Our core technology is the ATRILAZE™ Surgical Ablation System for use in cardiac tissue ablation procedures. We acquired this technology in August 2003 and received FDA 510(k) clearance for our first generation product in December 2004 and our second generation product in October 2005 for the ablation of soft tissue to include cardiac tissue. The ATRILAZE system, and its platform of laser technology, is currently being utilized as a potential means to treat atrial fibrillation (“AF”) in a concomitant, open-heart surgical procedure.

Atrial fibrillation is the most commonly occurring cardiac arrhythmia. It reduces cardiac output, is a major precursor to congestive heart failure and is associated with an increased incidence of stroke. The prevalence of AF increases with age. Approximately 5.5 million people worldwide are afflicted with AF, with 320,000 new diagnoses made annually. Nearly 2.5 million Americans have AF, with 160,000 new diagnoses made each year in the United States.

With our presence in the cardiovascular surgery market, we intend to define the market and develop a stand-alone, minimally invasive (closed-chest, beating heart) surgical procedure for ablating cardiac tissue as a potential means to treat AF.