), len@allencaron.com, of Allen & Caron Inc, +1-949-474-4300, for RITA Medical Systems; or Don Stewart, Chief Financial Officer, dstewart@ritamed.com, or Stephen Pedroff, VP Marketing Communications, spedroff@ritamed.com, of RITA Medical Systems, Inc., +1-650-314-3400.
SOURCE RITA Medical Systems, Inc.