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    Why Vicor Technologies is Generating 33% Gains this Month

    Vicor Technologies Inc. (OTCBB: VCRT) stock priced ahs soared 33% since the beginning of October, currently resting at $0.80. The company’s recently announced partnership with Dell’s Healthcare and Life Sciences division, as well as the growing amount of positive feedback from physicians and cardiologists that use its PD2i Analyzer™, has contributed to price appreciation.

    Vicor Technologies is focused on the development of non-invasive medical devices using its patented, proprietary PD2i® nonlinear algorithm and software to stratify patients at risk of sudden cardiac death or autonomic nervous system dysfunction, and trauma victims in need of lifesaving intervention. The company’s lead product – PD2i Analyzer™ has already received FDA 510(k) marketing clearance to measure heart rate variability. To date, Vicor Technologies has sold or placed into service 37 PD2i Analyzers™, including 25 with distributors and sales representatives. Physicians who have purchased the PD2i Analyzer™ are largely using it to test their diabetic patients for autonomic nervous system (ANS) dysfunction, also known as diabetic autonomic neuropathy or DAN.

    The sales of PD2i Analyzers™ were slower than management initially forecasted due to an insufficient sized sales force, as well as potential changes to Medicare reimbursement, which can make physicians hesitant to purchase the machine until there is more visibility on how this could affect testing reimbursement. Currently, physicians are able to receive reimbursement from public and private insurers for tests performed using Vicor Technologies’ products.  The company is also considering discounting the sales price of machines to balance the potential changes to the Medicare reimbursement policy. So from both a financial and a clinical perspective, the physicians could find this technology very worthwhile.

    The company business model relies on revenue streams from PD2i Analyzer™ sales, as well as fees related to the analysis of test results for tests performed by physicians. The company plans to bill physicians monthly for the number of tests performed, thus enabling it to realize revenue from the recurring use of the PD2i Analyzer™ in addition to revenue realized from the sale of the device.

    The PD2i Analyzer™ is currently being used by physicians and cardiologists in California, Florida, New Jersey, Wisconsin, South Carolina and Connecticut. Vicor Technologies’ focus during the remaining of 2010 is to negotiate distributor agreements in additional states, and hire additional direct sales personnel. The company is also focused on negotiating distributor agreements in several very important regions of the world, including the Middle East, Europe and the Far East. The product is targeting a 70 million patient population representing a potential market of $8.2 billion per year.

    Vicor Technologies has other two products developed on PD2i® nonlinear algorithm platform, both of which are currently in clinical trials: PD2i VS™ (Vital Sign) that quickly evaluates critically-injured soldiers and civilians to improve triage and survivability; and PD2i CA™ (Cardiac Analyzer), which identifies those at risk of sudden cardiac death within the following six months.

    The company has also submitted a 510(k) premarket notification to the U.S. FDA for the PD2i® nonlinear algorithm and software to secure a claim for identifying, in conjunction with patient medical history and other tests, congestive heart patients at elevated risk of cardiac mortality. The conclusion of the conducted studies are  that the PD2i® nonlinear algorithm and software is predictive of total mortality, cardiac death, and heart failure death in patients with left ventricular ejection fraction of less than or equal to 35%. With a P value of 0.004 the study results were highly statistically significant.

    Vicor Technologies also announced that it has selected Dell’s Healthcare and Life Sciences division to serve as its worldwide hardware partner for the its PD2i Analyzer™ and PD2i CA™. According to the terms of the agreement, Dell will create Vicor-labeled laptop computers specifically customized to Vicor Technologies’ specifications and package them for the worldwide distribution.

    With a solid technology platform and increased marketing efforts, Vicor Technologies is well-positioned to become a substantial revenue-generating commercial enterprise.  Moreover, the positive reviews from physicians that have purchased the Analyzer are indicative of a potentially growing adoption rate of the product. Besides, the company’s revenue model that relies heavily on recurring revenue from data testing could support a rapid growth with limited machines placing. As a result, we are positive on Vicor Technologies’ long-term potential and expect a significant appreciation of the company’s stock price.

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